Different Products

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Different Products

Post  freejack on Fri Jan 11, 2008 2:00 pm

I have heard there are over 6 types of Reverse Mortgages? What are they and what are the differences?

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Re: Different Products

Post  Paul Jamison on Mon Jan 28, 2008 8:11 pm

I've heard of HECM (Home Equity Conversion Mortgage) and HomeKeeper by Fannie Mae not sure what the other are. Maybe someone else knows. I think the HECM is the most popular it is the one guaranteed by FHA/HUD.

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Re: Different Products

Post  Cherry Pearl on Tue Feb 05, 2008 9:21 am

I had no idea there were 6 different types of loans I'd like to know more myself

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Re: Different Products

Post  Linn F on Fri Feb 08, 2008 12:27 pm

I've only used the FHA HECM reverse mortgage maybe someone else knows the others.

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Re: Different Products

Post  Foster Brown on Fri Feb 08, 2008 2:03 pm

The Private Cash account reverse mortgage is usually reserved for homes worth over $500,000. This type of reverse mortgage offers a growing credit line, flexible payment options, and often comes with higher closing costs.

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Re: Different Products

Post  Foster Brown on Fri Feb 08, 2008 2:04 pm

The majority of reverse mortgages are Home Equity Conversion Mortgages. This type of loan is guaranteed by HUD and the Federal Housing authority, and may include a line of credit, which can appreciate, provide various payment options and a maximum loan limit that varies by location.

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Re: Different Products

Post  Foster Brown on Fri Feb 08, 2008 2:05 pm

The Homekeeper reverse mortgage from Fannie Mae also includes a maximum lending limit, but does not offer growing credit limits. This reverse mortgage is guaranteed by Fannie Mae, and often comes with lower closing costs than HUD reverse mortgages.

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Re: Different Products

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