How to use this in plain English
Start with realistic home value, age, and current mortgage. Then enter the amount you would like to take at closing. The calculator will cap your request to estimated program limits and show how that choice changes your projected balance and equity.
You still own your home
A HECM is a loan against home equity. Title remains in your name. You must live in the home and stay current on property taxes, insurance, and maintenance.
No required monthly mortgage payment
You are not required to make principal and interest payments while living in the home as your primary residence.
Non-recourse protection
If the balance grows beyond home value, FHA insurance protects you and your heirs from owing more than the home's market value at payoff.
Your Scenario Inputs
Any existing mortgage must generally be paid off with reverse mortgage proceeds.
We'll cap this to your estimated first-year allowable draw amount.