Where do these numbers come from?
- Instant answersResults update as you type.
- Private by designRuns in your browser. Nothing is sent.
- Share, print or citeCopy a link with your numbers.
Net proceeds on $1,000,000 by age
| Age | 5% expected rate | 6% expected rate | 7% expected rate |
|---|---|---|---|
| 62 | $384,000 | $331,000 | $286,000 |
| 65 | $404,000 | $352,000 | $307,000 |
| 70 | $439,000 | $389,000 | $344,000 |
| 75 | $466,000 | $417,000 | $374,000 |
| 80 | $508,000 | $462,000 | $420,000 |
| 85 | $565,000 | $523,000 | $485,000 |
No existing mortgage; other closing costs not deducted. Expected rates are examples.
Worked example (age 70, 6%)
Factor 0.415 × $1,000,000 = $415,000 principal limit. Minus $20,000 upfront MIP and $6,000 origination = $389,000. First-year draws are limited to about $223,000.
With a mortgage to pay off
| Mortgage balance | Net at 70, 6% |
|---|---|
| $0 | $389,000 |
| $100,000 | $289,000 |
| $200,000 | $189,000 |
| $300,000 | $89,000 |
An estimate from HUD’s published factors. A lender’s quote uses your exact expected rate, appraisal, closing costs and any set-asides, so it will differ. HUD-approved counseling is required before you apply.
Sources and assumptions
- HUD principal limit factor tables (General Table, ages 62–99, expected rates 3%–18.875%)
- HUD Mortgagee Letter 2017-12 (2% initial MIP of the maximum claim amount, 0.5% annual MIP, principal limit factors from October 2, 2017)
- HUD Mortgagee Letter 2025-22 (2026 HECM maximum claim amount $1,249,125)
- HUD HECM rule (Federal Register, 2016) (origination fee: greater of $2,500 or 2% of the first $200,000 plus 1% above, capped at $6,000)
Related
- Reverse mortgage calculator
- Reverse mortgage on $300k
- Reverse mortgage on $400k
- Reverse mortgage on $500k
Frequently asked questions
How much reverse mortgage can I get on a $1,000,000 house?
About $389,000 at age 70 with a 6% expected rate and no mortgage, after upfront MIP and origination. At 62 it is about $331,000.
Does the house have to be paid off?
No, but the reverse mortgage must pay off the existing loan at closing, which reduces what is left for you.