Reverse Mortgage Income for Life Calculator
- By Jim Blackburn
- on
- Tags: Calculators, New Construction, Spec Homes
Unlock Monthly Income for Life—With No Mortgage Payment Ever Again
If you’re 62 or older and own your home, a reverse mortgage refinance can transform your equity into reliable, tax-free monthly income—without ever having to make another mortgage payment. This calculator helps you estimate how much monthly income you may qualify for, based on your home value, loan balance, and age.
Basic Inputs
| Detail | Value |
|---|---|
| Oldest Borrower Age | 72 |
| Current Mortgage Balance(s) | $100,000 |
| Estimated Home Value | $500,000 |
| Annual Taxes | $3,600 |
| Annual Insurance | $2,400 |
| Monthly HOA | $0 |
Note: Values are estimates. Actual results depend on borrower age, property type, interest rates, and HUD loan limits in your county.
Your Monthly Reverse Mortgage Income
| Category | Amount |
|---|---|
| Estimated Monthly Income for Life | $811/month |
| Mortgage Payment | $0 – you’ll never make one again |
| Monthly Property Taxes | $300 |
| Monthly Insurance | $200 |
| Total Housing Expenses (Non-Mortgage) | $500/month |
This income amount is based on a standard reverse mortgage annuity option and is designed to last the rest of your life. You can also opt for lump sum or line of credit payouts—your loan officer will help tailor the plan to your needs.
Qualification Snapshot
| Metric | Amount |
|---|---|
| Minimum Monthly Income Needed to Qualify | $1,000 |
FHA guidelines generally allow a 43% debt-to-income ratio. In some cases, approval is possible up to 50% DTI if you have compensating factors like strong credit, significant equity, or cash reserves.
Bonus: Secure Your Legacy Too
Do you already have a living trust or estate plan in place?
If not, our legacy planning partners can help you:
- Draft a living will
- Set up a living trust
- Maximize asset protection
- Create a multigenerational legacy strategy
This reverse mortgage income stream can support not just your retirement lifestyle—but also your long-term family and giving goals.
Next Steps: Start Your Reverse Mortgage Income Journey
If you’re ready to enjoy the peace of mind that comes with guaranteed monthly income and no required mortgage payments, a reverse mortgage for life income could be the answer.
Let’s create a plan personalized to you.
Get a Reverse Life Income Approval
Ready to Take Your First Step?
Skip the guesswork. Take our quick Discovery Quiz to uncover your top financial priorities, so we can guide you toward the wealth-building strategies that fit your life.
- 💡 Takes just 5 minutes
- 📊 Tailored results based on your answers
- 🔒 No credit check required
Need a Pre-Approval Letter—Fast?
Buying a home soon? Complete our short form and we’ll connect you with the best loan options for your target property and financial situation—fast.
- 💡 Only 2 minutes to complete
- 📊 Quick turnaround on pre-approval
- 🔒 No credit score impact
Got a Few Questions First?
Let’s talk it through. Book a call and one of our friendly advisors will be in touch to guide you personally.
Schedule a CallImportant Disclaimer
This calculator is for illustrative purposes only and does not constitute financial, legal, or investment advice. Results are based on general assumptions and may not reflect actual performance or eligibility. This is not a loan estimate or approval. Please consult with a licensed mortgage advisor before making financial decisions.
