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What are the types of Reverse Mortgages available?

April 26, 2017mortgages reverse types

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What are the types of Reverse Mortgages available?

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• HUD/FHA Home Equity Conversion Mortgage (HECM) A government-insured program that provides cash, a line of credit or a monthly income as long as the person lives in the home • HECM for Purchase Program Created by the Housing and Economic Recovery Act of 2008, this allows a senior to relocate by purchasing a new principal residence and obtain a Reverse Mortgage within a single transaction eliminating the need for a second closing.