You can call us toll free at 800-481-9999. Ask for Ken Terrill if you have questions on any of the programs or what you may qualify for.

There are 5 basic Reverse Mortgage Plans available. The FHA and FNMA versions are government backed.

The most often used  is the FHA Insured H.E.C.M. (Home Equity Conversion Mortgage)  This loan has two versions. The monthly and the annual. In this case monthly and annual refer to the periods of interest rate adjustment. (All Government Insured Reverse Mortgage have an adjustable interest rate.) 

The FHA Monthly floats Approximately 1.00% above the 1 year Treasury Index and usually has the lowest effective interest rate.  In about 80% of the cases it will provide the largest benefit to the Senior Citizen

The FHA Annual floats 2.60% above the 1 year Treasury Index. The interest rate adjusts annually. This plan appeals to some people because it has a 1.00% maximum yearly rate increase and a 5.00% life of loan interest rate cap.

FNMA  (Fannie Mae) offers a Reverse Mortgage called the Homekeeper. This is a monthly adjusting plan which floats 3.40% above the 1 month Certificate of Deposit Index.  This plan sometimes yields a  higher benefit if the Senior lives in an area  with a low maximum FHA loan amount and owns a Higher valued home. FHA maximum limits range from $200,150.00 to $362,790.00 depending on the county your property is in.  The current FNMA Maximum Loan Limit is $417,000.00.

The "Jumbo" reverse mortgage is not a  government backed program. It is offered thru one of the premier Wall Street Firms. The interest rate on this loan adjusts every 6 months floating 3.50% above the 6 month L.I.B.O.R. Index. (London Interbank Offering Rate)  This program is most often used by quite elderly people who own properties worth $750,00.00 and up.  It is available in a low fee version  with zero points and in a "0" cost version .  Call us for details at 800-481-9999, ask for Ken Terrill.