It amazed me last week to see how swiftly lenders eliminated the HECM 150 and began attempting to force Reverse Mortgage Borrowers into higher margin programs like the CMT 200.
At RP Funding we took a look at what was left in the industry and put together the RP HECM which, for a limited time, will […]
FNMA announced drastic increases in HECM Reverse Mortgage rates over the last few days. National lenders such as Everbank Reverse Mortgage (MetLife), Sun West Mortgage, and J B Nutter have all eliminated the Treasury based 150 margin reverse mortgages. All loans must close and fund by the end of August to maintain the current rates. In addition to eliminating the HECM […]
Sometime between October 1st, 2008 and January 2009 HUD will be increasing the loan limits for HECM Reverse Mortgages as outlined in the Housing and Economic Recovery Act of 2008.
According to the NRMLA, HUD’s lawyers are still trying to figure out how to enact these limits. Now I am not a lawyer but it doesn’t […]
If you are currently shopping for a reverse mortgage, you can get a coupon for a “No Origination Fee” Reverse Mortgage. Origination fees equal 2% of the value or max claim of your home in most cases so the savings ranges from $2,500 to over $7,000!
How could a company offer a discount this big?
1) Its […]
Values in Florida continue to decline, this can have a big impact on reverse mortgages. The GREAT thing about a reverse mortgage is that once you close, your house value can go down and your benefits do not reduce.
Seniors in Florida who have been considering a reverse mortgage should act quickly before more precious equity […]
FHA not raising Hecm Limits