Step 1: How You Plan to Use Your Reverse Mortgage
Make a Selection that Best Describes Your Plans for Your Reverse Mortgage
Tenure Payment:
You want the largest possible monthly payment for as long as you live in your house.
Term Payment:
You want the largest possible payment for a period of
1 year
2 years
3 years
4 years
5 years
6 years
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35 years
36 years
37 years
38 years
39 years
40 years
Credit Line:
You want the largest possible credit line that can generate additional future income and/or protect against future hazards.
Cash Now:
You want to access as much cash as possible right now to meet an immediate need, such as paying off short-term debt.*
Combination:
You want any combination of monthly income, cash at closing, and credit line.
Purchase a House:
You want the largest possible cash draw for use as down payment for a house purchase.
* Note: The "Cash Now" option is the only use of a reverse mortgage for which a fixed interest rate is permissible. All other uses require an adjustable rate.
The Reverse Mortgage Calculator is not yet ready to be used on small screens. Please try using it on a device with a larger screen.
