the British are coming, the British are coming...so said Paul Revere
well, the proprietary reverse mortgages are coming doesn't play as well, except that they are, and they will.
so, what are they?
a proprietary reverse mortgage, in essence, is a reverse mortgage product tailored to meet the needs of the Senior population, and to offer many and significant different options than the FHA HECM, the standard bearer in the Reverse Mortgage arena.
are they needed?
well give us some examples why, jay...okay
First, we all know that FHA is not necessarily Condo friendly, but proprietary reverse mortgages, in most cases address this and will give access to financing condominiums that the HECM won't.
Second, what about jumbo's? the HECM's property value limit is $679,000 and some change, but the propriety reverses offer options to $4-5 million.
now i could go on with many more examples, but that would be a small book, not a blog, but you get the idea
So my final suggestion is, as always, if you need more information about reverse mortgages, find yourself a knowledgable, well trained Reverse Mortgage Planner that you can TRUST!
did i mention that one of the programs will accept youngins who are only 60 years old