There is a loan calculator managed by FHA/HUD that determines your HECM reverse mortgage loan amount or the amount of equity in your home that a homeowner may access. The calculator uses the age of the homeowner or youngest age (if more than 1 homeowner), a life expectancy calculation, the home value, and the interest rate on the reverse mortgage program.

The minimum age is 62 years old. A homeowner’s age or life expectancy is a key factor. The older the homeowner is, the more equity from the home may be accessed.

All HECM lenders will offer interest rate options on their reverse mortgage programs.

All lenders use the same HECM calculator. The reverse mortgage loan amount may vary depending on the needs of the homeowner and the reverse mortgage program chosen. The needs of the homeowner usually narrows down the choice of the reverse mortgage programs.

The Alternative Reverse mortgage programs (not HECM) uses a calculator specific to the lender offering their own program. The minimum age can be 60 on these programs.


Bruce Anderson of Legacy Mortgage and Legacy Lending Home Loans – (CRMP) NMLS#237538 -Certified Reverse Mortgage Professional providing seniors with Reverse Mortgages in all areas of New Mexico and Texas!

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