Types of Reverse Mortgages?


There are several different types of Reverse Mortgage products. There is an product option that will be perfect for your personal situation.

  • TRADITIONAL FIXED Reverse Mortgage is the Lump Sum with a Fixed Interest Rate which maximizes your distribution.
  • FIXED SAVER is a loan with reduced closing cost. The Lump Sum to the borrower is a more conservative distribution but again with a fixed interest rate.
  • LIBOR is an adjustable Rate Line of Credit. Similar to any other line of credit the borrower receives a checkbook and is able to use the distribution where needed only accumulating interest on what is borrowed.
  • LIBOR SAVER is a loan with reduced closing cost. The borrower receives a checkbook and is able to use the distribution where needed. The Rate is adjustable but only accumulates interest on the amount borrowed.
  • TENURE: The borrower will receive a monthly check based on their age and equity. This check is similar to an awards letter distribution as it is sent the same time each month.
  • FIXED TENURE: The borrower can take the amount they qualify for and choose to receive it over a set period of time. For example; they may choose to receive over 10 years the amount they qualify for.