Products & Payment Options

HECM

The HECM product, which stands for Home Equity Conversion Mortgage is the Federally Insured Reverse Mortgage program supported by FHA. Currently the HECM product is the most popular of the Reverse Mortgage products on the market. With 90% of all Reverse Mortgages closed are FHA insured. There area a few different program options available to you under this product.

They are:

• Traditional HECM - is an adjustable rate program with a variable margin added to the index. This rate adjusts monthly. For more specific details about how interest rates are calculated, contact a Reverse Mortgage Advisor.
• HECM Annual - is an adjustable rate program with a variable margin added to the index. This rate adjusts annually. For more specific details about how interest rates are calculated, contact a Reverse Mortgage Advisor.
• Fixed HECM - call your Reverse Mortgage Advisor for rates and details of this program.

Payment Options

There are several payment options available to you under the different types of reverse mortgage products that we offer. You have the option of receiving proceeds from the Reverse Mortgage in several ways including:

• A lump sum cash disbursement
• A line of credit to draw on whenever needed
• Fixed monthly payments
• A combination of all the above

Please consult a Reverse Mortgage Advisor for side by side comparisons to see which product and payment plan best suits your financial needs.

*not all products offer the same payment options.