The Home Keeper Mortgage, Fannie Mae's adjustable-rate conventional reverse mortgage allows homeowners 62 and above to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on three factors: the number of borrowers, the ages of the borrowers, and the adjusted property value. Anyone 62 years or older who either owns his or her home free and clear or has very low mortgage debt is eligible for a Home Keeper. Eligible properties include one-unit, single-family dwellings, condominiums, units in planned unit developments, and properties held in trust and leasehold properties that meet Fannie Mae's standard guidelines. Repayment of The Home Keeper Mortgage is deferred until the borrower no longer occupies the property as his or her principal residence. A borrower cannot be forced to sell or vacate the property to pay off the loan (provided the borrower maintains the property and pays taxes and insurance), even if the total of the mortgage payments plus interest exceeds the value of the home. Prospective borrowers must receive home buyer education to help them select the right choice for their individual situation.

Home Keeper for Home Purchase is a new variation of this reverse mortgage product that gives seniors wishing to buy a home additional flexibility not available through standard first mortgage financing. This product allows seniors to purchase a new home without using all of their personal resources to fund the purchase, and they will have no monthly mortgage payments. Eligible properties include one-unit, single-family dwellings, condominiums, and units in planned-unit developments that meet Fannie Mae's standard guidelines. Home Keeper for Home Purchase also provides cost and time efficiencies. Only one transaction, rather than two separate transactions, is required to purchase and receive the reverse mortgage financing -- reducing the closing costs and origination period.

HUD's Home Equity Conversion Mortgage (HECM) is another viable option for seniors to tap the equity in their homes, while giving them the maximum flexibility to address their particular housing needs. The eligibility requirements for a HECM are similar to those of the Home Keeper mortgage and do not impose any limits on income. The maximum mortgage amount insured by FHA is based upon local FHA loan limits.