Reverse Mortgage Calculator

Most borrowers access roughly 30% to 55% of their home value, depending on the age of the youngest borrower and the expected interest rate. Home value counts only up to the 2026 FHA HECM maximum claim amount of $1,249,125. Any existing mortgage is paid off first, so your net proceeds are the principal limit minus that payoff and closing costs.

You must be at least 62 to qualify for an FHA-insured HECM, and the calculation uses the age of the youngest borrower on title. Some proprietary reverse mortgages allow borrowers as young as 55, though terms differ from the FHA program.

Yes. You keep title and can sell at any time. The loan becomes due when the last borrower permanently leaves the home, sells, or passes away. You remain responsible for property taxes, homeowners insurance and maintenance.

Yes, as long as your principal limit is enough to pay off the existing balance. That payoff happens at closing and is required. If the balance exceeds the principal limit, you can still proceed by bringing the difference to closing.

The FHA HECM maximum claim amount for 2026 is $1,249,125, up from $1,209,750 in 2025. It applies nationwide with no county-by-county variation. If your home is worth more, a proprietary jumbo reverse mortgage may let you access additional equity.

Reverse mortgage proceeds are loan advances, not income, so they are generally not taxable. They also typically do not affect Social Security or Medicare. Means-tested benefits such as Medicaid or SSI can be affected — confirm with a tax advisor or benefits counselor.