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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 $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.
**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. The Advantage “Select” product option has a minimum age requirement of 62 for all states.
