Reverse Mortgage Calculator

Our free calculator offers you an instant online estimate with a full, in-depth analysis via phone or email.

For every application submitted from now until Thanksgiving, we’ve pledged to make an honorary donation of $25 to help families in need.

Reverse Mortgage Calculator

Consult with a specialist now: 855-523-4326

Why do we need this information?

Estimated home value: The amount of proceeds you receive is based on the appraised current value of your home.

To consult with a specialist now, call us toll free at 855-523-4326

-- AND --
Why do we need this information?

Your age: To qualify for a reverse mortgage, you must be at least 62 years of age.

To consult with a specialist now, call us toll free at 855-523-4326

Why do we need this information?

Existing mortgage balance: If you are still paying off a traditional mortgage, part of the reverse mortgage loan must first be used to pay off any existing mortgage. Then any remaining cash can be used for other wants or needs.

To consult with a specialist now, call us toll free at 855-523-4326

info
Why do we need this information?

Age of younger spouse on the title: The amount of equity you can access with a reverse mortgage is determined by the age of the youngest borrower.

To consult with a specialist now, call us toll free at 855-523-4326

* indicates required field.

Step 1 of 2

Reverse Mortgage Calculator

Consult with a specialist now: 855-523-4326

We just need a little more information

in order to prepare your in-depth analysis, including the different program options, loan costs and any discounts or credits you may qualify for. You'll be able to view your online estimate after this step.

To consult with a specialist now, call us toll free at 855-523-4326

Sorry, your residence could not be located. Please verify your address, city, state, zipcode and try again.
Sorry, your phone number could not be verified. Please enter a valid phone number and try again.

Prefer to be contacted by email? Please enter your email address.

Step 2 of 2


Choose the option that's right for you.

Based on the value of your home, you may be eligible for the
Traditional FHA HECM or the Longbridge Platinum Fixed or Platinum Line of Credit reverse mortgage.

Your Estimate Details

Mortgage Payoff paid by the HECM:

This can free up monthly cash flow.

Mortgage Payoff paid by You:1

To complete this loan, you would be required to pay a portion of the remaining mortgage balance. Please contact one of our account executives to discuss possible options.

Total Available Proceeds:1

( funds available at closing with the remaining available after 12 months). These tax-free proceeds can be used for any purpose. Loan costs are not included.

Equity Reserve:2

This is the equity reserve still remaining in the home.

Projected Credit Line Growth

Estimated based on current and forward interest rates and margin from current HECM pricing. A Reverse Mortgage Consultant will provide an in-depth quote with more exact numbers and details.
  • Project credit line would grow to by age
  • Funds could be drawn for home care or any other purpose
  • No additional income taxes on HECM funds used
  • No disruption to portfolio performance or lifestyle

Your Estimate Details

Mortgage Payoff paid by the HECM:

This can free up monthly cash flow.

Mortgage Payoff paid by You:1

To complete this loan, you would be required to pay a portion of the remaining mortgage balance. Please contact one of our account executives to discuss possible options.

Total Available Proceeds:1

No limits on the initial draw - unlike traditional HECM, you'll receive the full loan proceeds at closing. These tax-free proceeds can be used for any purpose. Loan costs are not included.

Equity Reserve:2

This is the equity reserve still remaining in the home.

  • Full upfront draw at a low, fixed rate
  • Low upfront cost with $0 origination fee options
  • Streamlined process for Platinum clients

Your Estimate Details

Mortgage Payoff paid by the HECM:

This can free up monthly cash flow.

Mortgage Payoff paid by You:1

To complete this loan, you would be required to pay a portion of the remaining mortgage balance. Please contact one of our account executives to discuss possible options.

Total Available Proceeds:1

You are required to take at least 25% of the available proceeds at closing, up to a maximum amount of 75%. The remaining proceeds can be accessed as a reusable line of credit, which can be drawn upon and repaid repeatedly during the first 10 years.

Equity Reserve:2

This is the equity reserve still remaining in the home.

  • 10-year reusable line of credit that grows, better than a HELOC
  • Low upfront costs
  • No monthly mortgage payments required3 (you may choose to make them if you wish)
  • No penalties for prepayment
  • Income tax-free funds4 that can be used for any purpose

Thank you for your request.

This is your reverse mortgage estimate. One of our dedicated loan officers will be in touch shortly with your in-depth analysis, including the different program options, loan costs, and your eligibility for possible discounts and credits.


1Certain restrictions and assumptions apply.
2Interest will accrue on the outstanding loan amount and be added to the loan balance. Remaining equity displayed is an estimate at the commencement of the loan. Remaining equity is not guaranteed as the loan balance grows.
3You must continue to pay property taxes, homeowners insurance, and for home maintenance.
4Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.

Choose the option that's right for you.

Based on the value of your home, you may be eligible for the
Traditional FHA HECM or the Longbridge Platinum Fixed or Platinum Line of Credit reverse mortgage.

Here's a quick snapshot of each product.

