Reverse Mortgages for Seniors        

Conventional Reverse Mortgages 

More lenders now offer "conventional" reverse mortgages that are not insured by the federal government, but feature many of the same important consumer protections, including mandatory counseling and asset protection (referring to the non-recourse feature that limits the amount you owe to the value of the home).  

Conventional reverse mortgages are also referred to as "jumbo" loans. Unlike the FHA HECM, which has area lending limits connventional reverse mortgages either have no limits, or they're much higher, like $2-4 million. If you live in a home valued at $550,000 or higher, you may be able to access more equity from a conventional reverse mortgage than you would an FHA HECM.  

Most conventional programs offer lower upfront costs, compared to the FHA HECM, especially if you take all the proceeds upfront as a lump sum. The interest rate charged is typically based on the London Interbank Offered Rate (or LIBOR), plus a margin. Some products offer adjustable rates as well as fixed.  

Most lenders that offer the FHA HECM, also offer one or more conventional programs. Be sure to ask your lender which conventional programs they offer.

Apply for your Reverse Mortgage by calling 888-317-6423

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