Loan Types
Reverse Mortgage Calculator
Estimate your HECM principal limit, net proceeds after paying off your existing mortgage, and monthly payment options.
Your Situation
HECM Estimate
Based on age 70, PLF 48.8% · 2024 HECM lending limit: $1,149,825
Principal Limit
$292,800
Net Proceeds
$171,800
Monthly Tenure
$954/mo
Approx. lifetime payment
Line of Credit
$171,800
Full lump sum available
Estimated Upfront Costs
Reverse Mortgage Questions?
Talk to a Specialist
Get connected with a Florida-licensed HECM specialist who can provide exact numbers for your situation.
Reverse Mortgage Facts
Must be 62+
The youngest borrower on the title must be at least 62. Non-borrowing spouses under 62 have special protections.
No monthly payments required
You don't make monthly mortgage payments. The loan is repaid when you sell, move out, or pass away.
You keep the title
You remain the owner of your home. The lender has a lien, but the title stays in your name.
How the reverse mortgage calculator works
This tool estimates a HECM reverse mortgage for homeowners 62 and older. It applies a principal limit factor, driven by the youngest borrower's age and current rates, to your home value to find the principal limit. It then subtracts upfront costs and any existing mortgage payoff to show net proceeds you can access.
Take a 70-year-old with a $500,000 home and an illustrative principal limit factor of 0.50, giving a $250,000 principal limit. Subtract about $10,000 upfront MIP (2 percent of value), a $60,000 existing mortgage payoff, and $8,000 in other closing costs, and net available proceeds land near $172,000 as an example.
For South Florida retirees on fixed incomes, a HECM can turn home equity into cash while they age in place, and no monthly mortgage payment is due. Proceeds can come as a lump sum, monthly payments, or a line of credit. You still owe property taxes, insurance, and rising condo or HOA fees, which the loan does not cover.