Reverse mortgage programs

While the HECM is the most common reverse mortgage used, there are other types of reverse mortgages available:

Deferred Payment Loan
These are one-time, lump-sum reverse mortgages provided by some local and state governments. Usually these programs are only available to homeowners with low or moderate income, and they may require a minimum borrower age. The deferred payment loan can only be used for specific repair projects allowed by each particular program. The interest rate is usually fixed, and in some programs all or part of the loan is forgiven after you have lived in your home for a certain number of years.

Property Tax Deferral Loans
Like deferred payment loans, these loans are offered by some local and state governments. These loans can only be used to pay your property taxes.

Proprietary Reverse Mortgages

There are reverse mortgage programs available thru private companies that are distributed thru various lenders. These programs are not insured by the federal government. In general there are still age requirements of age 62 or older. The issuing company has more control over what features they offer over the traditional HECM. Homeowners with high-valued homes may be able to get more money from a proprietary reverse mortgage than a HECM. At Reverse Freedom we will explore all available options to make sure the program chosen meets your individual needs.