Reverse Mortgage Products

Everyone's Situation May Be Different

There are a few choices available for you with Reverse Mortgage Loan products. The product that is currently being offered is the FHA-HECM, Home Equity Conversion Mortgage, which is Federally insured. Within the FHA program, there are 3 different choices of mortgage programs, one of which may fit your unique situation.

Below are your Mortgage Program Choices:

1. Monthly or Annual Adjustable The HECM monthly and annual adjustables provide you with the most flexibile options to receive cash paid to you. You can get up to 5 (five) choices to receive HECM payments. It's a very popular choice with Seniors who like its flexibility.  You can get your funds in the form of cash out at closing, monthly payments sent to you, a line of credit that you can access whenever you like or a combination of two or three of these options. 

2.  FHA Fixed Loan The HECM fixed loan gives you the security of a fixed loan.  The fixed product may provide you with a bit more cash out than the other programs.  However, the fixed program is not flexible as to the funds taken out.  All funds must be taken out at the closing of the fixed reverse mortgage loan.  This is a good choice for those borrowers who have a high existing mortgage to payoff or for those borrowers who have an immediate need for all the cash out from the loan proceeds.