Types of Reverse Mortgages

Home Equity Conversion Mortgage (HECM) 
The Home Equity Conversion Mortgage (HECM) is the oldest and most popular reverse mortgage product. Available since 1989 to homeowners 62 or older, HECMs are insured by the federal government through the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development.
There are a variety of different products that are offered by banks.

Financial Freedom Cash Account 
Is no longer available but may be available in the future.

CHIP Reverse Mortgage for Seniors 
Created from a senior’s perspective, a CHIP Reverse Mortgage is a unique home equity borrowing opportunity  but for homeowners in Canada who are age 62 and older.

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