Also known as the Federally insurced H.E.C.M. or Home Equity Conversion Mortgage. You can access your equity in a variety of ways. A line of credit (the most popular), a lump sum payment or even a "tenure" monthly payment (works like an anuity). All three options allow you to pay-off any exisiting mortgages and provide you with "tax free" income.
"Advantage" JUMBO Reverse Mortgage: Ideal for properties with a value from $1.5 Million to $6 Million. Fixed Interest Rate with access to all loan proceeds in one lump sum. No monthly payments. Tap into a new income stream.
Purchase your dream home with a Reverse Mortgage and enjoy NO mortgage payments for LIFE! With a Home Equity Conversion Mortgage for purchase or a Jumbo Reverse Mortgage purchase, you can buy MORE "home" without the added payment.
How much Home Equity Insurance can I get?