Quick Answer
It depends on three things: the age of the youngest borrower or eligible spouse, your home's value counted up to the 2026 HECM limit of $1,249,125, and the expected interest rate. Older borrowers and lower rates mean a larger amount. Any mortgage you still owe is paid off first.
What sets the amount?
HUD publishes a table of principal limit factors. It turns two things into a percentage: the age of the youngest borrower or eligible non-borrowing spouse, and the expected interest rate. That percentage is applied to your home's value. The result is your principal limit: the most you can borrow before costs and any mortgage you still owe come out.
What home value counts?
HUD counts the lowest of three numbers: the appraised value, the HECM limit or the sale price if you're buying. For case numbers assigned in 2026, the HECM limit is $1,249,125. So if your home is worth more than that, only $1,249,125 counts.
How much can you take in the first year?
In the first 12 months you can generally draw up to 60 percent of your principal limit. If you need more to pay off your mortgage and other required costs at closing, the limit is those costs plus 10 percent of your principal limit. The rest becomes available after the first year.
Does a younger spouse lower the amount?
Yes. The amount uses the age of the youngest borrower or eligible non-borrowing spouse. So a younger spouse usually means a smaller amount. In return, an eligible spouse can stay in the home after the borrower dies.
What if my home is worth more than the limit?
A HECM only counts value up to the limit. Some lenders offer private reverse mortgages that can count more of a higher-value home. They have their own rules and costs and aren't insured by the FHA.
Common Questions
Is there a minimum age?
Yes. For a HECM, the youngest borrower must be at least 62 at closing. A spouse who isn't on the loan doesn't have to be 62, but a younger spouse lowers the amount.
Do I have to own my home outright?
No. You need enough equity that the reverse mortgage can pay off what you still owe at closing. That payoff comes out of your amount first.
Sources
This guide is general information, not advice about your situation.