The Home Equity Conversion Mortgage (HECM) is the oldest and most popular reverse mortgage program, accounting for over 94 percent of the total reverse mortgage closings nationwide. Available since 1988 to homeowners 62 or older, HECMs are insured by the federal government through the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development. Until only recently these programs only offered an adjustable rate option. Seniors who find comfort in a Fixed Rate option will find the Fixed Hecm attractive. While today's low interest rate environment remains attractive to seniors taking adjustable HECM's, many believe that locking in a Fixed Rate HECM is still the smartest option.
Program Features
- Interest Rate - Fixed for Life
- Rate as of 07/16/08 = 6.18%
- 2% Mortgage Insurance Premium
- 2% Origination Fee on Principle Lending Limit
- Loan Amounts to $362,790
- Minimum Age - 62
- No Income or Employment qualifications
- Refinance of Primary Residence Only
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