Reverse Mortgage Products & Payment Options



HECM

The HECM product, which stands for Home Equity Conversion Mortgage is the Federally Insured Reverse Mortgage program supported by FHA. Currently the HECM product is the most popular of the Reverse Mortgage products on the market. With 90% of all Reverse Mortgages closed are FHA insured. There are a few different program options available to you under this product.

They are:
HECM 100 - is an adjustable rate program with a margin of 1% added to the index. This rate adjusts on a monthly basis. For more specific details about how interest rates are calculated, contact a Reverse Mortgage Advisor.
Traditional HECM - is an adjustable rate program with a margin of 1.5% added to the index. This rate adjusts monthly. For more specific details about how interest rates are calculated, contact a Reverse Mortgage Advisor.
HECM Annual - is an adjustable rate program with a margin of 3.10% added to the index. This rate adjusts annually. For more specific details about how interest rates are calculated, contact a Reverse Mortgage Advisor.
Homekeeper

The Homekeeper product is a Fannie Mae government back subsidy program. This program was created to supplement the unmet needs of seniors. The Homekeeper program rate adjusts on a monthly basis with a margin of 3.4% added to the current 1 month CD.
Proprietary Reverse Mortgage

If your home value significantly exceeds the typical limits allowed by HECM and Homekeeper, taking a look at our proprietary plans may be beneficial to you. There are several options available to you under what we would call a "Jumbo" reverse mortgage.
Please consult a Reverse Mortgage Advisor for more information.
Payment Options

There are several payment options available to you under the different types of reverse mortgage products that we offer. You have the option of receiving proceeds from the Reverse Mortgage in several ways including:
A lump sum cash disbursement
A line of credit to draw on whenever needed
Fixed monthly payments
A combination of all the above