A Conventional Mortgage, or just a standard mortgage, is any mortgage which isn’t insured or guaranteed by a government agency such as HUD/FHA, VA, or the Farmers Home Administration.
FHA loans have been available to borrowers since 1934, the Federal Housing Administration (FHA), which is part of HUD insures FHA loans, reducing overall mortgage costs. Benefits of FHA mortgages include lower credit score requirements, lower down payments and lower closing costs.
The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program. A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
Reverse Mortgages are mortgage which can give older Americans greater financial security. Many seniors use Reverse Mortgages to supplement Social Security, pay for medical expenses, make home improvements and more.