Page 7 - Retail Jumbo Booklet
P. 7
THE AD V ANT A GE D IFFEREN CE
HECM Advantage
Age 62 or older Age 55 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 $970,800* $10 million
Top loan amount (% of $970,800*) 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
*HECM loan principal is calculated as a percentage of appraised value or $970,800, whichever is less.
**The Advantage product options have a minimum age requirement of 55 in all states, with the exception of NY, and WA 7
in which the minimum age is 60, and UT, NC, and TX in which the minimum age requirement is 62.
