Reverse Mortgages

Reverse Mortgage Products

Reverse Mortgage Products

There are three types of Reverse Mortgage options available to meet your individual needs:
  • HUD/FHA Home Equity Conversion Mortgage (HECM)
    A government-insured loan that provides cash, a line of credit or a monthly cash proceeds as long as the person lives in the home.

  • HECM Saver
    With the HECM Saver, seniors can now save on the upfront costs required for a Reverse Mortgage because the Mortgage Insurance Premium (MIP) is almost eliminated. Seniors can also borrow a smaller amount than what would be available with the Standard HECM. This is a good option for borrowers who do not want to have access to the maximum loan amount. In turn, they’ll pay less in upfront costs. There are no additional eligibility requirements for the HECM Saver. Homeowners just need to meet existing HECM program requirements to qualify.

  • HECM for Purchase Program
    Created by the Housing and Economic Recovery Act of 2008, this allows a senior to relocate by purchasing a new principal residence and obtain a Reverse Mortgage within a single transaction eliminating the need for a second closing.

FHA Mortgage Limits

The Department of Housing and Urban Development (HUD) approved a maximum single national loan amount of $625,500 for federally-insured Home Equity Conversion Mortgages (HECM).
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