We have the Choice Product which is an excellent alternative to the HECM
The HECM or home equity conversion mortgage is the original Reverse mortgage. It is sort of a FHA hybrid except the mortgage is not going forward, it is in reverse. Also, FHA has never been very condominium friendly, mostly just owner occupied single family residences.
Now we have a new hybrid that is sort of the Fannie Mae/Freddie Mac like option that is completely condo friendly. This opens up a whole new market for Owner occupied high value condos up and down the ocean and the intracoastal
Some lenders used to put a minimum on these types of loans but now we are opened to all scenarios for borrowers 55 and over
Give us a call and we will do the math for your specific scanario