Descriptions Regarding Reverse Mortgage Programs and Qualifications
Are you house rich but cash poor? Do you lack financial freedom?
Reverse Mortgages are unique loans that let older homeowners convert the
equity in their homes into tax free income. If you are 62 or older and have
equity in your home then you are already approved regardless of income or
credit. Not only can this type of loan provide older Americans greater
financial freedom but it can also deliver peace of mind. If you need
additional income to help with the every day bills, to perform home
improvements or just to travel then maybe this mortgage program is right
for you!
Reverse Mortgages are unique loans that let older homeowners convert the
equity in their homes into tax free income. If you are 62 or older and have
equity in your home then you are already approved regardless of income or
credit. Not only can this type of loan provide older Americans greater
financial freedom but it can also deliver peace of mind. If you need
additional income to help with the every day bills, to perform home
improvements or just to travel then maybe this mortgage program is right
for you!
About Reverse Mortgages: When looking for a traditional mortgage you would normally compare rates and fees from
several lenders but when it comes to Reverse Mortgages the rates are the same with all lenders. Unfortunately not all
lenders have access to all the different fixed and adjustable loan programs available and not all lenders charge the same
fees. We currently offer the best reverse mortgage programs with the least amount of fees.
several lenders but when it comes to Reverse Mortgages the rates are the same with all lenders. Unfortunately not all
lenders have access to all the different fixed and adjustable loan programs available and not all lenders charge the same
fees. We currently offer the best reverse mortgage programs with the least amount of fees.
Borrower Requirements : 1. Must be 62 or older. 2 There must be sufficient equity in the home. 3. The property in
question must be your primary residence. 4. Can't be delinquent on any federal debt. 5. Must complete a 3rd party
reverse mortgage counseling session, this can be done over the phone. This one of many safeguards set up by FHA.
question must be your primary residence. 4. Can't be delinquent on any federal debt. 5. Must complete a 3rd party
reverse mortgage counseling session, this can be done over the phone. This one of many safeguards set up by FHA.
Program 1. The Home Equity Conversion Mortgage or (HECM) loan - Standard Program
The Department of Housing and Urban Development (HUD) estimates that approximately 90 percent of all applicants
or 300,000 seniors have already taken advantage of this specific Reverse Mortgage program making it the most
popular Reverse Mortgage Program by far. All loans are insured by the Federal Housing Administration.
- The amount of money you can receive from a HECM Loan will depend on the value of your property, your age and
the current interest rates that are available at the time you apply. The older you are and the more your home is worth
the more money you can receive.
Just like any other FHA Loan there are preset lending limits and the location of your home will affect the loan size. The
maximum loan limits varies by county and is adjusted annually.
To see FHA loan limits in the different counties in the U.S (click here).
If your home is worth $500,000, but the lending limit in your county is $417,000 then the maximum loan amount will be
$417,000.
You also must pay an upfront mortgage insurance premium (MIP) as part of your closing costs which equals 2% of the
lesser of your homes value or the FHA HECM mortgage limit in your area. There will also be a monthly mortgage
insurance premium charged that equals 0.5% of the mortgage balance. This standard fee which all lenders charge is
insurance which guarantees that the government will step in and make sure you have continued access to your funds
even if the lender servicing your account should ever go out of business. Also this insurance will guarantee that you
will never owe more than the value of your home. With any program chosen all closing costing costs can be rolled into
the new loan.
Home Equity Conversion Mortgage or (HECM) loan - Saver Program
Despite the over whelming success of the HECM Reverse Mortgage Program seniors have voiced a concern over the
high amount of fees associated with this program. In response HUD has created the HECM Saver Program which
drastically lowers fees by almost eliminating the upfront Mortgage Insurance Premium that is required under the
Standard HECM Program. The draw back to this program is that home owners will not be able to utilize all the equity in
their home limiting the amount if money they could receive unlike the Standard HECM Program.
The Department of Housing and Urban Development (HUD) estimates that approximately 90 percent of all applicants
or 300,000 seniors have already taken advantage of this specific Reverse Mortgage program making it the most
popular Reverse Mortgage Program by far. All loans are insured by the Federal Housing Administration.
- The amount of money you can receive from a HECM Loan will depend on the value of your property, your age and
the current interest rates that are available at the time you apply. The older you are and the more your home is worth
the more money you can receive.
Just like any other FHA Loan there are preset lending limits and the location of your home will affect the loan size. The
maximum loan limits varies by county and is adjusted annually.
To see FHA loan limits in the different counties in the U.S (click here).
If your home is worth $500,000, but the lending limit in your county is $417,000 then the maximum loan amount will be
$417,000.
You also must pay an upfront mortgage insurance premium (MIP) as part of your closing costs which equals 2% of the
lesser of your homes value or the FHA HECM mortgage limit in your area. There will also be a monthly mortgage
insurance premium charged that equals 0.5% of the mortgage balance. This standard fee which all lenders charge is
insurance which guarantees that the government will step in and make sure you have continued access to your funds
even if the lender servicing your account should ever go out of business. Also this insurance will guarantee that you
will never owe more than the value of your home. With any program chosen all closing costing costs can be rolled into
the new loan.
Home Equity Conversion Mortgage or (HECM) loan - Saver Program
Despite the over whelming success of the HECM Reverse Mortgage Program seniors have voiced a concern over the
high amount of fees associated with this program. In response HUD has created the HECM Saver Program which
drastically lowers fees by almost eliminating the upfront Mortgage Insurance Premium that is required under the
Standard HECM Program. The draw back to this program is that home owners will not be able to utilize all the equity in
their home limiting the amount if money they could receive unlike the Standard HECM Program.
