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New HECM Saver Program by HUD


The HECM Saver program by HUD is a new government insured reverse mortgage that started October 1, 2010. The main provisions are as follows:

  • The 2% up front MIP (Mortgage Insurance Premium) that is being charged by the Standard program is reduced in the new HECM Saver Loan Program to 1/10 of 1% of the appraised value or principal lending limit, whichever is less. What this means is the closing costs have been GREATLY reduced with this program saving thousands of dollars towards loan closing costs

  • The Monthly MI (Mortgage Insurance) that was added on to the unpaid principal balance was at 1/2 of 1% (0.5) before October 1, 2010 has now been increased to 1.25% (1.25) for both the Standard and the Saver Programs

    • INSIDER TIP! The Saver Program is a great option for seniors who want lower closing costs and a fixed rate HECM (reverse mortgage) without having to take a large up-front money draw


    To have this program fully explained you should consult a reverse mortgage specialist who can help you determine which program is right for you. To contact a lender expert on the new HECM Saver Loan Program click this link Contact an expert on the new HECM Saver Program

    Use the contact us form below if you would like us to send you more information on the new HECM Saver Loan Program or Call us at Toll Free at (800) 801-1375 We never share your information with anyone!

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    >> See all the Standard Reverse Mortgage Programs (Click Here)
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