Reverse Mortgage (HECM) Calculator
Estimate what a HECM reverse mortgage costs up front, the cash left after fees and any mortgage payoff, and how the loan balance grows against your home value. The federal rules are the same in every state; the property tax and insurance you must keep paying are not.
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Additional Details
Additional Details
Pre-filled: NAIC countrywide HO-3 average premium (data for 2023)
Maximum Claim Amount (Capped at Nationwide HECM Limit)
Estimated • Based on your inputs
Total Upfront Costs
$16,000.00
Net Cash Available After Costs & Payoff
$144,000.00
Projected Loan Balance After Your Projection Period
$346,430.00
Projected Remaining Home Equity
$191,137.00
Detailed Breakdown
Disclaimer: This calculator provides estimates for informational purposes only. Results should not be considered financial, tax, or legal advice. Consult a qualified professional for your specific situation.
How this calculator works
A HECM is a federal FHA program, so its cost rules are the same in every state. Maximum Claim Amount is the home value capped at the nationwide HECM limit ($1,249,125 for 2026, FHA's national one-family limit under 24 CFR 206.3). The origination fee follows 24 CFR 206.31(a)(1): the greater of $2,500 or 2% of the first $200,000 of the Maximum Claim Amount plus 1% above that, capped at $6,000. The initial mortgage insurance premium is 2% of the Maximum Claim Amount (24 CFR 206.105 caps it at 3%). The balance grows monthly at your expected rate plus the 0.5% annual premium; remaining equity is floored at $0 because HECMs are non-recourse. The calculator does not estimate HUD's principal limit, which comes from actuarial tables; enter the draw a HECM counselor or lender quotes you.
Source: 24 CFR Part 206; FHFA CY2026 conforming loan limit announcement; NAIC Homeowners Report checked
What you keep paying with a HECM, by state
Property tax and homeowners insurance stay your responsibility for the life of a HECM (24 CFR 206.27). Yearly amounts below are for each state's median-valued home.
| State | Median home value | Above the $1,249,125 limit? | Property tax rate | HO-3 premium | Tax + insurance per year |
|---|---|---|---|---|---|
| Alabama | $242,000 | No | 0.37% | $1,906 | $2,801 |
| Alaska | $401,000 | No | 0.94% | $1,216 | $4,985 |
| Arizona | $423,000 | No | 0.48% | $1,194 | $3,224 |
| Arkansas | $229,000 | No | 0.56% | $1,870 | $3,152 |
| California | $776,000 | No | 0.7% | $1,655 | $7,087 |
| Colorado | $543,000 | No | 0.5% | $2,492 | $5,207 |
| Connecticut | $455,000 | No | 1.54% | $2,036 | $9,043 |
| Delaware | $412,000 | No | 0.54% | $1,196 | $3,421 |
| Florida | $378,000 | No | 0.78% | $2,779 | $5,727 |
| Georgia | $335,000 | No | 0.79% | $1,828 | $4,475 |
| Hawaii | $837,000 | No | 0.29% | $1,549 | $3,976 |
| Idaho | $482,000 | No | 0.5% | $1,135 | $3,545 |
| Illinois | $299,000 | No | 1.88% | $1,480 | $7,101 |
| Indiana | $262,000 | No | 0.76% | $1,259 | $3,250 |
| Iowa | $241,000 | No | 1.33% | $1,342 | $4,547 |
| Kansas | $253,000 | No | 1.21% | $1,733 | $4,794 |
| Kentucky | $235,000 | No | 0.74% | $1,525 | $3,264 |
| Louisiana | $218,000 | No | 0.55% | $3,027 | $4,226 |
| Maine | $424,000 | No | 0.98% | $1,150 | $5,305 |
| Maryland | $436,000 | No | 0.92% | $1,578 | $5,589 |
| Massachusetts | $673,000 | No | 1% | $2,134 | $8,864 |
| Michigan | $270,000 | No | 1.19% | $1,110 | $4,323 |
| Minnesota | $357,000 | No | 1% | $1,988 | $5,558 |
| Mississippi | $198,000 | No | 0.58% | $2,029 | $3,177 |
| Missouri | $272,000 | No | 0.89% | $1,589 | $4,010 |
| Montana | $476,000 | No | 0.61% | $1,768 | $4,672 |
| Nebraska | $284,000 | No | 1.44% | $2,142 | $6,232 |
| Nevada | $448,000 | No | 0.5% | $1,013 | $3,253 |
| New Hampshire | $523,000 | No | 1.5% | $1,300 | $9,145 |
| New Jersey | $585,000 | No | 1.88% | $1,551 | $12,549 |
| New Mexico | $321,000 | No | 0.63% | $1,490 | $3,512 |
| New York | $526,000 | No | 1.3% | $1,801 | $8,639 |
| North Carolina | $340,000 | No | 0.66% | $1,852 | $4,096 |
| North Dakota | $294,000 | No | 0.92% | $1,414 | $4,119 |
| Ohio | $252,000 | No | 1.36% | $1,116 | $4,543 |
| Oklahoma | $225,000 | No | 0.79% | $2,486 | $4,264 |
| Oregon | $504,000 | No | 0.81% | $1,003 | $5,085 |
| Pennsylvania | $294,000 | No | 1.26% | $1,217 | $4,921 |
| Rhode Island | $517,000 | No | 1.12% | $2,396 | $8,186 |
| South Carolina | $309,000 | No | 0.49% | $1,753 | $3,267 |
| South Dakota | $326,000 | No | 1% | $1,614 | $4,874 |
| Tennessee | $339,000 | No | 0.52% | $1,649 | $3,412 |
| Texas | $303,000 | No | 1.4% | $2,864 | $7,106 |
| Utah | $542,000 | No | 0.48% | $1,107 | $3,709 |
| Vermont | $402,000 | No | 1.51% | $1,215 | $7,285 |
| Virginia | $420,000 | No | 0.78% | $1,537 | $4,813 |
| Washington | $603,000 | No | 0.75% | $1,232 | $5,755 |
| West Virginia | $183,000 | No | 0.51% | $1,179 | $2,112 |
| Wisconsin | $342,000 | No | 1.32% | $923 | $5,437 |
| Wyoming | $373,000 | No | 0.53% | $1,853 | $3,830 |
Median value: Zillow ZHVI, June 2026. Property tax: Tax Foundation effective rate on owner-occupied housing. Insurance: NAIC average HO-3 premium, data for 2023.
Frequently Asked Questions
Is a reverse mortgage different from state to state?
The HECM rules are federal: the age-62 minimum, the fee formula, the insurance premium and the 2026 limit apply everywhere. What differs by state is what you keep paying while you have the loan, property tax and homeowners insurance (24 CFR 206.27), and your home's value. The table below shows both for each state's median-priced home.
Why doesn't this calculator say how much I can borrow?
HUD sets the amount available with Principal Limit Factor tables by exact age and expected rate, published with its Mortgagee Letters. Rather than approximate them, the calculator asks for the draw your counselor or lender quotes and computes everything else from the regulation.
Can my heirs owe more than the home is worth?
No. HECMs are non-recourse: if the balance passes the home's value, FHA insurance covers the difference, which is why projected remaining equity never goes below $0 here.