Fannie Mae Home Keeper
Mortgage investor Fannie Mae developed its own
proprietary Home Keeper® reverse mortgage to
supplement the federally insured Home Equity
Financial Freedom Cash
Financial Freedom, based in Irvine, CA, introduced a
"jumbo" proprietary reverse mortgage product called
Cash Account to benefit homeowners living in
higher-priced homes valued above the FHA and Fannie
Mae lending limits.
Apply for your Reverse Mortgage
Now via the internet
Basic Features of a Reverse Mortgage
All reverse mortgages—whether the
government-insured Home Equity Conversion Mortgage or a
conventional product—share a set of common characteristics,
which include the following:
You must be at least 62 years
old and own a home.
You ALWAYS retain title (ownership) to
the home. The lender never, at any point, owns the home, even
after you (or last surviving spouse) permanently vacate the
You must still pay property taxes and
insurance, and keep the home well maintained. If you are
unable to pay your property taxes and insurance, then a
special set-aside from your reverse mortgage can be created.
Repayment of the loan occurs when you (or
last surviving spouse) permanently vacate the home. You or
your heirs (estate) then must facilitate the pay back of the
loan using either private funds or selling the home. After the
loan is repaid, all leftover proceeds from the sale of the
home go to you or the estate.
The amount of funds you are eligible to
receive depends on your age (or age of the youngest borrower
in the case of couples), the value of the home, the interest
rate and the upfront costs. With the HECM product, the county
lending limit is a factor. With all products, the older you
are, the more proceeds you are eligible to receive.
Loan fees can be financed, or paid out of
the available loan proceeds. This means you incur very little
out-of-pocket expense to get a reverse mortgage. In most
cases, you only have to pay for the appraisal, which costs
roughly $350 depending on your market.
The loan balance (amount owed) grows each
time you access funds from your line of credit or receive a
monthly payment. In addition, the lender is charging you
interest on the outstanding loan balance as well as a monthly
Repayment of the loan is not required
until you (or the last surviving spouse) permanently leave the
home as a primary residence. For the HECM program, you can
live up to 12 consecutive months outside the home, but this
may vary for other products.
All reverse mortgages have a
"non-recourse" feature, which means that the total amount owed
can never exceed the appraised value of the home. If the
amount owed exceeds the home's appraised value, then the
lender or the federal government (in the case of the
product) will absorb that loss.
Apply for your Reverse Mortgage by calling 888-317-6423
Now via the internet