A reverse mortgage is one of the few products out there that GIVES you MORE money the older you get!  There is no exact calculation that determines how much a reverse mortgage lender pays you, but using a reverse mortgage calculator will help you get an idea of how much you can receive.  Click here for our reverse mortgage calculator.

The amount you can borrower depends on the following:

• Age: The older you are, the more money that you will generally get from the lender.


• Home Value: More equity in your home means more cash to you.


• Location: If you live in a neighborhood with higher home values, you'll get a bigger reverse mortgage loan if you decide to go with a Home Equity Conversion Mortgage (HECM) or a Fannie Mae Home Keeper Loan.


• Interest Rates: Something beyond your control, but still a factor, the lower the interest rate, the higher loan value you'll receive.

Since age is one of the factors in determining your reverse mortgage loan value, it may be worth waiting a few years to get more money from the lender. 

Take the following example of two borrowers born four years apart:

By waiting just four years, you will be able to receive an additional $10,000.  What does this mean?  It means that you should not necessarily get a reverse mortgage loan the second you turn 62 years old if you do not need it.   At the same time however, you should not wait too long to get it because a vacation at 92 is different than going on a vacation at 67.  Determine what scenario is best for you with you with our reverse mortgage calculator.