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Reverse Mortgage Calculator

Use our FREE Reverse Mortgage Calculator to find out how a reverse mortgage could work for you!

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What will this reverse mortgage be used for?

An Existing Home
Home Purchase
Refinance My Reverse Mortgage
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Great! Need to sell an existing home?

Yes
No
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Have you found a new home?

Yes
No
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How will this property be used?

Primary Residence
Vacation Home
Investment Property
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How long will you keep this property?

Less than 5 years
5-10 years
11-20 years
Do not plan on moving again
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What is the purchase price of the new property?

[{"by":"5000","end":"100000","start":"80000"},{"by":"20000","end":"1000000","start":"100000"},{"by":"100000","end":"2000000","start":"1000000"}]
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"240000"
  • $80K
  • $2M+
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What is your estimated down payment?

["1% Down","3% Down","3.5% Down","5% Down","10% Down","15% Down","20% Down","25% Down","30% Down","35% Down","40% Down","45% Down","50% Down"]
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"3% Down"
  • 0%
  • 50%+
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What is your reason for a reverse mortgage?

Reason For Reverse Mortgage
Reason For Reverse Mortgage
i'm finished
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Is there a co-borrower/spouse?

Yes
No
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For whom is this reverse mortgage?

Myself
Parent
Sibling
Friend
Client
Other
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What is your age?

["62 within 90 Days","63 years","64 years","65 years","66 years","67 years","68 years","69 years","70 years","71 years","72 years","73 years","74 years","75 years","76 years","77 years","78 years","79 years","80 years","81 years","82 years","83 years","84 years","85 years","86 years","87 years","88 years","89 years","90 years"]
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"63 years"
  • Under 62 years
  • 90+ years
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Great! What type of property will be used for this reverse mortgage?

Single Family Home
Multi-Family Home
Condominium
Mobile/Manufactured Home
Other
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How long will you keep this property?

Less than 5 years
5-10 years
11-20 years
Do not plan on moving again
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Please estimate the value of the property.

[{"by":"5000","end":"100000","start":"80000"},{"by":"20000","end":"1000000","start":"100000"},{"by":"100000","end":"2000000","start":"1000000"}]
null
"240000"
  • $80K
  • $2M+
Continue
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What is your current mortgage balance?

[{"by":"10000","end":"100000","start":"0"},{"by":"20000","end":"1000000","start":"100000"},{"by":"100000","end":"2000000","start":"1000000"}]
null
"65000"
  • $0
  • $2M+
Continue
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What is your reason for a reverse mortgage?

Reason For Reverse Mortgage
Reason For Reverse Mortgage
i'm finished
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Is there a co-borrower/spouse?

Yes
No
back

For whom is this reverse mortgage?

Myself
Parent
Sibling
Friend
Client
Other
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What is your age?

["62 within 90 Days","63 years","64 years","65 years","66 years","67 years","68 years","69 years","70 years","71 years","72 years","73 years","74 years","75 years","76 years","77 years","78 years","79 years","80 years","81 years","82 years","83 years","84 years","85 years","86 years","87 years","88 years","89 years","90 years"]
null
"63 years"
  • Under 62 years
  • 90+ years
Continue
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What is your full name?

Continue
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What is your email address?

Continue
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What is your phone number?

Finish
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Reverse Mortgage Reviews



“I just wanted to let you know how much I appreciated all your reverse mortgage lender team did to accomplish this transaction on my home.  In the course of completing this Reverse Mortgage, I dealt with several members of your team.  I was very impressed with the integrity, honesty, and professionalism I encountered with each team member.  Some situations required you and your team to go above and beyond the required tasks to get this transaction completed.  I wanted to genuinely thank you and each member of your team for their efforts that made this transaction a true pleasure.  All of you made a difference for my family and me.  Thank you so much!”

Nancy A.

Reverse Mortgage Client | Newhall, California






“We had the pleasure of working with Roland for our Reverse Mortgage and at the time knew very little about the process.  From the beginning, Roland walked us through with care and concern keeping in constant contact with us, and more importantly fought for us during the challenging times during the process.”

Veronica L.

