You spent decades paying for the house. Now the house can pay you.
If you're 55 or older and own your home, I can show you what you may qualify for: real numbers, in about five minutes. About five minutes, no cost, no obligation, and you talk to me, not a call center.
Most reverse mortgage calculators exist to capture your phone number and sell it. This one runs entirely on this page. Move the sliders, read your estimate, every figure including the costs, and decide for yourself if it's worth a conversation.
Your Free Estimate
Estimate Worksheet
Three questions. Estimates use HUD's published factor tables at the expected rate below. Your exact figure depends on the rate in effect the day you apply.
Expected rate 6.950% · week of July 27, 2026
Recordation tax applies, county averaged$6,950 est.
Nothing you enter here leaves this page.
Factor 0.393Age 72Rate 6.500%39% of valueLive
Your line of credit
$246,093
Yours to draw, after your payoff and costs come out
Total available funds
$409,770
Before your payoff and closing costs are taken out
Paid at closing
$163,677
Existing mortgage payoff$135,000
Closing costs, financed$28,677
This is what the loan starts at on day one. It is the figure the first-year limit is measured against.
Equity retained
$303,500
61% of your home value stays with you
Est. total closing costs
$18,200
FHA insurance, 2% of home value$10,000
Origination fee, HUD limits$6,000
Title, settlement, recording Maryland$2,200
FHA insurance and the origination fee are fixed by rule. The third line is a state average and moves with county, lender, and transaction, so treat it as a placeholder until you have a quote.
First-year draw limit
60% cap applies, payoffs below the threshold
60% drawn
Of that, available year 1
$19,700
After paying off the mortgage and costs
The rest, after month 12
$78,600
Unlocks once the first 12 months pass
Your total available funds are HUD's factor for your age and the expected rate, applied to the lesser of your home value or the 2026 FHA limit. Federal rule then caps what can be drawn in the first 12 months at the greater of 60% of that total, or your required payoffs plus 10% of the total. Whatever the cap leaves over stays available to you from month 13 on, and it grows each month it goes untouched.
Estimate only. This is an illustration, not a loan offer, a commitment to lend, or an approval. The headline figure is your line of credit, meaning the total available funds less your mortgage payoff and closing costs. Total available funds are calculated from HUD's published factor tables for FHA case numbers assigned on or after October 2, 2017, applied to the lesser of your home value or the 2026 FHA HECM maximum claim amount of $1,249,125 set by HUD Mortgagee Letter 2025-22 for case numbers assigned January 1 through December 31, 2026. The expected rate shown is the weekly average yield on 10-year Treasury securities plus a 2.25% lender margin, subject to a 3.00% floor, and it is refreshed weekly. Expected rates differ by lender, product, and application date, and the rate that applies to you is the one in effect when your case number is assigned, so your figure will move as rates move. What you can draw in the first 12 months is limited by federal rule to the greater of 60% of your available funds or your required payoffs plus 10% of your available funds, which is why part of the total may show as becoming available after 12 months. Closing costs are estimates and are typically financed into the loan rather than paid out of pocket. FHA insurance is 2% of the maximum claim amount and the origination fee follows HUD's published limits, both of which are fixed by rule. Title, settlement, transfer taxes, and recording fees are averages that scale with value and vary materially by state, county, lender, and transaction, so treat that line as a placeholder until you have a quote. Actual figures depend on age, appraised value, the rate in effect, product selected, lender, and property location at the time of application.
Education
What is a reverse mortgage?
A reverse mortgage, specifically an FHA-insured Home Equity Conversion Mortgage (HECM), is a loan designed for homeowners 62 and older that lets you convert a portion of your home's equity into cash without selling your home or making monthly mortgage payments.
Unlike a traditional mortgage where you pay the lender each month, a reverse mortgage pays you. You receive funds based on your age, home value, and current interest rates. The loan doesn't come due until you sell the home, move out permanently, or pass away.
You remain the owner of your home. You stay on the title. A reverse mortgage is simply a loan secured by your home, and it comes with some of the strongest consumer protections in the mortgage industry.
You keep your home
You remain the owner and stay on the title. You can't be forced out as long as you meet the loan terms.
No monthly mortgage payments
The loan doesn't require monthly principal and interest payments. You still pay taxes, insurance, and maintenance.
