Do I still own my home with a reverse mortgage?

Yes. You keep the title and can live in the home for as long as it is your primary residence, as long as you pay property taxes, homeowners insurance and maintain the home. The loan is repaid when the last borrower leaves the home.

How do I receive the money?

You can take a lump sum at closing, fixed monthly payments for as long as you live in the home or for a set term, a line of credit you draw on as needed, or a combination. An adjustable-rate HECM's unused line of credit grows over time.

Is counseling required?

Yes. Every HECM borrower meets with an independent, HUD-approved counselor before applying. The session covers costs, alternatives and the obligations that come with the loan, and it is a required step.

All calculators · Refinance and equity

Reverse Mortgage Eligibility Calculator

A reverse mortgage lets homeowners 62 and older turn part of their equity into cash with no required monthly mortgage payment. This checks the basics and explains your options; it is not a quote of how much you can receive.

Basic eligibility

Meets the basics

The age and residence basics are met. The amount available is set by HUD tables, not by this page.

Mortgage balance17%
Home equity83%

Age requirement (62+): Met
Primary residence: Yes
Home equity: $750,000
Equity as a share of value: 83%
Mortgage to pay off at closing: $150,000
Amount available: Set by HUD tables

The amount you can receive depends on the youngest borrower's age, current interest rates and the FHA lending limit, using HUD's tables. Any existing mortgage is paid off first, so more equity generally leaves more room. Our team can run the exact figures with you.

Talk through my reverse mortgage options (949) 774-9599

Payout option	How it works
Lump sum	One payment at closing; available with a fixed-rate HECM.
Tenure	Equal monthly payments for as long as you live in the home.
Term	Equal monthly payments for a set number of years you choose.
Line of credit	Draw funds as needed; the unused line grows over time on an adjustable-rate HECM.
Combination	A line of credit together with tenure or term payments.

Estimates for illustration only, not a loan offer or a commitment to lend. Rates, taxes, insurance and program rules vary; our team will confirm exact figures for your situation.

How this calculator works.

A Home Equity Conversion Mortgage, the FHA-insured reverse mortgage, requires the youngest borrower to be at least 62 and the home to be your primary residence. The calculator checks those two basics first.

Equity is your home value less what you owe. Any existing mortgage must be paid off at closing, usually from the reverse mortgage itself, so more equity leaves more room for funds you can use.

The actual amount available is set by HUD's principal limit tables, based on the youngest borrower's age, current interest rates and the lesser of your home's value and the FHA lending limit. Our team can run those figures for you; this page does not estimate them.