The first, named an excellent HECM opposite mortgage (or 280-b), try an interest rate which is manufactured in conformity on the standards of the home Equity Transformation Mortgage system work because of the Government Housing Government. HECMs are definitely the only reverse mortgage loans insured because of the Federal government. Another, known as a proprietary reverse mortgage, are a mortgage loan that’s built in conformity with the criteria of new York’s Houses Laws Part 280, otherwise 280-a great. Region 79 relates to both exclusive and you will HECM opposite mortgage loans.

One distinction between good HECM and you can exclusive opposite mortgage inquiries the most loan amount readily available around each type out-of loan. (más…)