Step 2 - Reverse Mortgage TypesThis page will briefly explain the different Reverse Mortgage Types, the best being known as a Home Equity Conversion Mortgage (or HECM) which is regulated and backed by the U.S. Government. You will learn much more in the next steps on this site as well.
- - - - - - - - - - - LOANS BACKED BY TYPES - - - - - - - - - - - Most Reverse Mortgages today are backed by the US Government Agencies of FHA/HUD and are called a HECM (Home Equity Conversion Mortgage). HECMs are also sometimes called a FHA Reverse Mortgage or HUD Reverse Mortgage. What this means is most Reverse Mortgage Lenders are basically offering the same Reverse Mortgage types. Of course the final amount you receive and the fees you pay can vary quite a bit, depending on the Lender you choose.
There are very few of these Proprietary or Privately backed Reverse Mortgage types any more. Some of these are of the "Jumbo Reverse Mortgage" variety which allow much higher property values to be considered. When property values stabilize and begin increasing you will likely see more of these come back in the Market. If you want a referral to Lenders currently doing high property value Reverse Mortgages please use the "Contact Us" form at the bottom of this page and ask us to send you more information.
Most Reverse Mortgages are new to a property and eliminate a forward Mortgage if there is one.
Another Reverse Mortgage type is a refinance of an existing Reverse Mortgage. For example recent program guideline changes and lower interest rates may allow a homeowner to get more money if they have an older Reverse Mortgage under the old program guidelines.
A few Reverse Mortgages are used to purchase a home. This is a specialized area within Reverse Mortgages and not all lenders know how to do them. Use the "Contact Us" form below to get a referral to a Reverse Mortgage Lender Partner who is experienced with Purchases. We know some of the best!
Get a FREE Reverse Mortgage Purchase Guide (Click Here)
You don't have to make a decision on rates right now. You will learn more about these in "Step 3 - Calculators".
TAKE ACTION! Your only action item for "Step 2 - Types" is to identify the "Loan Use Type" for your Reverse Mortgage (New, Refinance, or Purchase). Do not decide on "Rate Type" yet, you will do that in the next step. When you are ready click the link below to go to "Step 3 - Calculators"
You probably have questions at this point but please follow the next few steps as they will likely answer most of them.
>> Go to Step 3 - Calculators (Click Here) << Go to The Home Page (Click Here) If you want to contact us at this point however, we don't mind! Just use the "Contact Us" page below to ask questions about the types of reverse mortgages. We never share your information with anyone! Call us anytime Toll Free at (800) 801-1375 |
To get a highly competitive quote from a pre-screened top Reverse Mortgage Lender today please click the following link
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