Reverse Mortgage Guide & Estimator
A Home Equity Conversion Mortgage (HECM) lets homeowners 62+ borrow against home equity without monthly payments. The loan is repaid when you sell, move out, or pass away. It can supplement retirement income significantly — but it's complex and not right for everyone. This estimator gives you a rough sense of how much you could access before you speak with a HUD-approved counselor.
Estimated Available Proceeds
Pros
• No monthly mortgage payments
• Tax-free loan proceeds
• Stay in your home
• Non-recourse — heirs never owe more than home value
• Flexible disbursement (lump, line of credit, monthly)
• Tax-free loan proceeds
• Stay in your home
• Non-recourse — heirs never owe more than home value
• Flexible disbursement (lump, line of credit, monthly)
Cons & Risks
• Loan balance grows over time
• Reduces inheritance for heirs
• Must pay property taxes, insurance, and maintenance
• Mandatory HUD counseling required
• Upfront costs $10,000–$20,000+
• Reduces inheritance for heirs
• Must pay property taxes, insurance, and maintenance
• Mandatory HUD counseling required
• Upfront costs $10,000–$20,000+