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Reverse Mortgages: Products
Reverse Mortgage Products
We offer a variety of reverse mortgage products to suit your needs, from adjustable-rate to fixed-rate products.
Currently, our primary offering is the FHA/HUD Insured Home Equity Conversion Mortgage (HECM). We also offer HECM to HECM refinances, HECM for Purchase, and Proprietary Reverse Mortgage products.
Adjustable Rate HECM
The adjustable rate reverse mortgage provides optimal choices for how you can receive funds, either lump sum, monthly payments, a line of credit, or a combination of these options. The interest rate cannot exceed a certain percentage annually, and there is also a cap on the interest rate adjustment over the life of the loan.
Fixed Rate HECM
The interest rate is fixed for the life of the loan. With the Fixed Rate option you are required to take all available proceeds upfront at closing. This may be a good option for you if your only goal is to extinguish your current mortgage or only need a certain amount of funds.
HECM for Purchase
If you are looking to downsize or “right size” this may be an option for you! The same basic qualifications as the HECM except you can purchase a home using proceeds from the sale of your existing residence, savings, or a gift from a family member for the required down payment. The equity from the down payment and the home’s value will determine the amount of the reverse mortgage.
Proprietary Reverse Mortgages
Proprietary reverse mortgage products are different from the HECM in that there are no mortgage insurance premiums and allow for higher property values. This may be a good option for you if you have a home valued over the FHA lending limit of $765,600, as it allows for loan amounts up to $4 million dollars.
Available to borrowers at least 60 years of age, allows higher home values, home must be your primary residence, low cost options are available, and is available to owners of non-FHA approved condominiums.
Must own home as primary residence in CO, DC, FL, GA, IL, KY, MD, MS, NC, OH, OR, PA, SC, TN, VA & WV.