AZM Lending
AZM Lending
Start with your numbers. No application or credit check.
Step 1 of 3: Your home
This is for a HECM, the reverse mortgage insured by the federal government through the FHA. Before closing costs and set-asides. What is a HECM?
That could free up a year.
Your home is worth more than the FHA calculation counts. A private reverse mortgage may unlock more.
This estimate is based on HECM principal borrowing limits, estimated current interest rates, and the values you provided.
Josh or Craig will compare the options and contact you by text or phone, or by email if you provided one, usually the same day.
* The cash figure on the previous screen is an estimate, not an application. Terms are subject to change based on market conditions, appraisal and approval. The cash figure is before closing costs and is not a formal quote.
More cash for your plans. More flexibility for your retirement.
Make home improvements, cover a big expense, or add a cash cushion while staying in your home. Depending on the program, funds may come as a lump sum, line of credit, or monthly deposits.
If a reverse mortgage pays off your current loan, that monthly principal-and-interest payment goes away. Use the room in your budget for everyday needs or plans you care about.
Home equity could give you another source of funds and help preserve savings for later. We can show you options to discuss with your financial advisor.
A clear picture of the benefits and responsibilities helps you choose with confidence.
Your home and your choices still matter.
Falling behind on any of these can make the loan due.
Interest and applicable fees are added to the loan balance, so the amount owed can grow and reduce the equity remaining in your home. You must keep up with taxes, insurance, maintenance, and occupancy requirements; failing to do so can lead to foreclosure. Your personal comparison helps you weigh the cash and monthly breathing room against the long-term cost.
Private reverse mortgage programs open up possibilities the calculator cannot show. Your personal comparison checks the options that fit you.
It is a mortgage in reverse. Instead of you paying the lender every month, the lender pays off the mortgage you have now, and you can take part of your remaining equity as cash, a line of credit, or monthly deposits.
You make no monthly loan payments. Instead, the interest is added to your loan balance, so the amount you owe grows over time. You keep owning and living in your home. The loan is paid back when you sell, move out for good, or pass away, usually from the sale of the home.
Yes. You stay on title and own your home. The reverse mortgage is a loan secured by your home, not a transfer of ownership.
The loan usually comes due when you sell, move out permanently, or pass away, subject to spouse protections. You must live in the home and keep up with property charges; failing to meet these requirements can lead to foreclosure.
Because the loan keeps growing for as long as you live in the home. Your starting amount is set so the balance is likely to stay below your home's value the whole time. Three things decide it:
What you owe grows. With no monthly payments, interest and mortgage insurance are added to your balance every month, so it gets bigger each year.
Your home's value grows more slowly. The program counts on only modest growth in home prices, not a boom, so it does not lend against value your home may never reach.
How many years the loan may last. The program uses life expectancy for your age. A younger borrower has more years for the balance to grow, so they start with less. That is why the amount goes up with age: at the rate this calculator uses, a 62-year-old can start with about a third of the home's value, and a 72-year-old with about 39%. Higher interest rates make the balance grow faster, which also lowers the amount.
Leaving that room is what protects you and your family. With a HECM, if the balance ever passes the home's value, the FHA insurance covers the difference, not you or your heirs.
HECM means Home Equity Conversion Mortgage. It is the most common reverse mortgage. FHA, the Federal Housing Administration, insures it and is part of HUD, the U.S. Department of Housing and Urban Development.
That is why you see FHA on this page: the calculator uses the FHA program's official numbers. The FHA insurance is also why a HECM has a mortgage insurance premium and a cap on the home value it counts. Private reverse mortgages are not FHA-insured, and your comparison looks at both.
A reverse mortgage has no required monthly principal-and-interest payment. If it pays off your current mortgage, that payment goes away. With a reverse second mortgage, payments on your first mortgage continue. You still pay taxes, insurance, HOA dues, and home upkeep.
Yes. When the loan comes due, your heirs can pay it off or sell the home and keep any remaining equity. For an FHA-insured HECM, if the balance is higher than the home value, your heirs and estate do not owe the difference.
Costs depend on the program. FHA-insured reverse mortgages include mortgage insurance; private programs do not. Both may have closing costs, and interest adds to the loan balance.
Ask for a comparison showing estimated costs and cash available. The calculator amount is before costs and set-asides.
Yes, for a HECM. Before applying, you speak with an independent counselor approved by HUD. The counselor helps you understand the loan and is not part of our sales team.
FHA borrowers generally must be 62 or older. Some private programs start at 55 in Arizona. You need enough equity, live in the home, and show you can keep up with property costs; an eligible younger spouse may affect the amount.
The calculator gives homeowners 62 and older an FHA starting point. Ask for a personal comparison to explore private options or review spouse circumstances.
Get a personal comparison of the cash, payment relief, and programs that could fit your situation. Josh or Craig will walk you through your options, with no obligation to apply.