Depending on their particular situation, different homeowners age 62 and older need different reverse mortgages. Some Senior Homeowners may need to borrower the most money available to them in order to pay down debt, while others may simply want the peace of mind that comes from having money available to enjoy a more comfortable life.
Just as Senior Borrowers are a diverse group with different reverse mortgage needs, there are different Home Equity Conversion Mortgage (HECM) reverse mortgage programs available to meet the unique needs of the Senior Homeowner. Each program has particular features to best suit the Senior Homeowner and their particular need(s).
Here's some information on the HECM Standard Fixed program.
The HECM Standard Fixed allows Senior Borrowers access to more of their home's equity and gives the Senior Borrower maximum borrowing capacity. This program has a fixed interest rate and requires all loan proceeds be taken at closing.
This is a desirable option for those who want or need the most money available to them and want to take a lump sum payment. A great alternative for a lot of folks, but get with someone who specializes in this prior to jumping in!
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