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What Is a Fannie Mae Home Keeper Reverse Mortgage?


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TERMINOLOGY

The Fannie Mae Home Keeper reverse mortgage is a program that allows seniors to tap into the equity in their homes. This product has made it possible for many individuals to create a source of residual income for themselves. Here are the basics of the Fannie Mae Home Keeper reverse mortgage program.

Accessing Your Money

This type of program allows borrowers to access their money in a few different ways. You can receive regular monthly payments from the borrower. You can also choose to access your money through a line of credit. The third choice that you have is to access your money with a combination of a line of credit and regular payments.

Repayment

With this type of mortgage product, you will not have to make any payments to the lender. If you have received all of your monthly payments from the lender, you will not have to start making payments, and you can live in the property for as long as you want.

Discontinuation

In 2008, the Fannie Mae Home Keeper reverse mortgage program was discontinued for the future. Because of legislative changes, the FHA HECM (Federal Housing Administration Home Equity Conversion Mortgage) program was greatly expanded, and Fannie Mae did not see much point in continuing operation.