Reverse Mortgage Programs

There are currently three reverse mortgage programs available to the senior borrower.

Home Equity Conversion Mortgage (HECM), which is federally insured by the Federal Housing Administration, part of the U.S. Department of Housing and Urban Development. The HECM is the most popular reverse mortgage program today. Interest rates are adjusted monthly or annually, depending on the borrower's choice, and the rate is determined using an index called the weekly regulated "One-Year U.S. Treasury Constant Maturity Rate."

The Fannie Mae - Home Keeper™ program is a government sponsored reverse mortgage program. The interest charged on the loan for the following month is the current "One-Month Certificate of Deposit Secondary Market Rate" plus 3.4%.

The Financial Freedom Cash Account™ is a proprietary "jumbo" reverse mortgage. This reverse mortgage program has no loan limits and may provide increased benefits for higher valued properties.

Reverse Mortgage Basics.com will inform you of the best program to suit your particular needs and will provide a written comparison of programs available.