HECM vs. HomeSafe: Which Reverse Mortgage Fits You?

Short answer: HECM is the federally insured, HUD/FHA-regulated reverse mortgage available nationwide to homeowners 62 and older. HomeSafe is a proprietary (“jumbo”) reverse mortgage for higher-value homes, with no mortgage insurance and, in Florida, a lower minimum age of 55.

HECM: the federally backed standard

HECM (Home Equity Conversion Mortgage) is insured by the FHA and regulated by HUD. It’s available to homeowners 62 and older nationwide, with loan amounts based on FHA’s national lending limit. You can choose an adjustable rate with a line of credit, or a fixed rate with a single lump-sum disbursement.

HomeSafe: built for higher-value homes

HomeSafe is a proprietary reverse mortgage — not FHA-insured — offered through Finance of America and its lending partners. It’s designed for homes worth more than what HECM’s lending limit covers, with principal limits up to $4,000,000 and no mortgage insurance premium. In Florida, HomeSafe’s minimum age is 55, five years younger than HECM’s 62. In Texas, HomeSafe’s minimum age is 62, the same as HECM.

Which one is actually right for you

If your home is valued well above the FHA lending limit, HomeSafe often unlocks more usable equity since it isn’t capped at the same national limit and carries no mortgage insurance premium. If you’re a Florida homeowner between 55 and 61, HomeSafe may be your only reverse mortgage option until you turn 62. For everyone else, both programs are worth comparing side by side — the right fit depends on your age, home value, and how you want to receive the funds.

See both options side by side

Talk to us about your specific home value and age — we’ll run a real comparison across both programs, not just push whichever one pays us more.