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HECM

Home Equity Conversion Mortgage, the FHA-insured reverse mortgage program regulated by HUD. It lets older homeowners borrow against home equity without monthly mortgage payments; the balance grows and is usually repaid when the home is sold or the last borrower leaves. Borrowers must still pay property tax, insurance and upkeep, or the loan can become due.

Principal limit

The maximum amount available under a HECM before fees and payoffs: the home value, capped at the lending limit, times the principal limit factor. It is the gross figure; the upfront MIP, closing costs and any existing mortgage are paid from it before you see net proceeds, which is why the net available result is lower.

Principal limit factor

A percentage from HUD tables that sets how much of the home value can be borrowed. It rises with the age of the youngest borrower and falls as expected interest rates rise. This calculator uses a simplified factor based on age, so HUD’s official tables and current rates may produce a different figure.

Upfront mortgage insurance premium (MIP)

The initial FHA insurance premium on a HECM: 2% of the maximum claim amount (HUD, effective October 2, 2017). The insurance protects the lender and guarantees you can keep drawing available funds even if the loan balance comes to exceed the home’s value. HECMs also charge an ongoing annual premium, which this calculator does not model.

HECM lending limit

The maximum home value HUD will count when calculating a HECM: $1,249,125 for 2026 (HUD, 2026). If the home is worth more, the calculation uses the limit instead, so owners of higher-value homes can access a smaller share of their equity through the program. The limit is set nationally and is generally updated each year.

Maximum claim amount

The lesser of the home’s appraised value and the HECM lending limit. It is the base for both the principal limit and the upfront MIP. Because it is capped, the upfront premium on a very high-value home is figured on the limit rather than on the full value of the home.

Age of youngest borrower

The age used to set the principal limit factor; when there is an eligible non-borrowing spouse, the younger of the two ages is used. Older borrowers can access more, because the loan is expected to be outstanding for fewer years. A younger borrower or spouse on the loan lowers the amount available.

Existing mortgage payoff

Any current mortgage on the home must be paid off at closing, using HECM proceeds first. The payoff is subtracted from the principal limit, after the upfront MIP, to find the net funds available. If the payoff is larger than the available proceeds, the difference must be brought to closing in cash.

Non-recourse loan

A HECM is non-recourse: when the loan is repaid, you or your heirs never owe more than the home’s value at that time, even if the balance has grown larger. Interest and insurance are added to the balance over time, so equity declines; FHA insurance covers any shortfall to the lender.