Programs

HECM

FHA (Federal Housing Administration) insured
Minimum age 62¹
NO monthly mortgage payment
Occupy the property as your primary residence
Need not own the property outright; however, substantial equity is required for the program to work to the fullest advantage
Counseling required
Property taxes, homeowners’ insurance, HOA (if applicable) paid by borrower
Demonstrate ability to pay property charges and consumer debt
Loan amount calculated using age, appraised value/max claim amount, and expected rate
No pre-payment penalty
Up Front Mortgage Insurance Premium
Monthly mortgage insurance

Minimum age 55²
NO monthly payment required
Occupy the property as your primary residence
Need not own the property outright; however, substantial equity is required for the program to work to the fullest advantage
Counseling required
Property taxes, homeowners’ insurance, HOA (if applicable) paid by borrower
Loan amounts up to $4,000,000
No pre-payment penalty

Minimum age 55³
Behind a traditional mortgage only (continue to make monthly payment)
NO monthly payment required
Occupy the property as your primary residence
Need not own the property outright; however, substantial equity is required for the program to work to the fullest advantage
Counseling required
Property taxes, homeowners insurance, HOA (if applicable) paid by borrower
Minimum loan amount $50,000
Fixed rate, lump sum distribution only
Maximum home value is $10,000,000
Loan amounts up to $4,000,000
No pre-payment penalty

Spouses under age 62 allowed (aka non-borrowing spouse). Loan amount will be based on the youngest age
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Age requirement higher in some states. Non-borrowing spouse not allowed ↩︎
Not allowed in all states. Age requirement higher in some states. Non-borrowing spouse not allowed. Not allowed on purchase transactions. First mortgage must have no mortgage lates ↩︎