Reverse Mortgage Calculator Coming Soon!

There are three types of reverse mortgages available. We will use the standard HECM for this calculator.

Home equity conversion mortgages (HECMs) are the most common type of reverse mortgage. Funds can be used for any purpose. These loans are provided by reverse mortgage companies and are backed by the US Department of Housing and Urban Development.

Note: 

Single-purpose reverse mortgages are provided by state, local, or nonprofit agencies rather than by reverse mortgage companies. These are not offered in NH or Maine. Funds can only be used for a specific approved purpose, like paying property taxes or making repairs to your home. These loans typically have the lowest fees of any reverse mortgage.

Proprietary reverse mortgages are issued by reverse mortgage companies and are not backed by the federal government. They are typically used for homeowners whose homes are worth more than the federal lending limit of $1,089,300 for HECMs.