HECM vs. Proprietary Reverse Mortgages: Which One Is Right for You?
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HECM vs. Proprietary Reverse Mortgages: Which One Is Right for You?
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Ninety-five percent of the time, I talk about the FHA-insured reverse mortgage — the Home Equity Conversion Mortgage, or HECM. But this year, I've done more non-FHA, proprietary reverse mortgages than I have in the last five years combined. And I want to explain why.
In this episode, I compare the HECM and proprietary reverse mortgages in plain language. I cover how they're the same — no required monthly payments, non-recourse protection, and the same five responsibilities — and then I dig into the differences that actually matter: minimum ages, how much money you can access, the 60% initial disbursement rule, origination fees, mortgage insurance, interest rates, condos, debt payoff, declining markets, and the line of credit guarantee.
The short version? For most people, long term, the FHA-insured HECM is the better situation. But there are a lot of reasons it might not work for you — and that's exactly why I'm here to help you compare programs side by side. If you've ever wondered which type of reverse mortgage fits your situation, this episode is for you.