You may qualify for up to:

* minus processing costs

The value of your home as determined by a professional real estate appraiser

The amount of money you still owe on your mortgage. This amount will be paid off using the proceeds from your reverse mortgage

The maximum amount eligible for the program up to the FHA limit of $726,525

Age of the youngest borrower or eligible non-borrowing spouse




Required Upfront Costs

A fee to compensate the lender for processing your HECM loan. HECM origination fees are capped at $6,000

Upfront FHA mortgage insurance of 2% collected by the government to guarantee that you will receive expected loan advances

Disclaimer: Tools and advice provided on this page are for estimate purposes only borrower convenience and the examples shown are for illustration purposes only. Interest rates (fixed rate and adjustable rate, LIBOR index) and amortization, mortgage insurance premiums (MIP), origination fees, lender margins, payment options and closing costs may vary. In order to be eligible to apply for a reverse mortgage, one of the requirements to fulfill is to attend a counseling session with a counseling agency that is approved by the U.S. Department of Housing and Urban Development (HUD). Borrowers must continue to pay taxes, insurance, and home maintenance, as well as comply with loan terms.