Non-recourse loan
You or your heirs will never owe more than the home is worth when the loan is repaid, ever.
Eligibility
How do you qualify?
To qualify for a HECM reverse mortgage, you need to meet a few key requirements. Most homeowners over 62 with significant equity are surprised by how straightforward the qualifications are.
01
Age62+ for HECM, 55+ for Jumbo
FHA HECMs require at least one borrower to be 62 or older. Proprietary jumbo products are available starting at age 55 in eligible states. The older you are, the more equity you may access.
02
Primary ResidenceYour primary home
The property must be your primary residence. Second homes and investment properties do not qualify for a HECM.
03
Home EquitySufficient equity
Most borrowers need approximately 60% or more equity in their home. The amount you can access depends on your age and current rates.
04
Property TypeEligible property
Single-family homes, FHA-approved condominiums, and certain multi-unit properties (owner-occupied) are eligible.
05
Financial AssessmentAbility to maintain costs
You must demonstrate the financial ability to continue paying property taxes, homeowner's insurance, and home maintenance costs.
06
HUD CounselingRequired counseling
A brief session with an independent, HUD-approved counselor is required before applying. I help you schedule this and prepare.
The Process
What to expect, step by step.
I walk every client through this process personally. No call centers. No handoffs. Just clear, direct communication from start to close.
1
Free scenario review
I run a quick estimate based on your age, home value, and current rates. In about five minutes you'll know exactly what you may qualify for. No commitment required.
2
HUD-approved counseling
Federal law requires a session with an independent HUD-approved counselor before the appraisal is ordered. I help you schedule this early so it never slows your file down.
3
Application
I walk you through the application, explain your available funds and payout options, and answer every question you have, no matter how many times you ask.
4
Appraisal & underwriting
Your home is appraised to confirm its value. I coordinate with underwriting to navigate any complexities, trust structures, divorce situations, title issues, and keep the file moving.
5
Closing & funding
You sign the final documents and confirm how you'd like to receive your funds. After a three-day right of rescission, funds are disbursed. Most purchases fund the same day as closing.
How You Receive Funds
Disbursement options.
One of the most overlooked features of a reverse mortgage is the flexibility in how you receive your funds. You can choose one option or combine them.
Lump sum
Receive all available funds at once at closing. Ideal for paying off an existing mortgage, covering a large expense, or eliminating high-interest debt. Fixed interest rate.
Monthly payments
Receive fixed monthly payments for a set term or for as long as you live in the home. Works like a supplemental income stream to cover living expenses.
Line of credit
Access funds as needed. The most powerful option for many borrowers: any unused portion of your credit line grows over time, giving you more to draw from in the future.
You can also combine options, for example taking an upfront lump sum and keeping the remainder as a growing line of credit.
Proprietary Products
High-value homes and borrowers starting at 55.
FHA-insured HECMs are not the only option. Proprietary jumbo reverse mortgage products are available for homeowners with higher-value properties, or for borrowers as young as 55 in eligible states.
Who this is for
Higher home values. More equity access.
If your home is valued above the FHA HECM lending limit, a proprietary jumbo reverse mortgage may allow you to access significantly more of your equity than a standard HECM would permit.
These are private loan products not insured by FHA, offered by select lenders. They follow their own guidelines and are available in most, but not all, states.
Loan limits up to $4,000,000Compared to the 2026 FHA HECM limit of $1,249,125
Age eligibility
Available starting at age 55 in eligible states.
Unlike FHA HECMs, which require borrowers to be at least 62, some proprietary products are available to homeowners as young as 55 in states where the product is approved.
This opens the door for earlier retirement planning, allowing younger homeowners with significant equity to begin accessing their home wealth before traditional HECM eligibility.
Not available in all statesAvailability varies by product and state. Contact me to confirm eligibility in your area.
Proprietary reverse mortgage products are not affiliated with or endorsed by HUD or FHA. Product availability, eligibility, and terms vary by state and lender. Contact me to discuss what is available in your area.
Consumer Protections
Built-in safeguards.
FHA-insured HECMs come with some of the strongest consumer protections of any mortgage product. Here's what's built in for you.
Mandatory independent counseling
Before you can apply, a HUD-approved counselor, independent from me and Rate, must review the loan with you and confirm you understand your options and obligations.