Reverse Mortgage Client | Riverside, California






“I could not hope for a more experienced, knowledgeable and above all more patient person in Roland Henderson.  But best of all: I am always able to reach him! Even now he is still always available to answer the questions I may have, now that "the dust has settled". Thank you very much for everything!! ”

A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a financial product that allows homeowners aged 62 or older to convert a portion of their home equity into cash without having to sell their home or make monthly mortgage payments. It's designed to help seniors access their home equity to supplement their retirement income, pay off existing debts, or cover other expenses. Here's how it works:

  1. Eligibility: To qualify in California, the borrower must be at least 62 years old, own their home outright or have a low mortgage balance, and live in the home as their primary residence. They must also meet certain financial requirements set by the lender, such as having sufficient income or assets to cover ongoing property taxes, insurance, and maintenance costs.
  2. Loan proceeds: The homeowner can choose to receive the proceeds as a lump sum, a line of credit, monthly payments, or a combination of these options. The amount they can borrow depends on several factors, including their age, the appraised value of their home, current interest rates, and the lending limit in their area.
  3. Interest and fees: The mortgage accrues interest, and there may be other fees associated with the loan, such as origination fees, closing costs, and mortgage insurance premiums. These costs are typically added to the loan balance and do not require any upfront payment.
  4. No monthly mortgage payments: The homeowner does not need to make monthly mortgage payments. However, they are still responsible for paying property taxes, homeowner's insurance, and maintaining the property.
  5. Loan repayment: The mortgage becomes due and payable when the borrower passes away, sells the home, or permanently moves out. The loan is typically repaid through the sale of the home or refinancing by the borrower's heirs. If the heirs wish to keep the home, they must pay off the loan balance.
  6. Non-recourse loan: This is a non-recourse loan, meaning that the borrower or their estate is not responsible for any amount exceeding the home's value at the time of repayment. The lender can only recoup the balance through the sale of the home, and any remaining debt is covered by mortgage insurance.
  7. Remaining equity: If the home's value is higher than the loan balance at the time of repayment, the remaining equity goes to the borrower or their heirs. However, if the loan balance is higher than the home's value, the mortgage insurance covers the difference, and the borrower or their heirs are not responsible for the shortfall.
It's crucial to understand the costs, benefits, and potential drawbacks before deciding if it's the right option for your financial situation. It's required to consult with a HUD counselor to ensure this program meets your needs.

Frequently Asked Reverse Mortgage Questions


Question: What is a reverse mortgage?

It's a loan that allows homeowners aged 62 or older to convert a portion of their home equity into cash without having to sell their home or make monthly mortgage payments. The loan is repaid when the borrower dies, sells the home, or permanently moves out.

Question: How does it work?

With a HECM, the homeowner receives funds from the lender, either as a lump sum, a line of credit, or a series of monthly payments. The loan balance, which includes principal, interest, and fees, grows over time. The borrower must continue paying property taxes, insurance, and maintenance costs.

Question: Who is eligible?

To be eligible for an FHA Home Equity Conversion Mortgage (HECM), the borrower must be at least 62 years old (if married, one of the borrowers must be at least 62 years old), live in the home as their primary residence, have sufficient equity in the property, and meet certain financial requirements.  At least one borrower must be at least 55 years old for our proprietary program. 

Can I lose my home?

While this type of mortgage allows the homeowner to retain ownership of the property, they may risk foreclosure if they fail to meet the loan's requirements, such as paying property taxes, maintaining the home, or keeping up with insurance premiums.

What happens when the borrower passes away or moves out of the home?

The mortgage becomes due and payable when the borrower dies, sells the home, or permanently moves out. The loan is typically repaid through the sale of the home or refinancing by the borrower's heirs. If the heirs wish to keep the home, they must pay off the loan balance.

What if the loan balance is higher than the home's value at the time of repayment?

This is a non-recourse loan, meaning that the borrower or their estate is not responsible for any amount exceeding the home's value at the time of repayment. The lender can only recoup the balance through the sale of the home, and any remaining debt is covered by mortgage insurance.

Are the proceeds taxable?

No, the proceeds are not considered taxable income by the IRS. However, it's essential to consult with a tax professional to understand any potential tax implications specific to your situation.

How much money can I borrow?

The amount you can borrow depends on several factors, including your age, the appraised value of your home, the current interest rates, and the lending limit in your area. Generally, the older you are and the more valuable your home, the more money you can borrow. Don't set your watch to this but a rough rule of thumb is you can borrow 50% of your home's value.

Can I refinance?

Yes, it is possible to refinance if it makes financial sense for the borrower. Refinancing may be beneficial if the home's value has increased significantly, if FHA lending limits increase, or if interest rates have dropped since the original mortgage was taken out.

Are there different types of reverse mortgages?

