Traditonal mortgage calculators are simple tools which allow you to quickly and easily compute how much it will cost to buy a new home or refinance your existing home. Reverse mortgage calculators are far more complex because they are effectively loans, and thus take into account your expected lifespan, the lifespan of your partner, the value of your home, and how your home value compares to other homes from around your part of the country.

The four inputs on typical reverse mortgage loan calculators to determine payment eligability are

  • When you were born.
  • When was your spouse born (if they are still living).
  • An estimate of your current home value.
  • Your zip code – needed to determine your reverse mortgage limits based on the FHA’s lending limits for your region.

They below calculator can also be used to help determine how much equity remains in the house under certain scenarios