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Reverse Mortgage
Calculator

How much equity can you access with a reverse mortgage?

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 Lower Rates**Based on data reported by lenders to the U.S. Dept. of Housing & Urban Development. Among the top HECM lenders (minimum of 100 loans), GoodLife Home Loans had the lowest adjustable rates on average for the period from January 1 through December 31, 2020.

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Our reverse mortgage experts are here to answer all your questions.

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    How much equity can you access with a reverse mortgage?

    Several factors influence how much money you may be able to receive through a reverse mortgage, including the age of the youngest borrower, the value of your home, your existing mortgage balance, and current interest rates.

    Use our reverse mortgage calculator to see how you may be able to significantly increase your cash flow.

    Isabella, August 24

    Best mortgage experience ever

    After 40 years of mortgages, Goodlife and Scott Sherman were the best ever. Professional, courteous, friendly, efficient, and informative. Promptly replied to questions and emails. Thank you so much.

    How Much Money You Can Get With a Reverse Mortgage

    The amount you can borrow increases as interest rates go down, as age goes up, and as property value increases.

    Reverse Mortgage Proceeds Based on Age and Appraised Property Value (APV)

    Age $100,000
    APV    		 $200,000
    APV    		 $400,000
    APV    		 $600,000
    APV    		 $822,375
    APV
    62 $52,400 $104,800 $209,600 $314,000 $430,900
    65 $54,200 $108,400 $216,800 $325,200 $445,700
    70 $57,600 $115,200 $230,400 $345,600 $473,600
    75 $60,900 $121,800 $243,600 $365,400 $500,800
    80 $64,200 $128,400 $256,800 $385,200 $527,900
    85 $68,500 $137,000 $274,000 $411,000 $563,300
    90 $73,000 $146,000 $292,000 $438,000 $600,300

    *Estimated amounts. Call for more details.

    Reverse Mortgage FAQs

    How do I use the calculator?
    Using our reverse mortgage calculator is easy; simply tell us a little about yourself and your property to receive a free loan estimate.

    Age: Indicate your age and your spouse’s age, if applicable. We’ll consider the younger of the two when determining the size of the loan you may eligible to borrow. Generally speaking, the older you are in age, the more home equity you’ll be able to access through a reverse mortgage. Note: you must be at least 62 years old to qualify. If you have a spouse who is younger than 62, ask us about the new exception that may change your eligibility.

    Home Value: Tell us how much you roughly believe your home to be worth. If you haven’t had a recent home appraisal, you can provide your best guess, or for a more accurate quote, submit your address so we can pull an estimate from Zillow.com.

    How does the reverse mortgage calculator work?
    The reverse mortgage calculator uses the information you provide to estimate the amount of equity you may be able to tap into. By filling out the indicated fields, our free calculator will give you an idea as to whether you qualify for this type of loan and how much of your equity you may be able to convert into cash proceeds. Give us a call to confirm the estimate you receive. By speaking on the phone, we can upgrade the estimate into a more precise “loan summary” customized to your circumstances—free of charge.

    Knowing how much you can expect from a reverse mortgage might help you prepare for the future, so you can enjoy retirement, free of financial stress. We love educating our customers about how a reverse mortgage can be used as a powerful tool to leverage home equity, and we’ll help you evaluate whether a reverse mortgage is the right solution for your specific goals.

    How much home equity is required for a reverse mortgage?
    Typically, you should have about 50% of the equity in your home available to qualify for a reverse mortgage.

    The portion of equity a borrower may tap into is dependent on several factors, including their age, the home’s appraised value, and the interest rate of the loan.

    How is interest calculated on a reverse mortgage?

    Interest rate calculations differ depending on whether the rate is fixed or variable. A fixed interest rate is determined at the time of the loan initiation. Variable interest rates are composed of two values: the index and the margin. The index is a standard rate that fluctuates with the market; the margin, which never changes, is set by the lender then added to the index to arrive at the total interest rate applied to the loan.

    Our customers have saved thousands compared to leading competitors in the reverse mortgage industry.

    Based on data reported by lenders to the U.S. Dept. of Housing & Urban Development. Among the top HECM lenders (minimum of 100 loans), GoodLife Home Loans had the lowest adjustable rates on average for the period from January 1 through October 31, 2020.
    What are the costs associated with a reverse mortgage?
    At GoodLife, we’re able to cut out the middlemen and originate the loan entirely in-house. We pass the savings directly onto you, so you’ll spend less on third-party expenses and access more of your home equity in the form of cash proceeds.

    There are several types of costs that may be deducted from your available loan proceeds, such as the appraisal fee, origination fee, and the initial mortgage insurance premium. Borrowers may also be charged for expenses incurred by a third party at the time of close such as, a credit report fee, flood certification fee, escrow closing fee, document preparation fees, recording fees, courier fees, title insurance, pest inspection, and property survey.

    Ongoing costs associated with a reverse mortgage include the lender’s servicing fee and mortgage insurance. Borrowers must also keep up with property taxes, applicable Homeowner’s Association (HOA) fees, and any other financial obligation that could result in a lien on the property. They must also maintain the home’s safe, working condition to the minimum standards established by the Federal Housing Administration (FHA). Speak with your loan officer to determine if these fees apply.

    Proceed Payment Terms You

    Should Know

    Reverse mortgage tenure payment

    A tenure plan disburses the loan proceeds in fixed, monthly payments. The borrower will receive the same amount for as long as they live in their home as a primary residence, which can be a helpful tool when budgeting in retirement

    Reverse mortgage lump sum

    A lump sum is a large cash payout that a borrower may elect to receive after the reverse mortgage is funded and all closing costs have been settled. In this case, the borrower chooses to pull the maximum available amount of equity upfront in the form of cash loan proceeds

    Reverse mortgage line of credit growth

    A line of credit grows when the amount of money available within a credit line increases based on the annual growth rate. To calculate the annual growth rate, add the interest rate to the annual mortgage insurance premium (MIP) rate.

    Reverse mortgage loan origination fee

    The origination fee is what the lender charges for processing the loan and the cost will depend on the appraised value of the home. Lenders can charge the greater of $2,500 or 2% of the first $200,000 of a home’s value, in addition to 1% of any amount over $200,000.