Products and Services for the Mortgage and Reverse Mortgage Industry
Fannie Mae, originally the Federal National Mortgage Association, is a government chartered mortgage broker, technically termed a government-sponsored enterprise (GSE), which has become a cornerstone of the U.S. housing industry.
Fannie Mae Loans and the New Deal
In the late 1930s many Americans could not afford a home and many others were on the brink of foreclosure. Franklin Delano Roosevelt, of New Deal fame, was instrumental in creating Fannie Mae. At that time the new organization was a government subsidized agency entrusted with creating a financial backbone that could adequately support the housing industry. A core mission: to make homeownership possible and affordable for every American.
Since that time Fannie Mae has migrated from a government subsidized to a government chartered corporation supported by a hefty foundation of private shareholders.
Fannie Mae Reverse Mortgages
In the secondary mortgage market and specifically the reverse mortgage business Fannie Mae is a trusted name. The company serves as a clearinghouse for its proprietary reverse mortgage, the Fannie Mae Home Keeper and provides the financial support for the federally insured HECM.
The Home Keeper product is common in many lenders’ suites of products, and a reliable alternative to the HUD Home Equity Conversion Mortgage (HECM).
Features of the Home Keeper Reverse Mortgage
Fannie Mae’s Home Keeper reverse mortgage is similar in many ways to the HUD HECM, but with a few more flexible benefits.
In contrast to the HUD HECM the Home Keeper offers:
- Significantly higher borrowing limit—not based on the borrower’s county FHA limit.
- Allows a senior homeowner to leverage equity to purchase a new home (Home Keeper for Home Purchase).
- Available for single-family home and condo owners.
Because Fannie Mae is a secondary market lender borrowers do not apply to Fannie Mae for the Home Keeper, but to mortgage lenders that provide the product.
Other Fannie Mae Products and Services
But the Home Keeper reverse mortgage and the HECM constitute only a small fraction of the products and services provided by Fannie Mae. The corporation also provides:
- Single-family mortgage products, including jumbo-conforming mortgages, streamlined refinance mortgages, and a laundry list of fixed and ARM mortgages.
- Multi-family mortgage products and services
- Lender guidelines and educational materials
- Consumer informational materials
- Applications and loan documents for lenders
The Fannie Mae Home Keeper reverse mortgage is available from lenders across the nation.
16 Responses to “Fannie Mae Reverse Mortgages”
Have Feedback on This Article?
January 28th, 2010 at 2:02 pm
Why does the conventional HECM reverse mortgage charge the Mortgage Insurance Premium and Fannie Mae Housekeeper doesn’t? Is Fannie Mae default free? I am trying to decide which is a better program for my parents
April 14th, 2010 at 10:26 am
Where in the Rio Grande Valley can I locate an office to contact for the Fannie Mae Reverse Mortgage program?
July 25th, 2010 at 8:56 am
There is a lot of very good information on your site. I want to buy another home through the Home Keeper through Home purchase, but the article refers to a “new home”; can I finance a previously owned house with this mortgage?
September 15th, 2010 at 12:36 pm
I see no answers here.
I want to take out a government insurance that will repay ny reverse mortgage when I die so that my relatives can own my house mortgage-loan free. Who do I contact?
April 19th, 2011 at 1:50 pm
Is there a phone number where I may contact you about getting a Reverse Mortgage through your company.
Thank you.
Delia Cheesbro.
May 25th, 2011 at 3:53 pm
I am interested in dong reverse mortgage, in my home please contact me 954-695-4214
September 3rd, 2011 at 5:08 pm
I have questions. After closinga a Reverse Mortgage, I like to know how is the home up keep reported & by who. In a Reverse Mortgage after closing, the Lender suppose not, to have any further say so in reference to the mortgage or home up keep, so who is it that forclose the property, and check the the up keep?
How aften is a home up keep is reported?
March 7th, 2012 at 10:47 pm
I listened to a said professional who implies a non repayment by the heirs should the primary borrowers demise. Update me top this change with proof if you can. I have advised a Term Life Insurance be put in place with a clause that stipulates immed. coverage in such a case of the complete balance be paid off. Some heirs prefer to refinance.The property would otherwise be free and clear.
May 24th, 2012 at 12:30 pm
How do i contact you about a possible reverse morgage plan plese e-mail me on this matter
thank you
September 13th, 2012 at 3:02 pm
Can someone give me a call at 646-235-2084
November 4th, 2012 at 7:01 pm
My parents had a reverse mortgage. My father passed away and an attorney told my mother she had to leave the property.She is 82 years old and after 30 years living in the house the sheriff arrived at my mothers door telling her she was to leave. She went through the trustee that was involved with this and asked if fannie mae would give a decision for her to stay and their reply was no! I believe my mom was part of an abusive situation. Never once was she ever late in paying taxes or home insurance. I would like to find out why it was so important for mom to have to leave the property when it was never in default. Thank you
December 7th, 2012 at 1:21 pm
Can you give me the name and contact phone number of a couple of wholesale reverse mortgage lenders? Thank you.
June 25th, 2013 at 2:00 pm
With your reverse mortgage does my condo (which is VA approved, I have a VA guaranteed mortgage) have to be FHA approved?
February 23rd, 2014 at 1:49 pm
I want to take out a single purpose reverse mrg, please advise how to apply for this, and who handles it. also the FannyMae Home Keeper, is this product a revrse on existing homes intending to continue to occupy same. Is it fixed or adjustable? (with no intention of purchsing a new one?) also does this require no mrg. ins. iike a HECM?
Thank YOU, Elaine
March 4th, 2014 at 11:50 am
My father passed away and left me his home which has a reverse mortgage on it. Because of his health issues I took care of him. He was unable at the end to be left alone so I provided care for him while I was at work out of my pocket. This led to my falling behind on my bills which has resulted in my having a low credit score. I do not want to loose the house but I am having a hard time finding someone to refinance the home because of my credit. Do you have any suggestions where I can go to get a loan. I think it is a horrible thing that heirs of property cannot take over loans left by their loved ones. I do not want to lose my the home I grew up in because I cannot get a loan that I would be very able to pay.
June 17th, 2016 at 1:18 pm
Creative analysis ! I was fascinated by the specifics , Does someone know where my company could possibly acquire a blank Copyright PTO/SB/16 document to fill out ?