Reverse Mortgage Calculator

You must be 62 or older, own the home outright or have significant equity, occupy it as your primary residence, be current on property taxes and insurance, and complete HUD-approved counseling before applying. There is no income or credit score requirement, though lenders do a financial assessment to ensure you can maintain property charges.

Any unused portion of a HECM line of credit grows at the same rate as your loan balance (note rate + 0.5% MIP). This growth is contractually guaranteed — the lender cannot reduce or freeze it. A $100,000 LOC opened at 65 could grow to roughly $200,000 in available credit by age 80 if untouched, making early setup (even if you don't need the money now) a powerful longevity-insurance strategy.

The loan becomes due and payable. Heirs typically have six months (sometimes extendable to 12) to sell the home, pay off the balance with other funds, or sign a deed-in-lieu. Because the loan is non-recourse, heirs can satisfy it by paying the lesser of the loan balance or 95% of the current appraised value — they are never personally liable for the difference.

HUD sets a national lending limit (sometimes called the "HECM limit") that caps the home value used in the principal limit calculation. In 2026 this limit is $1,249,125. Homes worth more than this still qualify, but the proceeds calculation only uses the cap — not the full appraised value. Proprietary (jumbo) reverse mortgages can go higher without the HUD cap.