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Reverse Mortgage Loan Options |
| OmniHome offers several flexible Reverse Mortgage products that can be customized to meet your financial needs and objectives. Our qualified mortgage representatives will work with you, your family, and/or your financial advisors to help you make the right decision and choose the reverse mortgage product that best suits your needs. |
FHA - HECM (Home Equity Conversion Mortgage) By far the most popular program, representing 95% of all Reverse Mortgage transactions. This plan provides either cash, a line of credit* or monthly income or a combination of all three as long as you qualify. Seniors enjoy the flexibility that this plan offers. Features and Benefits: |
Home Keeper by Fannie Mae This reverse mortgage program allows for a larger maximum lending limit than the HECM and is largely used for use of CO-OP properties in certain states. This plan provides cash, a line of credit* or monthly income or any combination of all three as long as you qualify. Features and Benefits: |
Cash Account Advantage® Plan Financial Freedom's proprietary Cash Account Advantage Plan reverse mortgages have been designed especially for senior with substantial home equity or higher-valued homes. No other reverse mortgage lender offers a jumbo loan product comparable to the Cash Account Advantage Plan and its options. Financial Freedom Cash Account Advantage Plan reverse mortgages have virtually no limit on home value or the amount of the loan. As a result, the amount of money available to the homeowner may be substantially greater with a Cash Account Advantage Plan reverse mortgage than with other options. Cash Account Advantage Plan features a number of options that allow you to maximize the benefits depending on your unique needs, including eliminating upfront fees and closing costs. Currently there are three available options: the Credit Line Option, the Combo Option, and the Cash Out Option. With all Cash Account Advantage Plan reverse mortgage options, the rate is reset semiannually; there is also a lifetime interest rate cap. A servicing fee is automatically financed on the account each month; there is no such fee in Illinois and Maryland. In addition, there is no equity or appreciation sharing and no maturity fee. Available for all Cash Account Options, Equity Choice Feature allows the borrower to limit the loan obligation to a stated percentage of the full market value of the home resulting in the amount of the loan or line of credit being less than the amount for which the borrower otherwise qualifies. Borrowers may choose to protect a minimum of 10% and a maximum of 50% of their home equity. This permits greater flexibility assuring a percentage of equity remaining to benefit the borrower or heirs upon loan maturity |
