Reverse Mortgage — Access Home Equity
HECM for 62+. No monthly payments. Repaid when you sell, move, or pass away.
Why This Matters for Your Finances
Why: Reverse mortgages let seniors access equity without monthly payments. Non-recourse: never owe more than home value.
How: Principal limit based on age, home value, rate. Older + higher value = more available.
- ●Age 62+ required
- ●HUD counseling required
- ●Non-recourse
- ●Heirs inherit equity
Reverse Mortgage Calculator
HECM • Principal limit • Payout options
Sample Scenarios
Property & Borrower Info
Calculation Breakdown
Property & Borrower
Principal Limit
Payment Options
10-Year Projection
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1. Key Takeaways
- • Never owe more than home value (non-recourse)
- • Heirs inherit remaining equity
- • Must maintain home, pay taxes/insurance
- • HUD counseling required
2. Understanding Reverse Mortgages
HECM lets 62+ access equity without monthly payments. Repaid when you sell, move, or pass away.
Options
- • Lump sum
- • Tenure (monthly)
- • Line of credit
Requirements
- • Age 62+
- • Primary residence
- • HUD counseling
3. How It Works
Principal limit = f(age, home value, rate). Older + higher value = more.
4. Expert Tips
HUD counseling
Required before applying
LOC growth
Unused credit grows
5. Payout Options
| Option | Description |
|---|---|
| Lump sum | One-time payment |
| Tenure | Monthly for life |
| LOC | Draw as needed |
6. FAQ
7. Quick Stats
62
min age
HECM
FHA insured
8. Sources
HUD HECM program; NRMLA.
9. Disclaimer
Estimates only. Consult HUD-approved counselor.
⚠️For educational and informational purposes only. Verify with a qualified professional.
💡 Money Facts
Min age
— HECM
Never owe more
— Protection