Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
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.
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.
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.
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Reasons Banks Reject Short Sales
- 3 Warning Signs of Loan Modification Scams
- Should You Refinance? Make Sure the Timing is Right
- FHA Loans for a First-Time Home Buyer
- Second Mortgages: Advantages and Disadvantages
- Appraisal Basics
- What To Do When Mortgages Default
- Home Equity Loans for People with Bad Credit