Through Financial Freedom, I am able to provide you with any of the three types of reverse mortgages available:  FHA's Home Equity Conversion Mortgage (HECM), Fannie Mae's HomeKeeper, and Financial Freedom's Cash Account.  

HECM

The HECM accounts for approximately 90% of all existing reverse mortgages.  This reverse mortgage is guaranteed by FHA and generally provides the largest proceeds for homes valued at $300,000 and below. 

HomeKeeper

This program is similar to the HECM but, in most cases, the proceeds under the HECM are greater and the interest rate is lower.  Also, the HECM is FHA-guaranteed while there is no such guarantee for the HomeKeeper.  As a result, seniors rarely elect the HomeKeeper.

Cash Account Advantage

Financial Freedom developed this program for homes with values generally exceeding $300,000 which is outside of the scope of the FHA and Fannie Mae programs.  The Cash Account Advantage is not federally guaranteed so there is no mortgage insurance premium to be paid.  As a result, the closing costs are generally lower than on the HECM.   

This type of reverse mortgage mirrors the HECM with the primary difference being the unlimited maximum loan amount compared to the HECM limit of $275,200 (in most Chicago-area counties).  For homes over $300,000, the Cash Account Advantage can offer much of the flexibility of the HECM with greater proceeds and lower closing costs.