Reverse Mortgage Calculators

This section contains reverse mortgage calculators.  There are a few different categories of reverse mortgage calculators.  There are HECM FHA reverse mortgages and proprietary reverse mortgages.  There are some differences between these two types of reverse mortgages. There are line of credit reverse mortgages and lump sum reverse mortgages.

HECM FHA Reverse Mortgage stands for Home Equity Conversation Mortgage, which is a Federal Housing Administration mortgage. This type of reverse mortgage is insured by HUD (US Department of Housing and Urban Development).

Proprietary Reverse Mortgages, underwritten by private financial institutions, offer a unique level of flexibility.  While they are not insured by HUD, this lack of government involvement allows private financial institutions to offer diverse eligibility and terms.  

With reverse mortgages, there are different payout method options, as well as a choice between a variable rate (adjustable rate) and a fixed rate. LOCs don't offer a fixed rate option. The payout options include a lump sum and an open line of credit (LOC).  

As of date, I have only coded a reverse mortgage calculator for a HECM line of credit (LOC), but I will add others at a later date. I have yet to locate anything significant online regarding reverse mortgage calculators. Most searches online for a reverse mortgage calculator only direct you to marketing tools. Please take a look and try it out. I will add more narratives and articles about reverse mortgages shortly. Click here or the link below.