Many people get very confused when they try to grasp how a reverse mortgage really works. They look at the different interest rates, the mortgage insurance, the servicing fees, principal limits, net principal limits and before long, they just want to know the bottom line as they’re so confused they don’t want to try to [...]
I can almost hear it now, This is an article written by a guy who does reverse mortgages? There probably won’t be any con’s! As passionate as we are about the reverse mortgage product, there are some drawbacks in some instances and we make certain that we point out the pro’s and con’s to all [...]
The last jumbo or proprietary reverse mortgage lender in the market just announced today that they are suspending their jumbo reverse mortgage program. Their official announcement came out at 5:00 tonight stating that any loans in their pipeline must close by November 26, 2008 or the loans would have to be changed to the government [...]
Many senior borrowers who start looking into reverse mortgages are not aware of it, but there is a fixed rate Home Equity Conversion Mortgage (HECM) available. The HECM or Heck-um as you may hear it called, is the government insured reverse mortgage program offered by lenders and insured by the Federal Housing Administration. Most Reverse [...]
There are a lot of things to take into account when you are thinking about owning a home. Just a few of the things that you will likely consider are how expensive of a home you can afford to purchase and where you would like to settle down and own a home. While, at time [...]