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* Date of Birth

month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec year 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918

* Estimated House Value:

<amount> $30,000 or Less $30,000 – $39,999 $40,000 – $49,999 $50,000 – $59,999 $60,000 – $79,999 $80,000 – $99,999 $100,000 – $119,999 $120,000 – $139,999 $140,000 – $159,999 $160,000 – $179,999 $180,000 – $199,999 $200,000 – $219,999 $220,000 – $239,999 $240,000 – $259,999 $260,000 – $279,999 $280,000 – $299,999 $300,000 – $319,999 $320,000 – $339,999 $340,000 – $359,999 $360,000 – $379,999 $380,000 – $399,999 $400,000 – $419,999 $420,000 – $439,999 $440,000 – $459,999 $460,000 – $479,999 $480,000 – $499,999 $500,000 – $519,999 $520,000 – $539,999 $540,000 – $559,999 $560,000 – $579,999 $580,000 – $599,999 $600,000 – $619,999 $620,000 – $639,999 $640,000 – $659,999 $660,000 – $679,999 $680,000 – $699,999 $700,000 – $719,999 $720,000 – $739,999 $740,000 – $759,999 $760,000 – $779,999 $780,000 – $799,999 $800,000 – $819,999 $820,000 – $839,999 $840,000 – $859,999 $860,000 – $879,999 $880,000 – $899,999 $900,000 – $919,999 $920,000 – $939,999 $940,000 – $959,999 $960,000 – $979,999 $980,000 – $999,999 $1,000,000 – $1,249,999 $1,250,000 – $1,499,999 $1,500,000 – $1,749,999 $1,750,000 – $1,999,999 $2,000,000 – $2,249,999 $2,250,000 – $2,499,999 $2,500,000 – $2,749,999 $2,750,000 – $2,999,999 $3,000,000 – $3,499,999 $3,500,000 – $3,999,999 $4,000,000 – $4,499,999 $4,500,000 – $4,999,999 $5,000,000 – $5,499,999 $5,500,000 – $5,999,999

Mortgage Balance

No Mortgage $1 – $30,000 $30,000 – $39,999 $40,000 – $49,999 $50,000 – $59,999 $60,000 – $79,999 $80,000 – $99,999 $100,000 – $119,999 $120,000 – $139,999 $140,000 – $159,999 $160,000 – $179,999 $180,000 – $199,999 $200,000 – $219,999 $220,000 – $239,999 $240,000 – $259,999 $260,000 – $279,999 $280,000 – $299,999 $300,000 – $319,999 $320,000 – $339,999 $340,000 – $359,999 $360,000 – $379,999 $380,000 – $399,999 $400,000 – $419,999 $420,000 – $439,999 $440,000 – $459,999 $460,000 – $479,999 $480,000 – $499,999 $500,000 – $519,999 $520,000 – $539,999 $540,000 – $559,999 $560,000 – $579,999 $580,000 – $599,999 $600,000 – $619,999 $620,000 – $639,999 $640,000 – $659,999 $660,000 – $679,999 $680,000 – $699,999 $700,000 – $719,999 $720,000 – $739,999 $740,000 – $759,999 $760,000 – $779,999 $780,000 – $799,999 $800,000 – $819,999 $820,000 – $839,999 $840,000 – $859,999 $860,000 – $879,999 $880,000 – $899,999 $900,000 – $919,999 $920,000 – $939,999 $940,000 – $959,999 $960,000 – $979,999 $980,000 – $999,999 $1,000,000 – $1,249,999 $1,250,000 – $1,499,999 $1,500,000 – $1,749,999 $1,750,000 – $1,999,999 $2,000,000 – $2,249,999 $2,250,000 – $2,499,999 $2,500,000 – $2,749,999 $2,750,000 – $2,999,999 $3,000,000 – $3,499,999 $3,500,000 – $3,999,999 $4,000,000 – $4,499,999 $4,500,000 – $4,999,999 $5,000,000 – $5,499,999 $5,500,000 – $5,999,999

The HECM Saver is a newer, low-fee Reverse Mortgage product from the Department of Housing and Urban Affairs (HUD). It was designed for people who are considering getting a Reverse Mortgage, but would do not want to pay the higher upfront fees that are charged on the Standard HECM Reverse Mortgage.

While the fees on a Reverse Mortgage are not charged to the homeowner upfront, they represent a significant portion of the end cost of a Reverse Mortgage, and many homeowners who otherwise might find a Reverse Mortgage useful have avoided the program due to the fees.

A Reverse Mortgage enables seniors to use this equity to fund retirement expenses or any other need.

HECM Saver Reduces Mortgage Insurance Premium Fees

The HECM Saver Reverse Mortgage reduces the largest fee associated with a Reverse Mortgage: the initial Mortgage Insurance Premium (MIP).

• In a Standard HECM Reverse Mortgages, the MIP is set at 2 percent of the home’s value.
• The HECM Saver however uses an initial MIP fee of 0.05 percent of the home’s value -- forty times less than the HECM Standard.

While the MIP is not the only fee associated with a Reverse Mortgage, it is the largest, and the overall change in fees is therefore quite substantial. Consider the following estimates of the total fees associated with getting a Reverse Mortgage on a home worth $200,000 for a retiree at age 70:

* All figures are estimates.

In this case, the HECM Saver Reverse Mortgage charges $3,800 less in fees than the HECM Standard Reverse Mortgage – a significant difference. These savings mean more money is left in your estate.

To compare the HECM Standard and HECM Saver fees for your particular situation, use the NewRetirement Reverse Mortgage Calculator.

Is There a Downside to the HECM Saver? Lower Fees, Lower Loan Amounts

Depending on your cash needs, the HECM Saver Reverse Mortgage could have a downside – a lower loan amount. Generally, you will qualify for between 10 and 30 percent less money with the HECM Saver program than you would with a Standard HECM Reverse Mortgage.

However, many seniors do not take the full amount when they get a Reverse Mortgage -- often because they only require a certain amount of money to pay off existing debt or for some other specific purpose.

And an upside to a lower loan amount is that you are accruing interest on less money – meaning a lower overall cost structure.

Choose the Reverse Mortgage Product that Best Meets Your Needs

Your exact Reverse Mortgage loan amounts for both the HECM Saver and the Standard HECM Reverse Mortgage will depend on your age and on the value of your home, but if you are looking to get the maximum amount of money out of a Reverse Mortgage, the HECM Saver might not be for you.

However, many seniors do not require or desire the full HECM Standard loan amount. If the lower loan amount of the HECM Saver is sufficient to meet your needs (paying off mortgage, eliminating other debt, funding long term care or other need), then the lower fees can make it a very reasonable offering.

Use the NewRetirement Reverse Mortgage Calculator to compare your HECM Standard loan amount to your HECM Saver loan amount.

Besides Fees and Loan Amounts, How Else is the HECM Saver Different?

In all other regards -- qualification requirements, options for how to receive the money, and the regulations and rules that surround Reverse Mortgages -- the HECM Saver works exactly the same as the standard HECM program.

There are still no income or credit requirement, you must still be 62 years of age or older, and the home must not exceed a certain threshold of loan to value. Since October, most reverse mortgage companies have been progressively rolling out HECM Saver programs nationwide, giving homeowners the choice between the two options.