All Reverse Mortgage Company (ARMC) is proud to offer the Federal National Mortgage Corporation (FNMA or Fannie Mae) HomeKeeper. A HomeKeeper reverse mortgage is Fannie Mae's conventional market alternative to the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM). While Fannie Mae is a Government-Sponsored Enterprise and their HomeKeeper program functions like a HECM loan in many ways, a HomeKeeper reverse mortgage is also very different than the FHA HECM in many others.
For example, The HomeKeeper addresses a few needs that are not met by the HECM. Co-Op owners, seniors wishing to use a reverse mortgage to purchase a new home and higher values in areas where the HUD Lending Limits are very low and lower closing costs due to no mortgage insurance requirements for HomeKeeper loans are some of the specific examples of where the HomeKeeper program is advantageous. However, due to the fact that the HECM loan typically will lend much more money in relation to the value of the property and age of the borrower, unless one of these specific needs exist, most borrowers opt for the HUD HECM loan.
Program Features
- Minimum Age - 62
- No Income or Employment qualifications
- No Mortgage Insurance Premium
- 2% Lender Origination
- Loan Amounts Min = $50,000 Max = $417,000
- Purchase or Refinance
- Property Type - Single Family, Condos, Co-Op, 2-4 Unit
- Eligibility in Laguna Woods Cooperative & Condominium properties
- Funds are available as cash payment, line of credit, or monthly income for life
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