I have been getting a lot of questions about the basics of Reverse Mortgages, so I decided that I will start from scratch for the people who don't want to scroll all the way down looking for old posts.
First- The two types of Reverse Mortgages
The most common Reverse Mortgage is a Home Equity Conversion Mortgage or HECM. This is an FHA product that is best for any refinance of a primary residence property worth under $600,000 that is not a co-op.
The other product is a Jumbo or Propietary product from any one of about ten different lenders. It is for any purchase, second homes, co-ops or for properties worth more than $600,000 (and a few other scenarios)
Tommorow we'll discuss Who should and who shouldn't take a Reverse Mortgage.
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