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We Are Here To Educate You!

There are 3 Different Types of Reverse Mortgages

HECM (Home Equity Conversion Mortgage)

The only reverse mortgage insured by the U.S. Federal Government. The HECM enables borrowers to withdraw a portion of their home's equity. The amount that will be available for withdrawal varies by borrower.

One borrower must be 62 years or older.

Platinum Proprietary Product

A proprietary reverse mortgage is a private loan that allows you to convert a portion of your home’s equity into cash. As private loans, proprietary reverse mortgages are offered and insured by private lenders and are not backed by the government. These loans are also known as jumbo reverse mortgages, since lenders can lend amounts larger than the federal limit.

All borrowers on loan must be 55 years or older

HECM For Purchase

HECM for purchase is a home equity conversion mortgage where a borrower comes in with proceeds from the sale of a home as a down payment. They utilize the reverse product to fund the rest of the home to give them no monthly mortgage payment. This is a very popular product for upsizing, downsizing or relocation.

How a home equity conversion mortgage compares to a conventional mortgage:


  • Homeowner maintains title and ownership

  • Homeowner is responsible for taxes, insurance and maintenance

  • Loans are secured by notes and deeds

  • Closing costs are similar for a HECM & traditional mortgage


  • No monthly mortgage payments are required with a reverse mortgage

  • HECM credit line can never be reduced; it’s guaranteed to increase over time, regardless of loan balance or home value

  • Borrower can never be required to repay more than the home is worth (non-recourse loan), and pays a modest FHA insurance premium to gain these benefits

  • Borrowers must be 62 in order to apply for a reverse mortgage

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