There are now several types of reverse mortgages varying in minimum age requirements, lender fees and loan type. A reverse mortgage broker carries all types of reverse mortgages, but not all reverse mortgage lenders are brokers which can at times, limit your loan options.
New reverse mortgage loan options include: A minimum age requirement of 55 years, a jumbo reverse mortgage loan amounts up to $4 million, low fee options, and just recently a hybrid forward/reverse loan where in exchange for making partial interest only payments for the first 10 years of the loan, you receive a higher loan amount. It is truly innovative. Some loans (HECM) carry upfront and monthly mortgage insurance, and other reverse mortgages do not.
All of these loan options are covered in a detailed video on my YouTube channel, click here to watch the video on the types of reverse mortgages available or you can go to the above paragraph and click the link for each one for more information.
So which reverse mortgage is better for your situation? It all depends on your family dynamics and financial situation. Regardless, it is important that you know that reverse mortgages are constantly evolving and having a reverse mortgage broker, or lender, who has access to every program available on the market, is critically important to you and your family so that you have a full menu of reverse mortgage loan options.
I have access to all the above reverse mortgage loan programs. Feel free to contact me with questions by leaving a question or comment below with concerns on how any of these loans work, I am here to help!
Again, here’s the video to watch the types of reverse mortgages highlighting the HECM, non-HECM and Hybrid reverse mortgage.
Best,
KW