Senior Citizen Loan Programs- Saving $ with a Reverse Mortgage

Senior Citizen Loan Programs- Saving $ with a Reverse Mortgage

 

Basically, accessing your homes equity to take care of costs without paying as much upfront for the loan.

  

To Qualify

 

Borrower Requirements:

 

You must:

• Be 62 years of age or older
• Own the property outright or have a small mortgage balance
• Occupy the property as your principal residence
• Not be delinquent on any federal debt
• Participate in a consumer information session given by an approved HECM counselor

  

HECM Saver

 

HUD has just introduced a major new FHA insurance product for reverse mortgages.

 

HECM Saver gives seniors a new option for accessing their home’s equity to pay for health care costs, home repairs and other needs. Despite the popularity of the HECM loan product, we have noted concerns that some senior citizens find that the upfront fees are too high for them. In response, we created this new product which will provide seniors with another reverse mortgage option that significantly lowers costs by almost eliminating the upfront Mortgage Insurance Premium that is required under the standard HECM option.

  

HECM Saver

  

will have an upfront premium of only .01 percent of the property's value. This provides the borrower with significant savings in comparison to HECM Standard’s two percent upfront premium. Under HECM Saver, the principal limit, or amount of money available to a borrower, is lower than under HECM Standard. Borrowers will receive approximately 10 to 18 percent less proceeds under the HECM Saver option than they would receive under HECM Standard, which lowers the risk to the FHA insurance fund. See if you qualify, then call Me, Valli Lopez 619-916-9595

 

http://rmc.ibisreverse.com//rmc_pages/rmc_aarp/aarp_index.aspx

 

Reverse Mortgage Calculator