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What are the main differences between a HECM reverse mortgage and a proprietary reverse mortgage?

April 26, 2017differences hecm main proprietary reverse mortgage

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What are the main differences between a HECM reverse mortgage and a proprietary reverse mortgage?

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In general, the HECM product may offer a higher loan amount for a lower valued home (for example, under $500,000) depending upon the loan amount caps in specific counties/MSAs, the amount of equity in the home and the age of the borrower.