- Home Equity Conversion Mortgage 125
- The Cash Account Advantage®
- The Generation Plus™ Reverse Mortgage**
For more information, please call David Cohn, Vice President at (312) 491-7124 or Wayne Landon at (312) 491-7206.
Home Equity Conversion Mortgage 125
Reverse Mortgage Loan Rates are set by the Federal Government and generally do not vary between banks.
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Reverse Mortgage Loan Rates |
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Type
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Rate
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HECM 125: Adjusted Monthly
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Please call
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HECM: Adjusted Annually
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Please call
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HECM Libor
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Please call
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HECM Fixed
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Please call
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| Rate effective as of | |
The rates vary depending on the program you choose. The Home Equity Conversion Mortgage, (HECM) program, sponsored by the FHA, is the most popular. Annual Percentage Rates are reviewed weekly. Once closed, the rate on your reverse mortgage will change either monthly or annually, depending on the type of loan you chose. Rates are variable, based on the T-Bill interest rate plus a margin.
When comparing reverse mortgages, your loan officer will use specially developed software to help you choose the best plan for your situation. The amount available for use depends on your age, the value of the home and the equity in your home.
For more information about reverse mortgages, please visit aarp.org/revmort.
*Consult your tax accountant regarding deductibility of interest.
The Cash Account Advantage® Reverse Mortgage*
The Cash Account Advantage® is well-suited for seniors with high-valued homes. They gain substantial access to their home equity and have a wide range of choices on how best to use their reverse mortgage.
*Cash Account is a trademark of Financial Freedom.
*Consult your tax accountant regarding deductibility of interest.
The Generation Plus™ Reverse Mortgage**
The Generation Plus™ Reverse Mortgage offers seniors incredible benefits on their high-valued homes. Interest rates are favorable and the line of credit grows at the initial note rate. This program also includes several Closing Cost and Optional Initial Draw plans.
**Generation Plus is a trademark of Generation Mortgage.
Both the Cash Account Advantage® and Generation Plus™ Reverse Mortgage can be used for these types of homes. (They can also be used for a home purchase or to access equity in a second home.)
Eligible home types include:
- Owner occupied single family
- 1-4 Unit, Condo
- PUD
- Manufactured homes
- Co-Ops (NY only)
- "Gentleman" Farms
- Excess Acreage Property may be eligible when reviewed on a case by case basis.
Since each borrower is unique, our Reverse Mortgage Specialist will explain each program’s benefits to find the Reverse Mortgage that’s perfect for you.
*Consult your tax accountant regarding deductibility of interest.
