HECM - (Home Equity Conversion Mortgage)

The monthly adjustable HECM is the most popular type of Reverse mortgage that is FHA insured. This program uses either the treasury index or the libor index along with a margin to determine the loan rate. The monthly adjustable HECM almost always yields a lower rate which in turn gives your borrower more loan proceeds.

Fixed Rate HECM

This program is for the borrower who is uneasy with adjustable rates. While usually carrying a higher interest rate than the adjustable HECM, the fixed HECM typically pays lesser proceeds but will give the borrowers the security they require.

Homekeeper - non FHA insured

This was a product offered by Fannie Mae, but is being discontinued at the end of 2008. With the change in lending limits on the FHA products, the homekeeper could not compete and has since become obsolete.

Jumbo's

Due to current market conditions this product is unavailable. Best used for home values in excess of $600,000. This program allows seniors in high cost living areas to still turn their home equity into cash.