The Reverse Mortgage Showdown: HECM vs. Proprietary Reverse Mortgages
Unlock retirement flexibility and discover financial freedom with reverse mortgages! 🏡 In this episode of Reverse Mortgage Radio, I dive into the key differences between FHA-insured HECM (Home Equity Conversion Mortgage) loans and proprietary reverse mortgages. Whether you're looking to tap into your home equity, reduce monthly expenses, or explore retirement strategies, I break it all down to help you make the best decision for your future. Learn how proprietary reverse mortgages can open new doors for homeowners as young as 55, offer options for non-FHA-approved condos, and provide flexibility for high-value homes. I also explain why an FHA-insured HECM may still be the best choice for long-term financial security. Both programs provide powerful tools to unlock the full potential of your home equity for a stress-free retirement. Have questions about reverse mortgages or which option suits you best? I’m here to help! Call me directly at 303-467-7821 or visit my website at ReverseMortgageRadio.net for a free Colorado Consumer Guide and personalized advice tailored to your unique financial goals. Let’s work together to create a retirement plan that brings you clarity, confidence, and peace of mind. Bruce Simmons, NMLS #49914, Reverse Mortgage Manager at American Liberty Mortgage – Your trusted expert in reverse mortgages across the Colorado Front Range. Regulated by DORA and an Equal Housing Lender. #fhavsproprietary #fhareversemortgage #hecm #hecmloan #reversemortgagelineofcredit CHAPTERS: 00:00 - Intro 00:40 - HECM vs Proprietary Reverse Mortgages 03:14 - Overview of HECM 04:35 - HECM and Proprietary Similarities 07:11 - Key Differences in Reverse Mortgages 12:17 - Proprietary Reverse Mortgage Rates 14:04 - Non-FHA Approved Condos Explained 15:01 - Small Loan Amounts in Reverse Mortgages 16:57 - No FHA Mortgage Insurance Benefits 20:40 - Short Term Uses of Proprietary Reverse Mortgages 22:37 - Choosing the Best Reverse Mortgage 23:02 - Drawbacks of Proprietary Reverse Mortgages 25:25 - HECM vs Proprietary Reverse Mortgages 26:50 - Contact Bruce
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