Non-recourse protection
You and your heirs will never owe more than the appraised value of the home when the loan is repaid. If the loan balance exceeds the home's value, FHA insurance covers the difference.
Three-day right of rescission
After closing, you have three business days to cancel the loan for any reason with no penalty. This doesn't apply to HECM for Purchase transactions.
Non-borrowing spouse protections
Eligible non-borrowing spouses may remain in the home after the borrowing spouse passes away, as long as they continue to meet the loan obligations.
FHA mortgage insurance
Every HECM carries FHA mortgage insurance, which protects both you and your heirs. It ensures the loan remains available even if the lender goes out of business.
Regulated fees and costs
HUD caps origination fees and regulates what can be charged. There are no prepayment penalties. You can pay down or pay off the loan at any time.
Straight Answers
The three biggest myths, cleared up.
Reverse mortgages carry decades of old reputation. Here's what's actually true today.
01
Myth“The bank takes your house.”
You remain the owner and stay on the title for the life of the loan. The lender holds a lien, exactly like any mortgage. You cannot be forced out as long as you pay property taxes, insurance, and maintain the home.
02
Myth“You can leave your kids with debt.”
A HECM is a non-recourse loan. Your heirs will never owe more than the home is worth when the loan is repaid. If the home sells for more than the balance, the remaining equity goes to them; if it sells for less, FHA insurance covers the difference.
03
Myth“It's a loan of last resort.”
Financial planning research now treats the HECM line of credit as a retirement planning tool, a growing standby credit line that can't be frozen by the lender, used to protect savings during market downturns rather than as a last resort.
Scenarios
Find your situation.
Every borrower comes to me with a different goal. Open your scenario below to see a detailed breakdown with a real calculation example.
How this works
The reverse mortgage pays off your existing loan balance at closing, just like a refinance. Your old monthly payment disappears. No required principal or interest payment going forward for as long as you live in the home.
Any funds remaining after the payoff can come to you as a lump sum or line of credit.
Example uses a 70-year-old for illustrative purposes only. Actual amounts vary. Not a commitment to lend.
How this works
A HECM for Purchase lets you buy a new primary residence using a portion of your own funds as a down payment, the reverse mortgage covers the rest. No monthly mortgage payment required on the new home.
Most commonly used by people selling their current home and buying something more suitable for retirement without depleting all their proceeds.
Buy with a larger down payment, smaller cash outlay, or both
No monthly mortgage payment on the new home
Keep more cash in savings for retirement
Must become your primary residence
Available for single-family and FHA-approved condos
Example uses a 72-year-old and a $400,000 home for illustration. Actual amounts vary by age, appraised value, rates, and program at the time of application. Not a commitment to lend.
How this works
If your equity is sitting untapped, a reverse mortgage can convert it into accessible cash, as a lump sum for a specific need, or a line of credit you draw from when necessary. The proceeds are generally not taxable income.
You're not borrowing against your future, you're accessing equity you've already built. No monthly payment required.
Example uses a 68-year-old with a paid-off home for illustrative purposes only. Actual amounts vary. Not a commitment to lend.
How this works
The HECM line of credit is unlike any other credit line. The unused portion grows at the loan's interest rate plus the MIP rate, meaning the longer you wait to draw from it, the more you'll have available.
It cannot be frozen or reduced by the lender. Many financial planners now recommend establishing it early in retirement, even if you don't need it, as a growing hedge against future expenses.
Unused funds grow year after year
Cannot be frozen or cancelled by the lender
Draw only what you need, when you need it
No monthly payment on amounts drawn
Works as a buffer against sequence-of-returns risk
For visual and illustrative purposes only. Growth rate equals the loan interest rate plus MIP rate, which varies at time of origination. Assumes 6% for illustration only. Not a commitment to lend.
How the referral works
Send me the scenario, age, home value, approximate equity, and what the client is trying to solve. I'll tell you in five minutes if a reverse mortgage makes sense. I handle all education, qualification, and the close.
You are not originating the loan. Your role is referring a client to a licensed specialist. Compliance is clean and straightforward.
No product knowledge required on your end
I handle education, counseling, application, and close
Complex files, trust structures, divorce, title issues, are my specialty
Statistics are approximate and for illustrative purposes only. Individual tax situations vary. Consult a qualified tax advisor regarding your specific circumstances.
