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Which Reverse Mortgage Solution is Right for You?

= Program Features FHA Home Equity
Conversion Mortgage 		Fannie Mae
HomeKeeper 		Financial Freedom™
Cash Account™

Sponsored By:

  • HUD
  • Fannie Mae
  • Financial Freedom
  • Senoir Funding Corporation, a subsidiary of IndyMac Bank, FSB

Flexible borrowing options, including:

  • Cash
  • Monthly Income
  • Line of Credit
  • or a combination of all of the above

Convenient payment schedules:

  • Select from a variety of options
  • Change plan any time for a nominal fee
  • No repayment required as long as the home is the borrower's primary residence
  • Lender receives payment only when the home is sold
  • Homeowner's estate collects difference between mortgage amount and sale price
  • Never owe more than your home's value
  • Fine options to choose from
  • Three options to choose from

Age Eligibility:

  • Homeowner must be 62 or older

Home Type Eligibility:

  • Must be a primary residence
  • Must be owner-occupied
  • Single-family detached homes
  • Condos
  • 1-4 unit home (if one unit is the borrower’s residence)
  • HUD-FHA approved Planned Development Units
  • Mobile or manufactured homes that meet HUD guidelines
  • Cooperatives that meet HUD guidelines
  • Eligible properties must meet minimum standards but borrower may fund needed repairs in the loan.
  • PUD that meets standard Fannie Mae guidelines
  • Often applies to unusual properties or residential circumstances prohibited by FHA and or Fannie Mae.
  • Manufactured homes
  • PUD
  • Co-ops (New York only)

Home Value Eligibility:

  • No maximum home value
  • Eligibility depends on the homeowner’s age, current interest rate and other loan fees and the home appraisal value, plus FHA mortgage limits for the location
  • The maximum you may borrow depends on the number and ages of the borrowers and the adjusted property value, which is the lesser of the appraised value of your home or the Fannie Mae loan limit, revised annually.
  • Minimum home value at origination: $75,000
  • No maximum home value

State Availability:

  • MD, DC, VA, DE
  • All States
  • All States

Borrowing / Lending Limits:

  • From $172,632 to $312,895
  • Limit varies by location and adjusts yearly
  • Available balance on line of credit grows annually
  • $359,650 limit
  • Adjusts yearly
  • Basically, no maximum loan limit home value or loan limit

Upfront Fees:

  • Includes origination and application fees, points, closing costs, service fees
  • Loan origination and closing costs apply - may be financed by the loan
  • A monthly servicing applies and added to the loan balance
  • Loan origination and closing costs apply - may be financed by the loan
  • A monthly servicing applies and added to the loan balance
  • Standard Option includes origination fee, a percentage of home value with a cap of 2%
  • No origination fees or closing costs on Simply Zero Option
  • Zero Point Option includes third-party closing costs with a  $3,500 cap
  • Servicing fee applies and financed on the loan account monthly
  • No service fees for borrowers in Illinois and

Income, Credit Eligibility:

  • No income verification or qualification. No credit qualification required.

Introductory Rate:

  • n/a
  • n/a
  • Special six-month introductory rate (6 month LIBOR [index] + 4.5% [margin])

Term:

  • Fixed, according to loan/option guidelines

Fund availability and restrictions:

  • Funds are available as cash payment, line of credit, or monthly income for a fixed term or as long as the borrower lives in the home
  • Use of loan proceeds is not restricted
  • 100% of funds available at closing with Simply Zero™ Option
  • Zero Point™ Option offers 75% of loan available at closing with minimum draw of $500
  • On Standard Option, 100% available as revolving line of credit - unused line of credit increases 5% annually and $500 minimum withdrawal.

Prepayment Penalty or Restrictions :

  • No prepayment penalties or restrictions
  • Allows full prepayment without penalty.
  • Partial prepayment prohibited during first five years of loan.

Effect on government benefits:

  • Social Security, Medicare, Medicaid, MediCal and SSI eligibility usually are not affected, but check with your financial or tax advisor and Social Security Administration office to be sure

Tax effect :

  • Loan proceeds and any line of credit advances are not taxable

Required counseling:

  • To qualify, a homeowner must receive consumer education and counseling
  • By a HUD-FHA approved HECM counselor
  • From a qualifying nonprofit counselor or a Fannie Mae counselor
  • By an independent counselor

 

Quick Application: Give Answers, Get Pre-Qualified

Ready to get started? Simply complete the form below and one of MortgageEase's expert loan counselors will contact you within 1 hour to complete your paperwork and start the Pre-Qualification process.

First Name:
 Last Name:
 Email Address:

(ie. name@website.com)
Home Phone:

(ie. xxx-xxx-xxxx) 		Work Phone:

(ie. xxx-xxx-xxxx) 		Loan Amount :

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