What is a reverse mortgage?

A reverse mortgage or home equity conversion mortgage (HECM) is a type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner's insurance.

What is a reverse mortgage calculator?

A HECM, or Home Equity Conversion Mortgage is a unique type of mortgage that allows you to eliminate your monthly mortgage payment and convert any additional stored equity into usable funds. A reverse mortgage calculator is a non-invasive way to see how much money you could receive from a reverse mortgage.