Get your free reverse mortgage estimate in 2 minutes or less
No impact on your credit score, and no obligation.
Here's your estimate
$0
Estimated cash available from a reverse mortgage
| Gross loan amount | $0 |
| Existing mortgage payoff | –$0 |
| FHA initial mortgage insurance | –$0 |
| Origination fee | –$0 |
| Estimated closing costs | –$0 |
| Your estimated amount | $0 |
How is this calculated?
Your gross loan amount is your home value multiplied by a HUD principal limit factor, which is based on the youngest homeowner's age and estimated interest rates. Your existing mortgage is paid off first, then upfront costs are subtracted.
Get prequalified today
Talk with a reverse mortgage specialist to confirm your numbers and see which payout option fits you best.
Call (248) 388-1216Can't call right now? No problem. A specialist will call you shortly to answer your questions and put together a no-commitment loan proposal for you.
This is an estimate for informational purposes only and is not a loan approval, commitment to lend, or offer of credit. Your actual loan amount depends on an appraisal, current interest rates, FHA lending limits, closing costs, and meeting all program requirements.
Hi there,
Thank you for your interest in a reverse mortgage.
We may need a few more details to review your eligibility. Please call a loan officer at (248) 388-1216 to talk through your options.
Can't call right now? A loan officer will reach out soon to go over your situation.
Benefits
Why homeowners choose a reverse mortgage
A reverse mortgage lets you use the equity you've built without selling your home or taking on a new monthly payment.
No monthly mortgage payment
Pay off your existing mortgage and free up that money every month. You can make payments if you want to, but you don't have to.
Stay in the home you love
You keep living in your home and the title stays in your name, as long as you meet the loan terms.
Remaining equity goes to your family
When the loan is repaid, any equity left in the home belongs to you or your heirs, not the lender.
Flexible ways to get paid
Take a lump sum, monthly payments, a line of credit that can grow over time, or a combination.
Federally insured protection
HECM loans are insured by the FHA. You or your heirs will never owe more than the home is worth when the loan is repaid.
Use the money your way
Cover healthcare, home repairs, daily expenses, or simply give yourself a cushion in retirement.
How it works
A mortgage that pays you instead
With a traditional mortgage, you pay the lender every month. With a reverse mortgage, the lender pays you, using the equity in your home.
The loan balance grows over time and isn't repaid until you sell the home, move out permanently, or pass away. At that point the home is typically sold to repay the loan, and any remaining equity goes to you or your heirs.
What you're still responsible for
- Living in the home as your primary residence
- Paying property taxes and homeowners insurance
- Keeping the home in good repair
Get your free estimate
Use the calculator above to see roughly how much you may qualify for. It takes about 2 minutes.
Talk with a specialist
We'll review your goals, answer questions, and prepare a no-commitment loan proposal.
Complete HUD counseling
Every borrower meets with an independent, HUD-approved counselor. It's required, and it helps you make a confident decision.
Apply and get an appraisal
An FHA appraiser confirms your home's value, and we process your application.
Close and receive your funds
After closing, your existing mortgage is paid off and you receive your money in the way you chose.
FAQs
Reverse mortgage questions, answered
Who qualifies for a reverse mortgage?
For a federally insured HECM, the youngest borrower must be at least 62, the home must be your primary residence, and you need significant equity. You'll also need to show you can keep up with property taxes, insurance, and upkeep, and complete a session with a HUD-approved counselor.
Will the bank own my home?
No. You keep the title and ownership of your home. The lender simply has a lien on the property, just like with a traditional mortgage.
Do I have to make monthly payments?
No monthly mortgage payments are required. You can make voluntary payments to reduce the balance if you'd like. You do need to keep paying property taxes, homeowners insurance, and any HOA dues.
Can I get a reverse mortgage if I still owe on my home?
Yes, and many people do. Your existing mortgage is paid off with the reverse mortgage proceeds at closing, which eliminates that monthly payment. Any remaining funds are available to you.
What happens to my home when I pass away?
Your heirs can keep the home by paying off the loan balance (or 95% of the appraised value, whichever is less), or sell the home and keep any equity left after the loan is repaid. Because HECMs are non-recourse loans, your heirs will never owe more than the home is worth.
What if my spouse is younger than 62?
An eligible non-borrowing spouse may be able to stay in the home after the borrowing spouse passes away, as long as program requirements are met. Your estimate uses the youngest spouse's age because that affects how much you can borrow.
Is the money taxable? Will it affect Social Security or Medicare?
Reverse mortgage proceeds are loan funds, so they generally aren't taxed as income and don't affect Social Security or Medicare. Needs-based programs like Medicaid or SSI can be affected, so talk with a benefits or tax advisor about your situation.
How much does a reverse mortgage cost?
Typical costs include an FHA mortgage insurance premium, an origination fee, and standard closing costs such as the appraisal and title. In most cases these can be paid from the loan itself, so you don't need to pay them out of pocket. Your estimate already subtracts them.
Does checking my estimate affect my credit?
No. Getting an estimate doesn't involve a credit check and has no impact on your credit score. There's also no obligation to move forward.
Find out what your home could do for your retirement
Get your free estimate in 2 minutes or less. No credit impact and no obligation.