Reverse mortgages, loans for people age 62 and older, allow seniors to. only insures certain types of reverse mortgages, called Home Equity.

Interest Rates On Reverse Mortgages Reverse mortgage interest rates – Quontic Bank – A reverse mortgage loan officer at Quontic Bank will fully disclose the various interest rates, costs and fees that are associated with the different types of reverse mortgage products. To schedule your consultation or to get a free quote, call Quontic Bank today at 1-800-388-7689 .

For more information about different types of reverse mortgages, see this HUD website. Christopher Maag is Credit.com’s Staff Writer. Chris graduated with honors from the Columbia University Graduate.

There are two basic types of reverse mortgage products: Proprietary products offered under lender-specific criteria, and Reserve mortgage products, insured by the federal housing administration (FHA) called "home equity conversion mortgages" or HECM. HECM’s account for approximately 90 percent of all reverse mortgages.

The 5 Types of Reverse Mortgages. A reverse mortgage is a home loan that allows senior homeowners aged 62 years or older to convert the equity in their home into cash. One of the most difficult decisions seniors face when taking out a reverse mortgage is which of the five different types of reverse mortgages in California to use.

Reverse mortgages are designed for older homeowners who want to access their home equity (the wealth stored in their homes). In order to get a reverse mortgage you must be at least 62 years old and have paid off most, or all, of your mortgage. Unlike traditional mortgages, reverse mortgages do not require monthly mortgage payments.

There are three different sources of the HECM. A loan product developed by a private lender, a local government agency or nonprofit organization, and the Federal Housing Administration. There are also.

5. Adjustable-rate mortgages; 1. Conventional mortgages. A conventional mortgage is a home loan that’s not insured by the federal government. There are two types of conventional loans.

This is a big advantage of reverse mortgages over any other type of loan.. monthly payments, or a combination of different kinds of payments.

Federally insured reverse mortgages, which are known as Home Equity Conversion Mortgages (HECMs), and are backed by the U.S. Department of Housing and Urban Development (HUD); and; proprietary reverse mortgages, which are private loans that are backed by the companies that develop them. Single-purpose reverse mortgages generally have lower costs.

There are three different types of reverse mortgages: Single-Purpose Reverse Mortgages are sometimes offered by nonprofit groups or local or state governments. As the name implies, the funds are often limited to a single purpose, such as home renovation or property taxes. Additionally, homeowners must qualify with certain income restrictions.

Fha Home Equity Conversion Mortgage What is a Reverse Mortgage Explained – Definition & Rules – A reverse mortgage, also known as the home equity conversion mortgage (hecm) in the United States, is a financial product for homeowners 62 or older who have accumulated home equity and want to use this to supplement retirement income. Unlike a conventional forward mortgage, there are no monthly mortgage payments to make. Borrowers are still responsible for paying taxes and.