Product
HECM
Platinum Fixed
Platinum LOC
How much can be borrowed?
Up to $822,375
Up to $4,000,000
Up to $4,000,000
Total proceeds
TBD
TBD
TBD
Proceeds available at closing*
TBD
TBD
TBD
Line of Credit growth
YES
NO
YES
Closing Costs
Closing costs can vary depending on the loan program you choose.
Please contact one of our consultants to see which program best fits your needs.

Traditional HECM

Lowest interest rate • Adjustable rate

Platinum Fixed

Low upfront costs • Fixed rate • Full-draw loan

Platinum LOC*

Low upfront costs • Adjustable rate • Better than a HELOC

*You are required to take at least 25% of the available proceeds at closing, up to a maximum amount of 75%. The remaining proceeds can be accessed as a reusable line of credit, which can be drawn upon and repaid repeatedly during the first 10 years.

Reverse Mortgage Calculator – How It Works

To calculate your loan estimate, our calculator uses the following information:

  1. Your age. Applicants must be at least 62 years old to qualify for a reverse mortgage. In most cases, as you get older, the percentage of your home equity which you can borrow increases.
  2. Your home’s value. This is how much your home is worth in today’s market. If you’re not sure, use your best guess or enter your address to get an estimate from Zillow.com. This will compare your home to those which have recently sold in the area along with other factors.
  3. Total outstanding loans against your house. Including all mortgages and liens, these loans must be the first items paid off when receiving reverse mortgage proceeds. All remaining money can be used any way you would like. Unlike a traditional mortgage, a reverse mortgage does not require monthly mortgage payments1.
  4. Current interest rates. As rates naturally fluctuate, they impact the percentage of your home equity which you can borrow—for example, the lower the interest rate, the more cash that’s available.
  5. Maximum loan amount. For a standard Home Equity Conversion Mortgage (HECM), the maximum loan amount allowed by the Federal Housing Administration (FHA) is currently $822,375. If the value of your home exceeds the lending limit, there are private, non-FHA reverse mortgages available with all the borrower benefits and safeguards of a standard HECM—such as Longbridge Platinum. The reverse mortgage calculator will provide you with all available options based on the information you enter.

What Your Calculator Results Mean

After entering your details into the calculator, you will be presented with three main numbers to review. The first is the estimated mortgage payoff amount (if applicable). The second is the total amount in loan proceeds that may be available to you. This number includes the amount of funds available at closing along with the portion available after 12 months (FHA Rule). Lastly, you will see your equity reserve, the amount of equity still remaining in the home, when you close your loan, after receiving the funds from your reverse mortgage.

Our calculator will also provide a projected credit line growth chart. This chart shows how much additional money will be available in the years to come. To calculate the HECM credit line growth rate, the initial interest rate (IIR) is added to the annual MIP rate. For example, if your initial interest rate is 3.50% and the MIP rate is 0.50%, the growth rate of your available line of credit would be 4.00%. This line of credit growth is only offered via the variable-rate reverse mortgage.

One important thing to note, the calculator is just an estimate and does not include loan costs, lender credits or other programs that you may be eligible for.  That’s why speaking to one of our reverse mortgage consultants is important.  They can provide a more in-depth analysis based on your unique situation even without having to apply.

Remember, one of the factors that the reverse mortgage calculator results are based on is an estimate of your home’s value. As with a traditional mortgage, your home will be appraised during the application process. If your home value differs from what you thought it may be worth, you may be eligible for more or less proceeds than provided by the calculator’s estimate.

HOW CAN I USE A REVERSE MORTGAGE?

A reverse mortgage loan lets you use your home equity to help you improve your financial situation and achieve peace of mind. The income tax-free cash2 you get from a reverse mortgage can allow you to eliminate monthly mortgage payments1, keep more money on hand to meet everyday expenses, reduce or pay off credit card debt, help with healthcare costs—or be used for any other purpose that suits your lifestyle.

Check out our blog for 10 ways you can use reverse mortgage proceeds.

HOW DO I KNOW IF A REVERSE MORTGAGE IS RIGHT FOR ME?

Before you apply for a reverse mortgage loan, a Longbridge reverse mortgage consultant can assess your financial situation and help you decide—along with your trusted advisors—if a reverse mortgage is right for you. If we feel it isn’t your best option, we’ll tell you—a promise not all lenders will make.

WHAT ARE MY NEXT STEPS?

After receiving an estimate from our reverse mortgage calculator, you will be contacted by a Longbridge Financial loan officer. We’ll get to know you, your goals, your home, and your finances as we discuss your options. Our goal is to close your loan within 45 days of receiving your application and counseling certificate—and we’ll make every effort to close even sooner.

You can read more on what to expect from the reverse mortgage process, here.

WHY CHOOSE LONGBRIDGE?

Longbridge Financial is an approved lender with the Federal Housing Administration (FHA) and maintains an A+ rating with the Better Business Bureau. We make customer service our highest priority and feel so strongly about going above and beyond to ensure your total satisfaction, that we’ve put our list of promises in writing.

Here’s what people like you are saying about us.

  1. You must continue to pay property taxes, insurance, and for home maintenance.
  2. Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.