Lake Area Bank

MORTGAGE GLOSSARY

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Fannie Mae	a private company that buys and sells mortgages; a government-sponsored business that is watched over by the federal government
Federal Housing Administration (FHA)	the part of the U. S. Department of Housing and Urban Development (HUD) that insures HECM loans
federally insured reverse mortgage	a reverse mortgage guaranteed by the federal government so you will always get what the loan promises; also, a Home Equity Conversion Mortgage (HECM)
fixed monthly loan advances	payments of the same amount that are made to a borrower each month

LAKE AREA MORTGAGE 1030 West County Road E, Suite 150 Shoreview, MN 55126
Phone: 651-209-2900 Toll free: 1-866-321-1516 Fax: 651-209-2929

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