Two types of Reverse Mortgage loans:
First: FHA “HECM” home equity conversion mortgage.
Second: Proprietary, or Lender backed loans. AKA, “Jumbo Reverse.”
Both types are offered as fixed rate and as ARM’s (adjustable rate.)
Loan Limits:
FHA HECM: $970,800 (2022)
Proprietary: Up to $9,000,000.
Both loans have principal limits (% Available) based on age and interest rate.
Two Examples That Might Interest You