We’ve posted previously about the strengths and weaknesses of the various reverse mortgage calculators available on the internet. These are extremely useful tools you can use to help determine whether a reverse mortgage is right for you and the loan amount you are eligible to borrow.

In addition to these tools, it is also possible to download to your computer the FHA reverse mortgage rate calculator that HUD designed and makes freely available to HECM lenders. This link will take you to HUD’s download page for the FHA reverse mortgage rate calculator

This is the same software program that reverse mortgage counselors and lenders use in developing alternate loan scenarios and providing advice to HECM applicants. With this software, you’ll be able to prepare and print the same type of reports that you will receive during HECM counselling.

If you carefully follow the instructions on HUD’s webpage, you’ll find the software relatively easy to download and install. It will be helpful if you (or someone you know) has a little computer expertise in areas like un-zipping files and creating directories.

Once the software is set up, using it is fairly straightforward. Help screens are basic but useful. In addition, we’ve posted a brief tutorial from a HECM conselor training guide that you may find useful.

Understanding and using the HUD HECM software takes more effort than using the online calculators. You may feel the effort is not warranted or you may not feel comfortable enough with your computer skills to attempt the download. That’s fine. The online calculators provide a very good foundation for analyzing your options.

But if you have the time and skills, the HUD software will provide you with the same toolset that HECM lenders use. Taking out a reverse mortgage is one of the bigger financial decisions made over a lifetime and careful preparation and study is warranted.

A Few More Related Articles of Interest:

Other Reverse Mortgage Calculators

The Reality Retirement Calculator - assessing needed income for retirement

ReverseVision Reverse Mortgage Calculator

Free Downloadable Reverse Mortgage Calculator Doesn’t Deliver

Reverse Mortgage Calculator Online