Looking for an easy-to-use FHA reverse mortgage calculator? You’re definitely in the right place!
We upgraded our FHA reverse mortgage calculators recently and they’re even better than ever. One calculator estimates proceeds for a traditional reverse mortgage (for a home you already own and live in) and the other calculates your down payment for a purchase reverse mortgage. Both calculators are fast and easy to use and don’t require any contact information. Check out the calculators at the links below.
FHA reverse mortgage calculator
- Traditional Reverse Mortgage Calculator – Use this calculator to estimate proceeds from a traditional reverse mortgage for a home you already own and live in.
- Reverse Mortgage for Purchase Calculator – Use this calculator if you’re buying a house with a reverse mortgage and wish to estimate your down payment.
About the FHA-insured HECM
The FHA-insured HECM reverse mortgage is the most popular reverse mortgage program in America today. If any friends, family members, or colleagues have recently gotten a reverse mortgage, it very likely was the FHA reverse mortgage.
The official name of the FHA reverse mortgage is the home equity conversion mortgage, or HECM (often pronounced heck-um by industry insiders). The HECM is designed to give seniors 62 or older access to a portion of their home’s value without a mortgage payment or giving up ownership of the home. You always remain the owner of your home and are free to leave it to your heirs, who will inherit any equity in the home.
If you’d like to learn more about the basics of the HECM reverse mortgage, check out our HECM 101 page here.
One of the best kept secrets about the HECM is that you can also use it to buy a home. You bring in your down payment and the bank finances the rest with no mortgage payment. How crazy is that?
If you’d like to find out more about HECM for purchase, click here.