HECM SAVER
Since, its inception over twenty years ago, the HECM or Reverse Mortgage program has often been criticized for its high closing fees. As a result, The HECM Saver was created as a lower-cost alternative to the traditional or Standard reverse mortgage product offerings. Similar in all aspects to the workings of a Standard reverse mortgage, the main difference is the Saver provides a lower amount of money (anywhere from 10-20% less, depending on age), along with significantly lower costs, to the borrower. The significant reduction in cost with obtaining a HECM Saver, is in the calculation of the upfront MIP (Mortgage Insurance Premium). The premium on the Standard is 2% of the appraised home value or $625,500 lending limit - which can max out at $12,510. On the Saver, the premium is only .01% (a $400,000 home value would have an upfront MIP of $40.00, compared to $8,000 on the Standard). This is a huge difference.
  IF YOU WANT TO:THEN CONSIDER:

 

HECM STANDARD

HECM SAVER

Save money by paying lower up-front costs

 

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Borrow the most money that's available to you

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Stay in your home for only a few more years

 

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Stay in your home for foreseeable future

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Purchase a home using a reverse mortgage

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Enjoy flexibility in how you access your money

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Have Senior Finance give you a HECM SAVER quote:

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