In 1996, Fannie Mae developed its own proprietary Home Keeper mortgage as a supplement to the federally insured reverse mortgage production, the FHA Home Equity Conversion Mortgage. Home Keeper was developed to address unmet needs that could not be served by the HECM program, such as individuals with higher property values, condominium owners, and seniors wishing to use a reverse mortgage to purchase a new home. The Home Keeper mortgage is available in every state to borrowers 62 and older.
Properties held in trust and qualified leasehold properties are also eligible.
Cooperative units, however, are not. Many of these can be financed and included in the mortgage. This product might be used, for instance, by older homeowners who want to sell their old home and move near their children or to a warmer climate, or to move into a home that provides greater accessibility. For consumer information on all of Fannie Mae's reverse mortgage products, including a booklet entitled Money from Home . 2001 National Reverse Mortgage Lenders Association.