Reverse mortgage lenders compete for clients

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Presuming you own and live in a qualifying residence, the next step is to consider which reverse mortgage lender is best for you. 1 – FHA HOME EQUITY CONVERSION MORTGAGE (HECM). Approximately 90 percent of new reverse mortgages being originated today are insured by FHA. Called HECM loans, these reverse mortgages have low FHA loan limits, which vary by county (currently $160,176 in low-housing-cost counties and up to $290,319 in high-cost areas for 2004). There are higher limits for two-, three-, and four-family owner-occupied buildings, as well as in Alaska, Guam, Hawaii, and the U.S. Virgin Islands. FHA/HECM reverse mortgages are available in all states (except the credit line alternative is not available in Texas). Purchase Bob Bruss reports online. FHA/HECM reverse mortgages have adjustable interest rates, tied to the one-year U.S. Treasury bill index. The borrower can select annual or monthly adjustments; the annual adjustment is the T-bill rate, plus 2.1 percent, whereas ...