Reverse Mortgage
Reverse mortgages are loans given against the borrowers’ home equity. There are several types of reverse mortgages you can get: HECM, Home Keeper and Home Keeper for Home Purchase.
1. HECM
HECM stands for Home Equity Conversion Mortgage. It’s the most common type of Massachusetts reverse mortgage. It’s insured by the FHA. In a HECM, the loan limit you can get from the reverse mortgage depends on your age and the value of your house. A reverse mortgage calculator can be very useful if you want to know the reverse mortgage rate of your house.
2. Home Keeper
Fannie Mae, a large investor in mortgages and reverse mortgages lenders New Hampshire, provides this Fannie Mae Home Keeper reverse mortgage product. The main difference between Home Keeper and HECM is that Home Keeper has a much higher loan limit, making it more suitable for borrowers who own more valuable houses.
3. Home Keeper for Home Purchase
Another product by Fannie Mae, the Home Keeper for Home Purchase is meant for borrowers who wish to use the money they obtain from the reverse mortgage to buy a new house.
With several kinds of reverse mortgages to choose from, you need to be selective. Make sure to learn more about Reverse Mortgage Calculator before making a decision.