Types Of Reverse Mortgages

HECM Standard

The HECM Standard is helping those 62 years of age and older that own their home age in place without monthly mortgage payments.** The HECM Standard unlocks the equity in your home by turning it into cash while you retain complete ownership of your home.

HECM for Purchase

The HECM for Purchase is a home loan program for home buyers 62 years and older. It allows you to purchase a home as your primary residence with no monthly mortgage payment. You can take out a reverse mortgage on the property you are buying by showing a purchase contract and proof of down payment if you don’t have an existing reverse mortgage or FHA loan on the property you are selling. The program was designed to allow you to purchase a new principal residence and obtain a reverse mortgage within a single transaction. Of course, it also enables you the opportunity to move closer to family or downsize to a new home that meets your physical needs.

*Homeowners must continue to pay insurance, taxes, and basic home maintenance during the life of the loan.

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