Fast, Simple, Up-To-Date, And Free
We’re confident you’ll find our Excel reverse mortgage calculator to be fast and super easy to use. This exclusive calculator is updated and current based on the latest FHA principal limit and principal limit factor tables.
- Fast and simple to use. Get results in seconds with just a few mouse clicks.
- Calculate multiple payout options, including lump sum, line of credit, and monthly term/tenure income plans.
- Compare products, including variable-rate and fixed-rate reverse mortgages.
- Calculate reverse mortgage for purchase. Yes, you can purchase a home with a reverse mortgage! This calculator will quickly and easily estimate your down payment.
- Amortization schedule that shows how your loan balance, line of credit, and home equity could change over time.
In just a few minutes, you’ll be able to see how much a reverse mortgage could offer you – without having to talk to a lender.
You’ll be able to quickly determine if a reverse mortgage is potentially workable and can help you achieve your financial goals.
How To Download The Excel Reverse Mortgage Calculator
To download our Excel reverse mortgage calculator, simply enter your email in the form below and click ‘Download’. We’ll send you a confirmation link via email in the next few minutes.
If you don’t receive the confirmation email in your inbox, be sure to check your spam or bulk folder.
Once you click the confirmation link, you’ll be redirected to a download page. We’ll also send the download link via a second email.
We hate spam as much as you do! We won’t give your email address to anybody else. We’ll send you updates from time to time, but you can unsubscribe at any time. The downloadable reverse mortgage calculator requires Microsoft Excel 97 or later.
How To Use The Calculator
IMPORTANT: To get accurate calculations, you’ll need to update the interest rates on the Excel reverse mortgage calculator once you’ve downloaded it (see Step 1 below).
Once you’ve downloaded and opened the Excel reverse mortgage calculator, you’ll see a section to enter the current swap and index rates, which can be found on our interest rates page (the link to the rates page is in the calculator).
Step 1: Update the interest rates
To get accurate calculations, it’s important to first update the swap and index interest rates on the calculator.
Click the hyperlink in the calculator to go to our rates page and obtain the latest swap and index rates.
Again, the current swap and index rates are important for accurate calculations, so you’ll want to update them after you’ve downloaded the Excel reverse mortgage calculator and anytime you want to use it in the future.
Simply type the rates from the interest rates page into the corresponding fields in the calculator (see below).
Step 2: Select the HECM program to calculate
A reverse mortgage offers multiple payout options, including lump sum, line of credit, and term/tenure monthly income plans.
You can even purchase a home with a reverse mortgage!
There are a variety of program and payout options available, depending on your financial goals. Select which program you would like to calculate using the drop down box below the swap and index rates.
Step 3: Enter the calculation parameters
In the area below where you selected the HECM program, enter your age (or that of the youngest borrower), home value, mortgage balance, principal and interest payment, and the years left on your mortgage.
If your home is free and clear, enter a zero for everything except your age and home value.
Once you’ve entered the appropriate parameters into the Excel reverse mortgage calculator, the results will appear on the right side of the screen.
Step 4: Click the tab at the bottom left for the amortization schedule
To see how the loan could amortize in the future, simply click the “Amortization” tab at the bottom left of the Excel reverse mortgage calculator. The calculator will display how your loan balance, available line of credit (if applicable) and home equity could change over time.
Step 5: Adjust the home appreciation rate as desired
You can change the assumed home appreciation by clicking the yellow dropdown on the upper right of the amortization page.
This will enable you to see how various home appreciation rates could impact your home equity in the future.
We hope you find our Excel reverse mortgage calculator helpful!
How to Download the Calculator
To download the Excel reverse mortgage calculator, click here, fill in your name and email address, then click the ‘Download’ button.
Once you click the confirmation link, you’ll be redirected to a download page. We’ll also send the download link via a second email.
