What are the different types of Reverse Mortgage Options?
• The majority of reverse mortgages are Home Equity Conversion Mortgages (HECM). This type of loan is guaranteed by HUD and the Federal Housing authority, and may include a line of credit, which can appreciate, provide various payment options and a maximum loan limit that varies by location. • The Private Cash account reverse mortgage is usually reserved for homes worth over $500,000. This type of reverse mortgage offers a growing credit line, flexible payment options, and often comes with higher closing costs. How much am I eligible for: The amount of cash you can get also depends on the specific reverse mortgage plan or program you select. The differences in available loan amounts can vary greatly from one plan to another. Most homeowners get the largest cash advances from the federally insured Home Equity Conversion Mortgage (HECM). HECM loans often provide much greater loan advances than other reverse mortgages. The amount you can borrow depends on your age, the current interest ra
