We’ll Match The Eliminated HECM 150 Program
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 match HECM 150 calculations. The Expected Rate we are using for calculation on the RP HECM is currently 5.5% the SAME as the HECM 150 so there is no change in principal limit for borrowers.
If you or someone you know is working with a lender that eliminated the 150 and is now offering lower calculations, we can help. We will match the previous HECM 150 calculations with our new RP HECM by using a 5.5% Expected Rate. The RP HECM is still an FHA Insured Home Equity Conversion Mortgage we are just using a different combination of index and margin and cutting our profit to help out.
Other lenders could have made a decision to offer the same product, but most of them refused to cut their profit margins. Instead they lowered the calculations for their borrowers. If you are working with a lender who is forcing you to take higher rates and reducing your principal limit, check out our website at http://www.efreverse.com/hecm-150-match-calculator.cfm