If you’re a homeowner considering ways to leverage your home’s equity for financial flexibility, reverse mortgage programs are worth exploring. These innovative financial solutions cater to seniors, offering a unique approach to accessing funds tied up in your home.
Understanding Reverse Mortgage Programs
- Home Equity Conversion Mortgage (HECM): The HECM program is the most popular and federally insured. It allows homeowners aged 62 and older to convert a portion of their home equity into cash, offering flexibility in receiving funds through various payment options.
- Proprietary Reverse Mortgages: Offered by private lenders, proprietary reverse mortgages are not federally insured. They cater to homeowners with higher home values and can provide more substantial loan amounts compared to HECM. These programs often have more flexible eligibility criteria.
- Single-Purpose Reverse Mortgages: Typically offered by state or local government agencies or non-profit organizations, single-purpose reverse mortgages are designed for specific purposes, such as home repairs or property taxes. They are more restrictive in use compared to other programs.
- Home Keeper Mortgage: The Home Keeper Mortgage program, offered by Fannie Mae, is a variation of a reverse mortgage. It provides homeowners with the flexibility to convert their home equity into cash while maintaining ownership of the home.
How to Learn More: Call 844-694-6630
To explore which reverse mortgage program suits your needs, call our toll-free number at 844-694-6630. Our dedicated team is ready to provide information, answer your questions, and guide you through the process of unlocking the value of your home.