Page 7 - 2019 Retail Info Kit - Jumbo Booklet
P. 7
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
Home value limit of $765,600* $10 million
Top loan amount (% of $765,600*) 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 $765,600, whichever is less.
**To be eligible for the Advantage Fixed or Advantage Flex, borrowers must be at least age 60 at time of loan closing. 7
Advantage Select borrowers must be at least age 62 at time of closing. Residents of Utah and Texas must be at least age 62 at time of closing for all products.
