 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.
Fannie Mae Home Keeper® Reverse Mortgage
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.
The current (2007) lending limit with a Home Keeper® reverse mortgage is $417,000.
Cash Account Plan
Proprietary Cash Account Plan reverse mortgages have been designed especially for seniors with substantial home equity or higher-valued homes. No other reverse mortgage lender offers a jumbo loan product comparable to the Cash Account Plan and its options.
Cash Account Plan reverse mortgages have virtually no limit on home value or the amount of the loan. As a result, the amount of money available to the homeowner may be substantially greater with a Cash Account Plan reverse mortgage than with other options.
| 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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