866 751.6105 Reverse Mortgage Loans

HECM Saver

The HECM Saver Reverse Mortgage loan is intended for consumers seeking lower loan closing costs and is designed for those who would like to borrow a smaller amount than what is currently available with the HECM Standard.

For consumers who want low up-front closing costs and no monthly loan payment they may choose to go with a HECM Saver over a Home Equity Line of Credit (HELOC). The HECM Saver features a lower initial Mortgage Insurance Premium (MIP) of .01% of the loan amount, where the HECM Standard requires a 2.0% MIP.

Preservation of equity – The amount of equity you can access with the HECM Saver is less than with the HECM Standard, leaving you with more equity in your home!