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Reverse mortgage calculator

Discover how much of your hard-earned home equity you could access.
  • For eligible homeowners 55 and up1
  • Cover everyday expenses, address higher-interest debt, medical costs, home renovations and more
Excellent 4.7 out of 5 stars2

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Here is how your reverse mortgage might break down:
Sample loan amount Sample loan amount
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Mortgage payoff Mortgage payoff
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Estimated closing costs Est. closing costs
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Estimated cash proceeds Est. cash proceeds
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*Terms and conditions on the first lien loan apply. Must meet combined loan value requirements based on a satisfactory appraisal.

Values are only an estimate based on your inputs and are provided for informational purposes only. Actual proceeds vary based on (i) your home’s appraised value, (ii) loan amount (iii) interest rates, and (iv) actual closing costs based on your geographic location and the third-party settlement service providers selected. Additionally, certain property charges may be set-aside from loan proceeds reducing the amount otherwise available for distribution if the financial assessment requires the establishment of a Life Expectancy Set Aside (“LESA”) account.
  • For eligible homeowners 55 and up1
  • Cover everyday expenses, address higher-interest debt, medical costs, home renovations and more
Excellent 4.7 out of 5 stars2

How a reverse mortgage works

Put your home’s equity to work for you

If you’re 551 or older and have built up significant home equity, you may qualify to turn part of it into cash. Receive funds as a lump sum, line of credit, or monthly payments.

Eliminate monthly mortgage payments3

Your existing mortgage is paid off with a reverse mortgage—so no new monthly mortgage payment is required. Use your funds virtually however you choose.

Keep ownership and stay in your home4

You remain the owner, not the lender, and can live in your home as long as you maintain it and keep taxes and homeowner’s insurance current.

Repay the loan later—on your terms

The loan is repaid when you sell your home, move out permanently, or pass away. Any remaining equity after repayment goes to you or your heirs.

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3The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.

4The right to remain in the home is contingent on paying property taxes and homeowner’s insurance, maintaining the home, and complying with the loan terms.

Real reverse success stories

See how thousands of homeowners nationwide have trusted our suite of home equity solutions to create peace of mind and find joy in living their next chapter to the fullest. 

See their stories

Finance of America Reverse LLC borrowers have been compensated for their participation. Their statements are their own.

Craig

Finance of America customer

Dennie & Hassan

Finance of America customers

Two decades of helping homeowners thrive

Helping homeowners nationwide enjoy retirement with simple, stress-free guidance every step of the way.

October 15, 2025

Financial Peace of Mind

Jeff b., My Loan professional, was on top of the process for me. He explained each step in total, and then, in detail, as we went along. Always replied quickly, even on a weekend. Love electronic signature! I have already told my family to get a reverse mortgage for peace of mind.

October 6, 2025

A helpful hand

I never felt pushed into doing the reverse mortgage. Everyone who came here or who I talked to were kind and helpful guiding in the right direction. I am more than grateful to everyone at Finance of America and also to the local people that I did business with.

October 2, 2025

Great help when the going got tough

Our Reverse Mortgage application had a difficult HUD hurdle that required a LOT of extra care to get through. Our loan officer believed in us, fought for us, and guided us through the maze to a successful funding that wasn’t always assured. Brilliant, we highly recommend Finance of America.

September 29, 2025

My experience with Finance of America…

My experience with Finance of America exceeded my expectations with respect to being smooth and straightforward. Pretty much everything my Loan Originator/Advisor described as the process took place as described and well within the timeframe estimated.

September 21, 2025

My experience with Finance of America!

The company itself was super professional, organized, and friendly…and my reverse mortgage was completed start to closing in just under 30 days. Amazing. I could not have asked for or expected the process to move along any smoother.

September 17, 2025

The circumstances of this…

The circumstances of this transaction were very difficult but the representative that I worked with was amazing. He kept me updated at all times and was very helpful when I had questions. I really appreciated our interaction. He was very professional at all times.

