Reverse mortgages
Reverse mortgage calculator
See an indicative maximum and how that balance could grow over 5, 10 and 15 years. You supply the rate. The result is an illustration, not an offer.
What the numbers are
The maximum uses a published guide: the age of the youngest borrower minus 40, as a percentage of the home value you type in, and never more than 50%. At 60 that is 20%. At 90 or over it is 50%. Some lenders publish a lower scale, so a real offer can be smaller. Ages 55 to 59 appear on the same scale only as a guide. Some lenders will not consider them, and those that do generally require a partner aged 60 or over.
The later balances assume you draw the whole indicative maximum today, interest is added monthly, you repay nothing, fees are ignored, and the rate you typed never changes. Real life is messier than that.
What this is not
It is not a quote, not a current rate, and not a promise that a lender will agree. A lender uses its own valuation and its own rules. Ask your lawyer for independent legal advice before you sign anything. The decision is yours as the homeowner.
The decision is yours as the homeowner. Family may have a view, and it is worth talking it through, but the choice is yours.
General information only, not advice. We're a referral service and may receive a commission. If a reverse mortgage settles, the lender may pay us a referral fee.
Questions
- Is the result an offer?
- No. It is an illustration from the numbers you enter. A lender may offer less, or decline the loan. Nothing on this page is a promise to lend.
- Which rate should I type?
- Any assumed rate you want to test. The box does not fill in a current rate, because this site does not publish one. Try more than one figure if you want to see how sensitive the balance is.
- Does the balance include fees?
- No. Fees would make the amount you owe higher, or the amount you receive lower. The compounding example on the main reverse mortgage page uses the same monthly method.