Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Are there different types of reverse mortgages?

April 26, 2017different mortgages reverse types

0

Posted

Are there different types of reverse mortgages?

1 Answer

0

Posted

Yes, there are different types of reverse mortgage programs that are designed to fit different situations. Each program has a unique set of guidelines, which need to be considered to insure that you choose the program that is right for you. In Connecticut we have some special programs tha you need to discuss with your Reverse mortgage specialist. Click here for a useful comparison chart that BCI has prepared to help with your decision. The different types of loans available from BCI are as follows: FHA – Home Equity Conversion Mortgage[HECM] The Home Equity Conversion Mortgage is the most popular and flexible reverse mortgage program available. This program gives the consumer the most available money and the most flexibility in considering how a consumer will take the available funds. There are fixed and variable products available. This program is available with monthly and annual rate adjustment features. Click here for a useful comparison chart that BCI has prepared to help with you