Reverse Mortgage is a federally-insured private loan and through this plan the older Americans get a social security as well as a financial security. For most of the Americans their home is probably the single largest investment it is always better to know more about the reverse mortgage and to know how much finance one can avail through the reverse mortgages it is better always to use the reverse mortgage calculator. Through reverse mortgage which is a special type of loan specially a home loan on can convert a portion of the equity into cash. To become eligible for a reverse mortgage, one should be a home owner, basically. The borrower should necessarily be below or of 62 years of age and should have a lower mortgage balance and should be living in the same house which he is planning to screen under the reverse mortgage plan. Only certain types of homes like the Townhouses, detached homes, units in condominiums and some manufactured homes are only eligible for the reverse mortgages plans. There are also spot loan program available for emergency cases and it is always better to use the reverse mortgage calculator to know how much you can repay and how much you are eligible before you sign up for any program.