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Calculator Disclaimer and Information

HECM reverse mortgage calculator results are for illustration purposes only and not an offer to lend. Rates and programs subject to change without notice.

How is the Principal Limit loan amount calculated? For more information on the HECM program, and guidance on HUD policy with respect to Principal Limit Factors, please see the hud.gov web site: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm.

Principal Limit: The amount of total loan proceeds available from a HECM reverse mortgage before closing costs and liens on title are deducted.

This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. Not all products and options are available in all states. Customer responsible for property taxes, homeowners insurance, and home maintenance. A reverse mortgage is a home-secured debt payable upon default or a maturity event. This is not a loan commitment. Terms subject to change without notice. All loans subject to approval.

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Potential Benefits of Reverse Mortgages**:

  • No monthly payments and no repayment is required until all borrowers are no longer using their property as their primary residence, all parties on the deed pass away, or they fail to pay their property taxes and homeowners insurance.
  • Tax free monthly income*
  • Payments can be used for whatever the borrower wants, including home renovations, consolidating debt, paying for medical expenses and insurance costs, and traveling and other leisure activities
  • Reverse mortgages provide a tool that allows seniors to tap into the equity they have in their homes. There are no income or minimum credit score qualifications. In today’s tightening credit markets, reverse mortgage products may be one of the best solutions available to most retired homeowners.
  • Possibly the greatest benefit of all, reverse mortgage programs may help seniors remain in their homes that they have worked so hard to pay for throughout their lives.
  • A reverse mortgage is what we call a non-recourse loan. This means that with a reverse mortgage you are not personally liable. The liability is only to the extent of the value of your home at time of sale, death or vacating the premises as your permanent residence. You are not liable nor are your heirs personally liable; they can either sell the home at time of your death or keep the home and pay off the remaining balance of the reverse mortgage.

Talk to a reverse mortgage professional to learn more about some of the benefits of reverse mortgages and to see if one is right for your financial needs.

*Consult a financial tax professional for details.
**Loan benefits and parameters are subject to change. Consult with a mortgage professional for up-to-date information.

Learn more about how people are using home equity conversion mortgages for purchasing homes:

Please keep in mind that the reverse mortgage industry in constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.