Estimate reverse mortgage (HECM) proceeds from your home value and age, minus your existing mortgage and closing costs.
Educational estimate. Actual proceeds depend on rates, HUD limits and a HECM counselor.
We apply an age-based principal limit factor to your home value (capped at the HUD limit), then subtract your existing mortgage payoff and closing costs to estimate what's available.
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A HECM reverse mortgage gives you a percentage of your home’s value — the principal limit — set mainly by the age of the youngest borrower and current rates. The older you are, the higher that percentage. From the principal limit you subtract any existing mortgage (which must be paid off) and closing costs; what remains is yours as a lump sum, line of credit or monthly draw. There’s no monthly payment, but the balance grows over time, which the next calculator illustrates.
A percentage of your home value based on your age and rates, minus any existing mortgage and fees.
No — the loan is repaid when you sell, move out or pass away.
Yes — HECM proceeds are based on a HUD lending limit (~$1.21M).
No — a HUD-approved counselor and lender determine actual figures.