Reverse Mortgage Options
• HUD/FHA - The Home Equity Conversion
Mortgage (HECM) is a government insured program. The loan amount
is based on the FHA lending limits, which are a minimum of $200,160
and a maximum of $362,790.
HECM monthly adjustable - The interest rate can adjust
monthly.
HECM annual adjustable - The interest rate can adjust
yearly.
• The Fannie Mae - Home Keeper™is
a reverse mortgage sponsored by Fannie Mae. The loan amount is
based on a maximum lending limit of $417,000.
• The Financial Freedom Cash Account™ -
is a reverse mortgage sponsored by Financial Freedom Senior Funding
Corp. This product has no loan limits and it typically the choice
by people with higher valued homes. The three options under the
Cash Account are:
The Standard Cash Account™ – Higher Fees
and fewer restrictions.
The Zero Point Cash Account™ – Lower Fees
and more restrictions.
The Simple Zero Cash Account™ - No Fees and the
most restrictions.
Griffin Financial Mortgage, LLC will provide a detailed comparison
of programs available personally discuss your best options.
