A plain English guide to the retirement mortgage and home equity programs homeowners may encounter. Terms, fees, and eligibility vary by program, property type, and borrower.
A Home Equity Conversion Loan is designed to help eligible homeowners access a portion of their home equity while remaining in the home. Loan terms, fees, repayment obligations, and eligibility requirements vary based on the specific program, property type, and borrower profile.
A Home Equity Conversion Mortgage (HECM) is an FHA-insured reverse mortgage for eligible homeowners age 62 and older. It is designed to convert part of a home's equity into loan proceeds while the borrower remains responsible for taxes, insurance, property maintenance, and other loan obligations.
A Home Equity Conversion Mortgage is a federally insured reverse mortgage program for eligible homeowners age 62 and older. It is designed to allow borrowers to access a portion of their home equity while remaining in the property and meeting loan obligations.
A reverse mortgage for purchase is designed for eligible homebuyers who want to use a reverse mortgage as part of their home purchase strategy. This option may help reduce monthly mortgage obligations while allowing the borrower to purchase a primary residence, subject to program guidelines and qualifications.
Proprietary reverse mortgages are private loan programs offered by lenders such as LongBridge Financial and Finance of America. These loans are not FHA-insured and may offer different eligibility requirements, loan amounts, property standards, and product features than a HECM reverse mortgage.
A jumbo reverse mortgage is a private reverse mortgage option for qualifying homeowners with higher-value properties. These loans are not government-insured and may provide access to higher loan amounts, subject to lender guidelines, property type, and borrower qualifications.
Platinum Proprietary Reverse Mortgage is a privately offered reverse mortgage product for eligible homeowners. It may provide flexible access to home equity under lender-specific guidelines, with terms and features that may differ from government-insured programs.
Platinum 5.0 Fixed Program Reverse Mortgage is a proprietary fixed-rate reverse mortgage option for eligible borrowers. It is designed to provide access to home equity with terms set by the lender and may differ from FHA-insured reverse mortgage programs.
Platinum Max Reverse Mortgage is a proprietary product designed for eligible homeowners seeking access to a potentially larger portion of home equity. Loan amounts, pricing, and repayment terms are based on lender guidelines, property value, and borrower eligibility.
Platinum Preserve is a proprietary reverse mortgage option for eligible homeowners who want to access home equity while maintaining flexibility for future planning needs. As with all reverse mortgage products, terms and costs should be reviewed carefully.
HomeSafe Standard is a proprietary reverse mortgage product for eligible homeowners seeking access to home equity. It is not government-insured and may offer different loan limits, qualification standards, and program features than a HECM reverse mortgage.
HomeSafe Intro is a proprietary reverse mortgage option for qualified borrowers seeking access to home equity. It is not FHA-insured and is subject to lender-defined requirements, pricing, and repayment terms.
HomeSafe Select Intro is a proprietary reverse mortgage product for eligible homeowners. It is designed to provide access to home equity under lender-specific terms, which may differ from government-insured reverse mortgage programs.
The EquityAvail Reverse Mortgage is a proprietary reverse mortgage product designed to help eligible homeowners access home equity. It is privately offered and may include different loan terms, property guidelines, and qualification standards than a HECM.
HomeSafe Proprietary Reverse Mortgage is a private reverse mortgage program for qualified borrowers seeking access to home equity. It is not FHA-insured and is subject to lender-defined terms, fees, and repayment obligations.
HomeSafe 2nd Reverse Mortgage is a second-lien reverse mortgage product designed for eligible homeowners seeking access to home equity. Terms, eligibility, and loan structure are determined by lender guidelines.
SecureEquity Reverse Mortgage is a proprietary loan option for eligible homeowners seeking access to home equity. It is not government-insured and may have different loan amounts, pricing, and qualification standards than a HECM.
SecureEquity+ Reverse Mortgage is a proprietary reverse mortgage option for eligible borrowers. It is designed to provide access to home equity under lender-defined terms and may differ from FHA-insured reverse mortgage programs.
Choice Proprietary Reverse Mortgage is a proprietary reverse mortgage product for qualified homeowners seeking access to home equity. It is privately offered and may feature different eligibility requirements, loan amounts, and repayment terms than government-insured programs.
HELOC for Seniors is a home equity line of credit designed for qualified older homeowners who want flexible access to available equity. It is not a reverse mortgage and includes lender-defined terms, payment requirements, and eligibility criteria.
A 2nd Lien Interest-Only HELOC is a second mortgage product that may provide access to home equity with interest-only payment requirements. Terms, pricing, and eligibility are determined by lender guidelines and borrower profile.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