September 11, 2025

The whole process was easily explained…

The whole process was easily explained and I wasn’t rushed to get documents sent to the company. Everyone I talked to was very nice and polite and I would recommend them in the future to anyone. I’m very satisfied.

August 31, 2025

Smooth and Positive Experience

I had an outstanding experience working with Finance of America. From the very beginning, their team was professional, patient, and thorough in walking me through the reverse mortgage process. What impressed me most was the clarity with which they explained every step—there was never any pressure, just honest guidance and support.

August 3, 2025

Beyond expectations

The loan officer who guided me through the process was the most important element in this loan. We develop trust in each other. This was the second time I have had a reverse mortgage. I closed one out about ten years ago when I lived in a different state. I was already somewhat educated in the process but was blown away by the service I received.

5-star reviews selected from Trustpilot. To see all reviews go to TrustPilot.com

How a reverse mortgage compares

Unlike a HELOC or personal loan—where you make monthly payments—a reverse mortgage allows you to defer repayment2 until you leave, sell, or transfer your home, giving you access to a portion of your home’s equity.

Comparison chart Comparison chart mobile

3The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.

5If no balance on LOC there may be no monthly mortgage payment required.

6Negative amortization means that the amount you owe grows over time because unpaid interest and certain fees are added to your principal balance (common with reverse mortgages that don’t require monthly payments). Interest-only payments (e.g., many HELOCs) cover just interest for a time, so the balance doesn’t decrease and later payments may rise during the repayment phase. Fully amortizing loans include both principal and interest payments each month, so the balance steadily declines to $0.

7There is no minimum credit score and a full financial assessment required for a HECM. Certain proprietary products have a minimum credit score requirement of 640.

This is general information about HELOCS and personal loans—terms vary by lender. Chart does not display all lending products available in the market.

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Better Business Bureau®
A+ rated and accredited

4.7 Stars by
verified customers2

Bankrate

Best Reverse
Mortgage Lender8

Money logo

Best Reverse Mortgage
Companies 20259

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Call us at (800) 820-1715 or fill out the form below to connect with a licensed reverse mortgage specialist for a detailed no-obligation estimate to better understand your loan options, rates and fees.

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What can I use a reverse mortgage for?

You can use your funds virtually however you choose. Whether planning ahead or catching up, a reverse mortgage could help ease financial stress. Here are some popular ways to put your equity to work:

Increase cash flow

Eliminate your existing monthly mortgage payment3 to increase your cash flow and put more money in your pocket each month.

Cover medical expenses

Instead of draining your savings, you can use the equity to help pay for ongoing medical expenses and in-home caretakers.

Pay off higher-interest debt

Address higher-interest consumer debt, like credit cards, and create financial breathing room.

Build a financial safety net

Prepare for unexpected expenses and emergencies, and enjoy greater peace of mind.

Fund home improvements

Pay for renovations or repairs to make your home safer, more enjoyable, and better for your lifestyle.

Kickstart your retirement journey

Give yourself the financial flexibility to work less, live more, and start truly enjoying retirement.

Get your free estimate

3The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.

Reverse mortgage pros and cons

Reverse mortgages can be a powerful tool, but they’re not for everyone. Considering the pros and cons can help you decide if this strategic tool fits your situation and goals.

Pros

  • Tax-free cash for virtually anything10

    Your loan proceeds are not considered income, which gives you access to usable cash without tapping other investments and creating a taxable event.

  • Flexible payout options

    You can access any remaining equity in a way that best suits your lifestyle, including as a lump sum, monthly installments, or as a line of credit that’s ready when you need it.

  • Continue to own and live in your home4

    The property title remains in your name, and you can continue living in your home as long as you wish, so long as you comply with the loan terms.

  • Eliminate your monthly mortgage3

    A reverse mortgage pays off your existing mortgage (if any), freeing up your budget from those payments and leaving more cash in your pocket to use as you see fit.

