HECM Calculator / Reverse Mortgage Calculator
How much can you get from a reverse mortgage? Find out with this HECM reverse mortgage calculator. No contact information required. Select your age and home value below, then click 'Next' to continue.
Planning to purchase a home? Check out our HECM for purchase calculator.
For informational purposes only. MyHECM.com is not a mortgage lender or broker. Please get a formal quote from a qualified professional before making a financial decision. This calculator reflects the 1/1/2024 lending limit change. Our content may contain affiliate links through which we may receive compensation at no extra cost to you.
Welcome! You’ve found the best reverse mortgage calculator without personal information available online. Our calculator is updated and current based on the latest principal limit factor tables. You’ll be able to quickly and easily calculate multiple payout options with no personal information required.
Table of Contents
How to Use This Reverse Mortgage Calculator
The most popular reverse mortgage in the United States today is the FHA-insured home equity conversion mortgage, or HECM. If you know somebody who recently got a reverse mortgage, it’s likely they got a HECM.
Congress created the HECM (often pronounced heck-um by industry professionals) as part of the Housing and Community Development Act of 1987, which gave the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) authority to oversee, regulate, and insure the HECM.
If you’re at least 62, a HECM reverse mortgage enables you to convert home equity into cash without a monthly payment and without giving up ownership of your home.
No mortgage payments are required as long as at least one borrower (or non-borrowing spouse) lives in the home and pays the required property charges.
You remain the owner of your home and you’re free to leave it to your heirs. Your heirs will inherit any remaining equity in your home.
Multiple payout options are available, including term/tenure income, lump sum, or line of credit. The FHA reverse mortgage calculator on this page enables you to quickly and easily calculate each of these options.
We think you’ll find our HUD reverse mortgage calculator to be fast and easy to use. Feel free to scan through the instructions below if you need help. We’ll cover what to fill in (and why) and some key insights about the results once the calculations are complete.
Not sure about a reverse mortgage?
You may also want to consider an HEA, which also gives you access to home equity without a mortgage payment. You can find additional information about a home equity agreement here.
Step 1 – Age and Home Value
Reverse mortgage proceeds are calculated in part based on the age of the youngest borrower or non-borrowing spouse. Select the age of the youngest borrower (or non-borrowing spouse) and your home’s estimated market value in the fields on this page.
- Age (of youngest borrower) – Select the age of the youngest borrower (or non-borrowing spouse).
- Estimated home value – Select the estimated market value of your home.
Click the Next button to continue to Step 2.
Step 2 – Mortgage Balances and Payments
A HECM reverse mortgage can eliminate existing mortgage payments, which can save you thousands of dollars per year. That’s money you can use for other things, including home improvements, travel, building up savings, etc.
Select the total of all mortgage balances (including any home equity lines of credit), total mortgage payments (without taxes and insurance), and the years left to pay on this page.
- Total mortgage balance(s) owed – Select the total principal balance of all liens and mortgages against your home. Don’t forget to include any balances for home equity lines of credit (HELOC).
- Total principal & interest payment(s) – Select the total principal and interest payments of all mortgages and liens against your home. Do not include any part of your payment that is going to taxes, insurance, escrows, etc. Include only principal and interest.
- Years left on mortgage – Select the number of years left on your mortgage. If you’re not sure, an estimate is fine. This will enable the reverse mortgage amortization calculator to give you accurate mortgage payment savings projections.
If your home is free and clear, select zero for these fields. Click the Next button to continue to Step 3.
Step 3 – State
Select the state where your home is located. Keep in mind that a HECM reverse mortgage is only for a home you live in for the majority of the year. No second homes or rental properties are allowed.
- Select your state – Select the state where your home is located.
Click the Next button to continue to Step 4.
Step 4 – Payout Option
Our HECM calculator enables you to calculate multiple payout options, including lump sum, line of credit, and term/tenure income. Most online HECM reverse mortgage calculators calculate just lump sum.
Select which payout option to calculate using the drop down box on this page. You can always return to this page to select a different option and run the numbers again.
- Select a payout option – The choices are as follows:
- Lump Sum/LOC – This payout option offers a lump sum payout at closing and a line of credit later.
- LOC Only – Line of credit only.
- Lifetime income – Also known as a tenure income plan. This plan offers a monthly paycheck with a lifetime guarantee.
- 20-Year Income – Term plan with guaranteed income for 20 years.
- 15-Year Income – Term plan with guaranteed income for 15 years.
- 10-Year Income – Term plan with guaranteed income for 10 years.
Click the Next button to continue to Step 5.
Step 5 – Confirm and Calculate
Confirm the information you’ve entered is accurate, then click the Calculate button. The calculation results will display on the next page. As we promised, no personal information was required!
Step 6 – Calculation Results
The top of the Calculation Results page displays results for the two primary HECM products: the variable-rate HECM and the fixed-rate HECM. You can switch between the two products using the drop down box near the top of the page.
Near the middle and bottom of the page, you’ll see a breakdown of benefits and payout estimates. Depending on what you selected on the previous pages, this area will display monthly savings (if you’re paying off an existing mortgage), monthly tenure/term income, and any lump sum and line of credit payouts.
You’ll notice that many of the key terms on this page are hyperlinked. The links open in a new browser tab or window and provide additional details about important reverse mortgage calculator topics.
If you’d like to recalculate using different criteria or payout options, simply click the Back button to return to Step 5.
Frequently Asked Questions
What is a reverse mortgage calculator?
A reverse mortgage calculator is a useful tool for estimating how much you can get from a reverse mortgage. Our calculator (at the top of this page) quickly and easily calculates reverse mortgage monthly payments, lump sum, and line of credit payout options.
Where can I find a reverse mortgage calculator without personal information?
You already have! You’ll find a free reverse mortgage calculator without personal information at the top of this page. Our reverse mortgage calculator quickly and easily calculates reverse mortgage monthly payments, lump sum, and line of credit payout options. No contact information is required.