Yes, there are three main types: the Home Equity Conversion Mortgage (HECM), which is federally insured and backed by the U.S. Department of Housing and Urban Development (HUD); proprietary, which are private loans offered by financial institutions; there are also hybrids and 2nd position reverse mortgages.
What is the Process for getting a Reverse Mortgage in California?
 
  • Step 1 -  We will start your loan application, discuss all available options and give you a short list of documents we need to begin the process.
  • Step 2 - Schedule Counseling.  The Department of Housing and Urban Development (HUD) requires that all borrowers speak with a HUD-approved counselor.  The counseling can be over the phone or in person if you prefer.
  • Step 3 - Get an appraisal - We will order an appraisal and schedule the inspection for a time that is convenient for you.
  • Step 4 - Closing - We send a notary to your home or the location of your preference to sign closing documents.  There is a 3-day right of recission for this type of mortgage transaction.  You receive your funds after the 3-day rescission period expires. 
A 2017 study conducted by the National Council on Aging (NCOA) found that the majority of reverse mortgage borrowers were satisfied with their decision to obtain a reverse mortgage. Approximately 93% of the survey respondents said the reverse mortgage had a mostly positive or very positive impact on their lives. Additionally, 74% said the reverse mortgage helped them achieve their financial goals, and 89% reported that they would refer someone to a reverse mortgage counselor.


Counseling is a mandatory educational session required by the U.S. Department of Housing and Urban Development (HUD) for borrowers interested in obtaining a Home Equity Conversion Mortgage (HECM). The purpose of this counseling is to ensure that prospective borrowers fully understand the implications, costs, benefits, and associated responsibilities before proceeding with the loan application.

During a reverse mortgage counseling session, a HUD-approved counselor will cover the following topics: 

  1. Reverse mortgage basics: The counselor will explain the concept, how it works, and its eligibility requirements.
  2. Financial implications: The counselor will discuss the associated costs, including origination fees, interest rates, mortgage insurance premiums, and other closing costs.
  3. Loan options and payment plans: The counselor will review the various products and payment options available, such as lump-sum payments, monthly payments, and lines of credit.
  4. Alternatives: The counselor will discuss other financial options that may be available to borrowers, such as home equity loans, home equity lines of credit (HELOCs), or government assistance programs.
  5. Borrower responsibilities: The counselor will emphasize the ongoing responsibilities of the borrower, including maintaining the property, paying property taxes and insurance, and complying with the loan terms.
  6. Repayment and potential impacts: The counselor will explain when and how the reverse mortgage becomes due and the possible impact on the borrower's estate and heirs.
Welcome to Homeowners Mortgage and Equity, Inc.

We understand the value of your home goes beyond just bricks and mortar. It’s a significant investment, a nest egg, and for some, it can even be a key to financial flexibility in your golden years. One of the ways we help homeowners tap into this potential is through reverse mortgages.

 Why Choose Homeowners Mortgage and Equity, Inc. for Your Reverse Mortgage? 

  1. Expert Guidance: At Homeowners Mortgage and Equity, Inc., we provide expert guidance throughout the entire mortgage process. Our team is experienced and knowledgeable, ready to answer your questions and guide you through each step of the process.
  2. Flexible Options: We offer a variety of options, allowing you to choose the one that best suits your needs. Whether you need a lump sum, monthly payments, or a line of credit, we can help you find the right solution.
  3. Transparency: We believe in honesty and transparency. We will clearly explain all the details, benefits, and associated responsibilities, so you can make an informed decision.
  4. Competitive Rates: We offer competitive interest rates, maximizing the value you can extract from your home’s equity.
  5. Personalized Service: We understand that every homeowner’s situation is unique. That’s why we provide personalized service, tailoring our offerings to your specific needs and circumstances.
  6. Support for Military Personnel: In recognition of the service of our military personnel, we offer a credit towards closing costs for active and retired military who opt for a reverse mortgage with us. While there is no VA-sponsored program, we have taken it upon ourselves to offer this unique program.
  7. Trust and Integrity: We have a long-standing reputation for our commitment to customer satisfaction and integrity in all our dealings. As a local Huntington Beach Lender, you can trust us to prioritize your interests and provide you with the best possible service.

A reverse mortgage can be a powerful financial tool, but it’s not right for everyone. It’s essential to understand your options, the benefits, and the implications. That’s why our team at Homeowners Mortgage and Equity, Inc. is here to help.
Reach out to us today for a no-obligation consultation to explore if it’s the right solution for you. Let’s unlock the potential in your home and help you secure a comfortable financial future.
NMLS Consumer Look Up | NMLS 1229133