Who I Work With
Two paths, one specialist.
Whether you're a homeowner exploring your options or a professional looking to better serve your clients, I work with both.
Homeowners 55+
You've built this equity. Let's put it to work.
If you own your home and you're 62 or older, there's a good chance you're sitting on a six-figure asset you're not using. I'll show you the real numbers in about five minutes, no cost, no pressure, no obligation.
Eliminate your existing mortgage payment
Access funds for healthcare, home repairs, or family
Create a growing line of credit for retirement
Purchase a new home without monthly mortgage payments
No personal information required to run the estimate.
Professionals Who Serve Seniors
The people you serve deserve this option.
If you work with adults 62 or older, as a financial planner, real estate agent, elder law attorney, Medicare broker, home health professional, or any other trusted advisor, there's a good chance some of your clients have untapped home equity that could change their retirement. I make it easy to connect them with the right information.
Financial planners and wealth advisors
Real estate agents working with 60+ buyers and sellers
These are the questions I get most often. If something isn't covered here, just reach out directly. I answer every question, no matter how many times you ask.
Yes. You remain the owner and stay on the title throughout the life of the loan. The lender places a lien on the property, just like with a traditional mortgage, to ensure repayment. You cannot be forced out of your home as long as you meet the loan obligations: paying property taxes, homeowner's insurance, and maintaining the property.
A reverse mortgage is a non-recourse loan. When the loan becomes due, typically when the home is sold or the last borrower passes away, your heirs can sell the home to repay the loan. If the home sells for more than the loan balance, the remaining equity goes to them. If the home is worth less than what's owed, FHA insurance covers the difference. Your heirs will never owe more than the home is worth.
Reverse mortgage proceeds are not considered income, so they generally do not affect Social Security or Medicare benefits. However, if you receive Medicaid or Supplemental Security Income (SSI), you should consult with a financial advisor, as holding large cash balances could affect those means-tested benefits.
You can still qualify. A reverse mortgage can be used to pay off your existing mortgage balance, in fact, eliminating an existing monthly payment is one of the most common reasons people use a reverse mortgage. You just need sufficient equity remaining after paying off the balance.
The modern HECM is a very different product from what existed 20 years ago. Mandatory independent counseling, non-recourse protections, regulated fees, and FHA insurance are all built-in safeguards. The primary obligation on the borrower is to stay current on property taxes, insurance, and home maintenance, the same responsibilities you have with any home ownership.
Yes. A HECM for Purchase allows you to buy a new primary residence using a combination of your own funds and the reverse mortgage proceeds, without making monthly mortgage payments on the new home. This is a powerful option for people looking to downsize, relocate, or move closer to family.
If you choose the line of credit option, the unused portion of your available funds grows at the same rate as the loan's interest rate plus the MIP rate. This means the longer you wait to draw from it, the more you'll have available. It's one of the most underappreciated features of the HECM, a built-in, growing safety net for retirement.
Micah GreenbergNMLS #1783038 · Rate Reverse
About Micah
I specialize in the files others find too complex.
“If you have anyone over 62, just send me the scenario. I'll tell you in five minutes if I can help.”
I'm a reverse mortgage loan officer and branch manager at Rate Reverse, a division of Guaranteed Rate. I work with homeowners across Maryland, from the Baltimore metro to the Eastern Shore and the Delmarva coast, and in select states where I'm licensed.
I focus exclusively on reverse mortgages. That means I've navigated trust structures, divorce situations, lis pendens, high-value properties, and nearly every other complication that can come up on a file. I know how to keep things moving and how to communicate clearly throughout the process.
What I hear most from clients is that I explained the product simply and honestly, and never made them feel pressured. That's not an accident, it's how I work. I believe educated borrowers make better decisions, and better decisions lead to better outcomes for everyone.
For referral partners: I'm easy to work with, I handle everything on the file, and I keep you informed without creating extra work for you. The reverse mortgage conversation doesn't have to be complicated, I make it easy to send the scenario over.
LocationMaryland & the Delmarva region: Baltimore to the Eastern Shore
CompanyRate Reverse at Guaranteed Rate
Professionals who serve seniors
If someone you work with might benefit from a reverse mortgage, I'm happy to have an educational conversation with them. No commitment, no pressure, just real information they can act on.
