What is the difference between a HECM Saver and a HECM Standard reverse mortgage?
With the HECM Saver reverse mortgage, the required up-front mortgage insurance cost is greatly reduced as compared to the HECM Standard reverse mortgage. This can save the average homeowner age 62 and older thousands of dollars. While the maximum amount of money the homeowner can borrow is less than with the HECM Standard, the lower up-front costs of the HECM Saver may make it an attractive option. The HECM Standard, on the other hand, may be more desirable for those who need the maximum amount of money available to them. Both the HECM Saver and the HECM Standard are government-insured reverse mortgages.