Program 2. Fannie Mae Home Keeper.
The Home Keeper Program was created to meet the needs that could not be addressed by the Home Equity
Conversion Mortgage(HECM), such as condo owners, individuals with higher property values and for those looking to
use the funds from a Reverse Mortgage to purchase a new home. This is variable rate loan which adjusts monthly.
This program is available for homeowners 62 years or older. The type of properties that would qualify are owner
occupied condominiums, single family homes and units in qualified planed unit developments. Qualified leasehold
properties and properties held in trust are also eligible.
Home Keeper loan limits are typically higher than the HECM's because Fannie Mae’s maximum mortgage
limits are higher. The loan limit is a percentage of your home appraised value with a maximum mortgage
limit of $625,500.
You may choose to receive your funds in the following options:
(1) as fixed monthly payments for life or as long as you keep that property as your primary residence.
(2) a line of credit
(3) a combination of monthly payments and line of credit.
All borrowers are charged an origination fee up to 2% and a monthly service fee between $15-$30. This fee and most
all other closing costs can be financed.
Since the Home Keeper Program can be used for the purchase of a home this product may help older homeowners
who want to sell their old home and move to warmer climate or closer to their family.
The Home Keeper Program was created to meet the needs that could not be addressed by the Home Equity
Conversion Mortgage(HECM), such as condo owners, individuals with higher property values and for those looking to
use the funds from a Reverse Mortgage to purchase a new home. This is variable rate loan which adjusts monthly.
This program is available for homeowners 62 years or older. The type of properties that would qualify are owner
occupied condominiums, single family homes and units in qualified planed unit developments. Qualified leasehold
properties and properties held in trust are also eligible.
Home Keeper loan limits are typically higher than the HECM's because Fannie Mae’s maximum mortgage
limits are higher. The loan limit is a percentage of your home appraised value with a maximum mortgage
limit of $625,500.
You may choose to receive your funds in the following options:
(1) as fixed monthly payments for life or as long as you keep that property as your primary residence.
(2) a line of credit
(3) a combination of monthly payments and line of credit.
All borrowers are charged an origination fee up to 2% and a monthly service fee between $15-$30. This fee and most
all other closing costs can be financed.
Since the Home Keeper Program can be used for the purchase of a home this product may help older homeowners
who want to sell their old home and move to warmer climate or closer to their family.
Program 3. For Jumbo Loans (loan amounts over $417,000) there is a "Cash Account"
This loan product may work for uncommon situations or properties not usually allowed by Fannie Mae or FHA. With
this Cash Account borrowers are required to draw 100% of their maximum benefit at loan closing. This is the only
Reverse Mortgage program that offers loan amounts over $417,000.
All products let older homeowners convert equity in their homes into cash. Before you can receive any money all
applicants will be required to attend counseling conducted by an independent party which can be completed over the
phone. This is only one safeguard of many that have been set up by our industry to ensure that you fully understand
the terms of the mortgage and that you have applied for the right loan for your situation.
This loan product may work for uncommon situations or properties not usually allowed by Fannie Mae or FHA. With
this Cash Account borrowers are required to draw 100% of their maximum benefit at loan closing. This is the only
Reverse Mortgage program that offers loan amounts over $417,000.
All products let older homeowners convert equity in their homes into cash. Before you can receive any money all
applicants will be required to attend counseling conducted by an independent party which can be completed over the
phone. This is only one safeguard of many that have been set up by our industry to ensure that you fully understand
the terms of the mortgage and that you have applied for the right loan for your situation.
- Eliminate any existing mortgage payments!
- Create tax free income!
- You may include closings costs into the new loan!
- No income or credit requirements to qualify!
-The title remains in your name!
- You may stay in your home for life.
- You can use the money for what ever purpose you wish!
-This is tax free income which will not effect Social Security payments or pension plans!
Benefits:
- These are Government Insured loans.
Since all lenders don't have access to all the programs available (i.e fixed rate loan) lenders will push whatever
programs they have which doesn't ensure you the best fit for your situation. Using our FREE service will ensure you
access to all the programs available saving you time and money. Review a Free Customized Report, Apply Now!
programs they have which doesn't ensure you the best fit for your situation. Using our FREE service will ensure you
access to all the programs available saving you time and money. Review a Free Customized Report, Apply Now!
- You can receive your money all at once as one lump sum.
- You can choose to receive your money in regular monthly payments for life.
- You can set up an account that works like a "credit line." which can grow each year that you hold the loan. This lets
you decide when and how much money to take out.
- Choose any combination of these payment methods. You may change the payment option at any time.
- You can choose to receive your money in regular monthly payments for life.
- You can set up an account that works like a "credit line." which can grow each year that you hold the loan. This lets
you decide when and how much money to take out.
- Choose any combination of these payment methods. You may change the payment option at any time.
Reverse Mortgage Programs Have Produced More Then 300,000 Loans
There Are 3 Reverse Mortgage Programs But 4 Options When It Comes To Receiving Your Money:
*HUD Increases Loan Limits and Reduces Fees That Lenders Can Charge
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*On Oct. 4th the Federal Housing Authority will introduce a new HECM Reverse Mortgage option called HECM Saver
which has drastically lower up-front fees than the HECM Standard version. The trade off will be that seniors will be able to
borrow 10 to 20% less then with the standard version.
which has drastically lower up-front fees than the HECM Standard version. The trade off will be that seniors will be able to
borrow 10 to 20% less then with the standard version.
Eligible Properties: All properties must meet FHA property standards and flood requirements.
- HUD approved condos
- Single family properties or 1 to 4 unit homes that is occupied by the borrower
- Manufactured homes