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HECM Reverse Mortgage Products

The Home Equity Conversion Mortgage (HECM) is the oldest and most common reverse mortgage and is insured by the federal government through the Federal Housing Administration (FHA).

There are three types of HECM loans - the HECM Standard, HECM Saver and HECM for Purchase.

HECM Standard or HECM Saver

  • The Standard Program is the oldest and most widely known reverse mortgage. More loan proceeds may be available with this option. However, the upfront fees may be higher.
  • The Saver Program differs from the traditional Standard Reverse Mortgage program in that seniors are charged significantly lower upfront fees. However, the lower upfront fees do result in less money being available to the borrower than is available under the Standard Reverse Mortgage.

HECM for Purchase

A Reverse Mortgage for Purchase, also known as a Home Equity Conversion Mortgage for purchase, is a loan allowing seniors 62 years of age or older to purchase a home while enjoying the advantage of no monthly principal and interest mortgage payments. In lieu of making monthly principal and interest mortgage payments, interest accrues monthly and is added to the loan balance. This FHA insured loan requires you to make a down payment based on the FHA program guidelines and calculation model.

A REVERSE MORTGAGE FOR PURCHASE PROVIDES OPTIONS A TRADITIONAL MORTGAGE MAY NOT:

  • Purchase your dream home with no monthly principal and interest mortgage payments, and as the homeowner you will...
    • Pay property taxes and insurance as these are not escrowed
    • Maintain the home to FHA minimum property standards
    • Live in the home as your primary residence
  • Increase your potential purchasing power
  • Downsize to more affordable living
  • Relocate to be closer to family
  • Retire and relax in an updated or remodeled home

PAYOUT OPTIONS

  • Lump Sum: The cash will be available to you immediately at the funding of your reverse mortgage for your entire qualified amount.
  • Monthly Draw: Receive funds each month.
  • Term Payment: Receive equal monthly payments for a fixed period.
  • Hold in reserve as a credit line: This option allows you to customize when and how much is paid to you - changing over time as your needs change.
  • Combination: Blend of the options listed above.
  • Good to Know: Lump sum and others disbursement options may affect your ability to receive public benefits.

 

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Generation Mortgage Company | A Reverse Mortgage Company for Seniors 62 and Over

NMLS #1319; Corporate Office: 3565 Piedmont Rd, NE, 3 Piedmont Center, Ste 300, Atlanta, GA 30305; Arizona Mortgage Banker License #0909296, 2190 N. 77th Street, Scottsdale, AZ 85255; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; Colorado, To check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Georgia Residential Mortgage Licensee #22292, Generation Mortgage Company, 3565 Piedmont Rd, NE, 3 Piedmont Ctr, Ste 300, Atlanta, GA 30305; Illinois Residential Mortgage Licensee #MB.6760368; Kansas Licensed Mortgage Company #MC.0001660; Massachusetts Mortgage Lender-ML3240; Licensed by the Mississippi Department of Banking & Consumer Finance; Nevada #2970, 907 Tahoe Blvd, Ste 2, Incline Village, NV 89451, Phone # 775-831-0161; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed by the N.J. Department of Banking and Insurance, 51 JFK Parkway, Ste 114, First Floor West, Short Hills, NJ 07078, Phone #973-218-2418; Licensed Mortgage Banker- NYS Department of Financial Services; Oregon License #ML-4445, Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TEXAS: COMPLAINTS REGARDING A LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORTexas-Full Consumer Complaint and Recovery Fund Notice
Figure: 7 TAC § 81.200(c)

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BOR ROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV." SHOULD BE SENT TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. Licensed by the Virginia State Corporation Commission #MC-4832; Washington #CL-1319; Also conducts business in AL, AR, DC, DE, FL, HI, IA, ID, IN, KY, LA, MD, ME, MI, MN, MT, NC, ND, NE, NM, OH, OK, SC, SD, TN (License #3543), UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. Some people portrayed are professional models. ©2013 Generation Mortgage Company. All Rights Reserved.1/2013
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