The Different Types of Reverse Mortgages
There are three primary types of reverse mortgages:
- Home Equity Conversion Mortgages (HECMs): Federally insured and the most common type.
- Evoque Specialty Program (Proprietary Reverse Mortgage): Offered by Evoque Lending Reverse for high-value homes.
- Purchase Reverse Mortgages: Provided for eligible clients looking to purchase a new home and eliminate mortgage payments.
Case Study:
Luis owned a luxury property that exceeded the HECM limits. He opted for the Evoque Specialty Program (Proprietary Reverse Mortgage), which allowed him to access a significant portion of his home equity and maintain his lifestyle.
It benefits you to be well-informed. Should you have any further questions or need clarification, our seasoned licensed reverse mortgage specialists are available to go over any details you like.
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