Which Reverse Mortgage is Right for you?
Reverse Mortgage Loan Options
EquityPower Reverse Mortgage
EquityPower is Nationwide Equities’ private reverse mortgage loan program that allows homeowners to make the most of their home equity. EquityPower offers significant advantages over the HECM, including higher loan amounts, lower costs (NO MIP!) and greater flexibility. Whether your goals include accessing more of your hard-earned money or reducing monthly expenses, an EquityPower reverse mortgage may be the solution you’ve been looking for.
Home Equity Conversion Mortgage (HECM)
A reverse mortgage, or HECM (Home Equity Conversion Mortgage), is a loan that enables homeowners, who are at least 62 years old, to convert part of their home equity into cash. With a HECM reverse mortgage, borrowers will continue to live in and own the home, except no monthly mortgage payments will be required! However, just like a traditional loan, borrowers are still required to pay their property taxes, homeowners insurance, home maintenance, and comply with all the loan terms.
Reverse Mortgage Refinance
Reverse Mortgage for Purchase
Did you know you can purchase your next home with a reverse mortgage? A Reverse Mortgage for Purchase enables seniors to purchase a new primary residence and obtain a reverse mortgage within a single transaction. This allows buyers to combine their reverse mortgage proceeds with either the proceeds from their current home sale or other assets, to purchase their new home and have no requirement monthly mortgage payments on the new property! They must still pay their property taxes, homeowners insurance, and maintain the condition of the home.
