Some lenders have recently pulled the HECM 100 program until further notice. Most recently Financial Freedom has phased out thier HECM 100 and HECM advantage programs. Financial Freedom will continue to offer the HECM 150 program.
What this means to most borrowers is that for the time being, some lenders have access to a better rate, and an overall better deal in reverse mortgage.
For example, with the HECM 100 program, an 82 year old borrower with a $200,000 loan value would currently qualify for $145,000 to pay off thier current mortgage and toward available cash. However with the HECM 150, that same borrower would qualify for only $139,000.
The difference is mostly due to the higher interest rate calculation for the HECM 150.