Reverse Mortgage Guide

Much of the attention given to reverse mortgages concerns the FHA HECM program. Given its popularity, the FHA program deserves a lot of public scrutiny, but there is another program which is also worth looking at, the Fannie Mae Home Keeper program.

Fannie Mae has an interesting description of the program on line (press here). Of particular interest is how the size of monthly payments increases as one ages — if you have a $300,000 reverse mortgage at age 65 you could get $405 a month, but $1,609 at age 85.

There are calculators online which compare the programs, but for full details you need to speak with reverse mortgage lenders.

As always, and as we say with all reverse mortgage products, please speak with an attorney who specializes in elder law before signing up for any program.

This entry was posted on Thursday, August 9th, 2007 at 4:03 am and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.