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How does HomeSafe differ from a HECM reverse mortgage?
HomeSafe and HECMs are two types of reverse mortgages designed for different situations. HomeSafe is ideal for homeowners 55+* who want to borrow up to $4 million without paying mortgage insurance or an origination fee. HECMs are available for homeowners 62+, offer loan amounts based on a lower government limit, and have a mortgage insurance requirement.
*For certain HomeSafe products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.
Disclaimer
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
