Reverse Mortgage Check is an app in ChatGPT that estimates what an FHA reverse mortgage (HECM) could pay at your age and home value, compares it with selling your home, and explains who qualifies and what happens to your spouse and heirs.
HUD's own factor table for your age and today's rates, the upfront costs, your mortgage payoff, and what's left as cash, a growing line of credit or monthly payments.
Net cash from selling on the market, selling as-is, or staying with a reverse mortgage — and how long each covers in-home care or assisted living.
Age, equity, condos and manufactured homes, a younger spouse, heirs, and your state's property-tax deferral program.
In ChatGPT, open the app from the + menu or mention Reverse Mortgage Check, then ask a question like:
Talk to a reverse mortgage specialist
For an FHA reverse mortgage (HECM), the amount is a percentage of your home's value — up to the 2026 FHA limit of $1,249,125 — set by HUD's principal limit factor for the youngest borrower's (or eligible spouse's) age and the loan's expected interest rate. At today's rates that is roughly 30% to 50% of the value for most people in their 60s and 70s, before paying off any existing mortgage and the upfront costs.
The main upfront costs are FHA mortgage insurance of 2% of the home value (up to the limit), an origination fee capped at $6,000, and typical closing costs of $2,000 to $5,000. They are usually paid from the loan. There is also 0.5% a year in mortgage insurance on the balance, plus interest, both added to what you owe.
Yes. You keep the title and live there with no monthly mortgage payment. You must keep paying property taxes, homeowners insurance and upkeep. The loan is repaid when the last borrower sells, dies or moves out for more than 12 months in a row.
Your heirs can keep the home by paying the loan balance or 95% of its appraised value, whichever is less, or sell it and keep any equity that remains. It is a non-recourse loan: no one ever owes more than the home is worth.
It depends on whether you plan to stay. A reverse mortgage lets you age in place and pay for in-home care, but it comes due if you move out for good. Selling gives more cash up front but means moving. The app compares both with your numbers.