The Mortgage Professor
Guiding borrowers to the right decisions
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Calculate Your HECM Reverse Mortgage Options

 Enter Information About You and Your House
Birth Date of Youngest Borrower:    (ex: 3/15/1940)
Property Value:    (ex: 300000)
Property Zip Code:    (ex: 90210)
Existing Mortgage Balance and Liens:    (ex: 120000)
Expected Years in House:


Unavailable Borrowing Power: Under current HUD regulations, upfront cash draws are limited to the higher of 1) 60% of total borrowing power less financed settlement costs, repayment of existing loan balance and other mandatory expenses, and 2) 10% of total borrowing power. Since all draws on fixed rate mortgages must be upfront, some of the borrowing power of fixed-rate mortgages is not available.
Estimated Growth During First 12 Months: Under current HUD regulations, some of the net borrowing power is not useable for 12 months. On adjustable rate mortgages, therefore, the amount of net borrowing power shown includes estimated growth during the first 12 months. This does not apply to fixed-rate mortgages on which all cash draws must be upfront.
Ratio of Available Funds to Settlement Costs: Available Funds are the sum of initial credit line, mortgage balance repayment, other upfront cash draws, and the present value of the monthly payments.
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