What are the main differences between a HECM Reverse Mortgage and a proprietary product like Van Wyk Family Financial Servicess Cash Account Advantage Plan?
A. In general, the HECM loan may offer a higher loan amount for a lower valued home. This will depend upon the loan amount caps in different counties. The equity in the home and the age of the owner will also help in the specified amounts. For a senior who has higher valued home with major equity then they may be eligible for a larger cash payout through Cash Account Advantage Plan Reverse Mortgages. These plans are not available in all states. More HECM Reverse Mortgage Information Top of Page 19.
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