Fannie Mae Home Keeper® Reverse Mortgage
A Home Keeper® reverse mortgage is Fannie Mae's conventional market alternative to the Home Equity Conversion Mortgage (HECM). It is a government-sponsored enterprise program and works like a HECM loan in many ways. However, a Home Keeper® reverse mortgage addresses a few needs that are not met by HECM loans, such as individuals with higher property values, condominium owners, and seniors wishing to use a reverse mortgage to purchase a new home.
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The current (2007) lending limit with a Home Keeper® reverse mortgage is $41
Fannie Mae Home Keeper® Reverse Mortgage: Frequently Asked Questions
Q. What types of homes are eligible for a Fannie Mae Home Keeper® reverse mortgage?
A. Home types eligible for Home Keeper reverse mortgages include single-family homes, condominiums, and units in qualified planned unit developments.
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Q. How do Home Keeper reverse mortgage loan limits compare to those of HECM loans?
A. Home Keeper reverse mortgages can be larger than HECMs because Fannie Mae's maximum lending limit - $417,000 for 2007 - is larger than the highest locally applied FHA mortgage limit.
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Q. In what ways may I receive money from a Home Keeper reverse mortgage?
A. You may choose to receive money from a Home Keeper reverse mortgage in the same way you may receive funds from a HECM loan: as fixed monthly payments for life (i.e., for as long as the borrower occupies the home as his/her principal residence; as a line of credit with no growth; or a combination of monthly payments and line of credit).
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Q. How are the interest rates computed for a Home Keeper reverse mortgage?
A. The HECM rates are based on the variable CD (Certificate of Deposit) interest rate plus margin and is adjusted monthly