Cons

  • Loan balance accrues interest

    Because your funds come in the form of a loan against your home equity, the balance accrues interest and will grow over time.

  • Upfront costs

    Like many mortgage products, the loan has closing costs and fees, but many of these can be rolled into the loan and are not paid out of pocket.

  • Estate impacts

    Because the loan draws from equity and accrues interest on the amount borrowed, it is likely to impact what your heirs inherit. But regardless of how much equity remains when the loan comes due, they will not inherit the debt.

  • Potentially not enough

    There is a chance that your loan may not be enough to meet your needs, but even if your proceeds run out, you still own your home and can stay in it as long as you meet the loan requirements.3

3The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.

4The right to remain in the home is contingent on paying property taxes and homeowner’s insurance, maintaining the home, and complying with the loan terms.

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Frequently asked questions

With a reverse mortgage, you — not the lender, own and control your home. You can’t be kicked out so long as you uphold the terms of the loan.* As with a traditional forward mortgage, the lender simply puts a lien on the property to ensure the loan will be repaid. Learn More

*The right to remain in the home is contingent on paying property taxes and homeowner’s insurance, maintaining the home, and complying with the loan terms.

No. A reverse mortgage is a “non-recourse” loan, which means that if you default on the loan, or if the loan cannot otherwise be repaid, the lender can only enforce the debt through the sale of the property and cannot look to your other assets (or your estate’s assets) to meet any outstanding balance. If the loan balance is higher than the home’s value, your heirs will not be responsible for paying the difference when the home is sold to repay the balance. Learn More

For starters, you’ll typically need to be a homeowner age 62 or older. However, Finance of America also offers exclusive options in certain states for homeowners as young as 55*. You’ll generally need about 50% equity in your home and must complete a financial assessment to ensure you can meet the loan’s terms. Additional requirements apply—speak with a loan officer for the complete list. Learn More

*Minimum age requirements vary by state and loan type. 62 is the minimum age for a HECM. Certain proprietary products have minimum ages as low as 55.

Eligible property types for reverse mortgages include single-family homes, FHA-approved condominiums, and certain types of manufactured homes.
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM). These mortgages are federally insured and regulated by the U.S. Department of Housing and Urban Development (HUD). Individual lenders may also offer proprietary reverse mortgages available in certain states. Because proprietary loans are not federally-insured, the lenders have more flexibility to set their terms including lower borrower age requirements or higher loan amounts. Reverse mortgages are available in all states, but specific rules and regulations can vary, affecting the availability of different types of loans and the terms offered.
Yes, reverse mortgages are available in all states, but specific rules and regulations can vary, affecting the availability of different types of loans and the terms offered.

Important legal disclaimers

1Minimum age requirements vary by state and loan type. 62 is the minimum age for a HECM. Certain proprietary products have minimum ages as low as 55.



2As of January 2026. Rating based on verified reviews from Trustpilot.com.

3The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.

4The right to remain in the home is contingent on paying property taxes and homeowner’s insurance, maintaining the home, and complying with the loan terms.

5If no balance on LOC there may be no monthly mortgage payment required.

6Negative amortization means that the amount you owe grows over time because unpaid interest and certain fees are added to your principal balance (common with reverse mortgages that don’t require monthly payments). Interest-only payments (e.g., many HELOCs) cover just interest for a time, so the balance doesn’t decrease and later payments may rise during the repayment phase. Fully amortizing loans include both principal and interest payments each month, so the balance steadily declines to $0.

7There is no minimum credit score and a full financial assessment required for a HECM. Certain proprietary products have a minimum credit score requirement of 640.

8Finance of America is listed as Best Reverse Mortgage Lender by Bankrate in Best reverse mortgage lenders in 2025.

9Finance of America is listed as Best Reverse Mortgage Companies by money.com in Finance of America Reverse Mortgages Review. Finance of America is a paid advertiser with money.com.



10Not tax advice. Consult a tax professional.