• U.S. Department of Housing & Urban Development (HUD) and FHA Home Equity Conversion Mortgage (HECM) - the federally insured reverse mortgage. It is usually the lowest cost in terms of interest rates and for most seniors it can generate the most money. It has a loan limit for each county and city ranging from $200,160 in rural areas to $362,790 in Metropolitan areas.
• Federal National Mortgage Association (FNMA) insured Home Keeper reverse mortgage. It usually has the lowest closing costs, but carries a higher interest rate than the HECM. It can sometimes generate more money than the HECM for older and single seniors living in rural areas. It has a national loan limit of $417,000.
• The private Cash Account reverse mortgage. It is usually the highest cost reverse mortgage in terms of both closing costs and interest rates. However, it has no loan limits. Therefore, for seniors that live in multi-million dollar homes, it may be the best alternative.

For further information on reverse mortgages, please click on the Frequently Asked Questions (F.A.Q.) button to the right or contact the Vanguard Mortgage Reverse Mortgage Division. Contact Ana D. Blanco-Logsdon at 301-345-2272 and/or 1-800-458-4624, and/or one of our Reverse Mortgage Loan Advisors located on our home page. If you live outside the Washington, DC area call toll-free at 800.458.4624.

Even though you may not be eligible until you reach age 62 NOW may be a good time to start planning for those retirement years. We like to think that a Reverse Mortgage from Vanguard is an Opportunity of a Lifetime. Why wait. Plan now.

Our office of Vanguard Mortgage has signed the following Service Statement

We will:

1. Honor our clients by doing what we say we will do with confidence, efficiency and excellence.
2. Create Mortgage Solutions that accomplish our client’s financial goals.
3. Respect our client’s concerns and fears by providing timely and ethical service.
4. Be sensitive to our client’s time constraints and stress levels by being available to them when they need us.
5. Use every means available to regularly communicate the loan status to alleviate any stress associated with the uncertainty surrounding the mortgage process.
6. Ensure smooth closings that are on time and in agreement with the terms reviewed.
7. Building long lasting relationships with our clients by conducting an Annual F.R.E.E.D.O.M. Report for each client who desires one. (Financial Review that Effortlessly assesses the Ever changing Dynamics Of the client’s Mortgage needs.)