Currently. there is only one Reverse Mortgage available, the HECM or Home Equity Conversion Mortgage. This loan is regulated by HUD and insured by FHA.
This loan has traditionally been an adjustable rate loan, but now a fixed rate HECM is available. Your Senior Reverse Mortgage Solutions consultant can explain the benefits of both and assist you in choosing the right loan for your individual needs.
Ask how you can purchase a home with the new HECM for purchase program!
THE CURRENT FHA LIMIT FOR REVERSE MORTGAGES IS $625,500 NATIONWIDE.
HECM - Home Equity Conversion Mortgage
A Home Equity Conversion Mortgage (HECM) is a federally insured reverse mortgage. Over ninety 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.
| We just had our retirement pension reduced. This made all our plans obsolete. Now that we have gotten our reverse mortgage we are getting a monthly income greater than before. Thank you Seniors Reverse Mortgage Solutions. |
| Judy and Jack, Fairfield, CA |
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