The Reverse Mortgage Specialist

Reverse Mortgage Benefits

• There are no monthly payments required.
• No credit or income requirements to qualify.
• The individual retains title and ownership of the home.
• The proceeds are fully tax free.
• The borrower can never owe more than the value of the home.
• The loan principle and accured interest is only repaid when the home is sold or permanently vacated. The remaining equity in the home goes to the homeowner or their heirs.
• The borrower can use the proceeds for any purpose they choose, including home improvements, debt reduction, health care and living expenses.
  

Home Equity Conversion Mortgage (HECM) reverse mortgages

A Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage. Ninety-five percent of all reverse mortgages are HECMs. The Federal Housing Administration (FHA) sets limits on how much a HECM reverse mortgage lender may lend you-based on your age, your home's value and location-and what your total loan costs will be. HECM loans give you a wide choice in how you may receive the cash from the reverse mortgage. HECM loans generally provide the larger loan advances than other reverse mortgages. [An exception is Financial Freedom's Cash Account Plan reverse mortgage which may offer cash advance opportunities significantly higher than other reverse mortgage products.]

A Home Keeper® reverse mortgage is Fannie Mae's conventional market alternative to the Home Equity Conversion Mortgage (HECM). It is a government-sponsored enterprise program and works like a HECM loan in many ways. However, a Home Keeper® reverse mortgage addresses a few needs that are not met by HECM loans, such as individuals with higher property values, condominium owners, and seniors wishing to use a reverse mortgage to purchase a new home.