Due to issues within the secondary and investment markets, we are in the midst of some major changes regarding margins, programs, and what is available to you.  Call us to learn the latest, as this situation is fluid, changing daily!

Home Equity Conversion Mortgage (HECM) 
The Home Equity Conversion Mortgage (HECM-FHA Insured) is the oldest and most popular reverse mortgage program, accounting for over 90 percent of the total market. Available since 1989 to homeowners 62 or older, HECMs are insured by the federal government through the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development.

There are several  HECM options available – the two most common are the :

o   HECM 
CMT or LIBOR RATE -  There are several margins and rates available – call us for all of the current options available

o   HECM Fixed
The Government backed fixed rate mortgage. This option is for those persons taking most of the funds available to them. This is a one payment option that draws upon all of the available funds at closing. The interest rate will not change over the life of the loan

Proprietary Reverse Mortgages -

UPDATE - there is currently one JUMBO program, but it only makes sense for homes that are values over $1.5 million.   However, the new maximum limit of $625.500.00 nationally for 2009 should be an option to explore for most....