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We maintain this list for our own use but thought it might have value to others as well. It’s accurate to the best of our knowledge, but programs can and do change, so always check with the lender for the most up-to-date facts. If you see any incorrect information or know of additional programs that should be listed, let as know and we will make the necessary changes.
Reverse Mortgage Products (List Updated Thru 6/14/07) |
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| Product Link | FHA Insured? | Lender | Phone | Type | Index | Margin | Rate Adjustment | Comments |
|---|---|---|---|---|---|---|---|---|
| Home Equity Conversion Mortgage Variations | ||||||||
| HECM | Yes | All | Various | Variable | 1 Year UST | 1.500% | Monthly | Standard HECM |
| HECM 100 | Yes | BNY Mortgage | 800-269-6797 | Variable | 1 Year UST | 1.000% | Monthly | HECM with Reduced Margin |
| HECM +100 | Yes | Wells Fargo | 877-937-9357 | Variable | 1 Year UST | 1.000% | Monthly | HECM with Reduced Margin |
| HECM Advantage | Yes | Financial Freedom | 800-500-5150 | Variable | 10 Year UST | Ranges From 1.00% - 1.12% | Monthly | HECM with Reduced Margin |
| New Generation HECM | Yes | BNY Mortgage | 800-269-6797 | Fixed | Rate Approximates 30-yr Traditional Mortgage Rate | None | N/A | HECM w/Fixed Rate - Required to Draw 100% at Closing |
| Fixed4Life | Yes | 1st Reverse Financial | 877-574-1000 | Fixed | Rate Approximates 30-yr Traditional Mortgage Rate | None | N/A | Same as BNY Fixed - Private Label |
| Proprietary Reverse Mortgage Products | ||||||||
| Fixed Prime Advantage | No | BNY Mortgage | 800-269-6797 | Fixed | Prime Rate | 0.990% | N/A | |
| Simple Equity | No | Countrywide | 866-466-3702 | Variable | ? | ? | ? | Jumbo Reverse Mortgage |
| Cash Account Advantage | No | Financial Freedom | 800-500-5150 | Variable | 6 month LIBOR | 3.50% | Semi-Annual | Jumbo Reverse Mortgage (Variations: Standard, Zero Point, Simple Zero)" |
| Generation Plus | No | Generation Plus | 866-733-6086 | Variable | 1 month LIBOR | 3.125% | Monthly | Jumbo Reverse Mortgage |
| Independence Plan | No | Seattle Mortgage | 800-489-0986 | Variable | 6 month LIBOR | Options: 3.60% or 2.10% | Semi-Annual | Jumbo Reverse Mortgage |
| Cash Keeper | No | Sun West Mortgage | 877-738-7962 | Variable | 1 month LIBOR | Options: 3.50% or 3.25% | Monthly | Jumbo Reverse Mortgage - Can be Used for Reverse Mortgage on 2nd Home | Other Products |
| HomeKeeper | No | All | 800-732-6643 | Variable | 1Year CD | 3.400% | Monthly | Little Used - Makes Sense for Small Niche of Borrowers |
| Family Advantage | No | Inter Family | 800-805-2472 | N/A | N/A | N/A | N/A | Not a Reverse Mortgage But Loan Servicing for DIY Reverse Mortgage |
| The Rex Agreement | No | Rex & Co. | 866-876-6778 | N/A | N/A | N/A | N/A | An agreement that gives homeowners a portion of their home's equity in cash today in exchange for the right of REX & Co. to share in the future increase or decrease in the home's value. |
| Equity Key | No | Equity Appreciation Sharing - Not a Loan | 877-234-4635 | N/A | N/A | N/A | N/A | EquityKey believes a 50% share in your home's future appreciation will be worth more than the amount it pays you to participate. We provide the cash you need today and look forward to sharing with you in the growth of tomorrow. | Products No Longer Available |
| Life Plan | No | Virtual Bank | 866-364-4824 | Variable | 1 Year UST | 2.000% | Monthly | |
| Prime Life | No | Virtual Bank | 866-364-4824 | Variable | Prime Rate | 0.500% | Monthly | |
| MEGA Life | No | Virtual Bank | 866-364-4824 | Variable | 6 month LIBOR | 3.500% | Semi-Annual | Jumbo Reverse Mortgage |
