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THE AD V ANT A GE D IFFEREN CE
HECM Advantage
Age 62 or older Age 60* or older
Own your home Own your home
Requires substantial home equity Requires substantial home equity
Counseling required Counseling required
Financial assessment required Financial assessment required
Max claim amount of $822,375** $10 million
Top loan amount (% of $822,375**) Up to $4 million
Upfront and annual insurance premiums No mortgage insurance premiums
Non-recourse loan Non-recourse loan
Maintain home, pay property taxes, Maintain home, pay property taxes,
and homeowners insurance and homeowners insurance
*The Advantage product options have a minimum age requirement of 60 in all states, with the exception of UT and TX in which the minimum
age requirement is 62. **HECM loan principal is calculated as a percentage of appraised value or $822,375, whichever is less.
