Page 7 - AAG094 Jumbo Booklet
P. 7
THE AD V ANT A GE D IFFEREN CE
HECM Advantage
Age 62 or older Age 62 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 $3 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.
