| |
 |
Types of Reverse Mortgage |
| |
Home Equity Conversion Mortgage (HECM)
The HECM is a federally insured loan through the Federal Housing Administration (FHA). It’s the oldest and used type of reverse mortgage (over 90% of the market).
The total claim depends on your age, value of your home and interest rates. The maximum lending limits vary from $200,160 to $362,790. Unfortunately, if your home exceeds the local limit, you will not be eligible to receive a higher amount.
Fannie Mae Home Keeper
An alternative to the Home Equity Conversion Mortgage (HECM), The Fannie Mae Home Keeper program it’s sponsored by the government and works in my ways like the HECM loan. However, its targets are individuals with high value homes or condos. The current lending is $417,000.
Financial Freedom Cash Account
Financial Freedom was created especially for seniors with a very high home equity. It offers a jumbo reverse mortgage (Cash Account) that far exceeds the Fannie Mae and HECM limits. Basically, it enables the access to a reverse mortgage for homeowners who possess properties valued up to $750,000. |
|
| |
| |
|
|