reversemortgage

Bank of America has announced that it will no longer accept reverse mortgage applications containing a broker advisor agreement in response to the new law called the National Housing Act (HR 3221). I suspect that other reverse mortgage lenders are likely to interpret the new law in the same way and follow suit. This means that non-FHA approved brokers will no longer be able to receive the common 25% "application assistance fee" (read: referral fee) on the FHA reverse mortgage. The good news... Read Full Story

Bank of America has announced that it will no longer accept reverse mortgage applications containing a broker advisor agreement in response to the new law called the National Housing Act (HR 3221). I suspect that other reverse mortgage lenders are likely to interpret the new law in the same way and follow suit. This means that non-FHA approved brokers will no longer be able to receive the common 25% "application assistance fee" (read: referral fee) on the FHA reverse mortgage. The good news... Read Full Story

Bank of America has announced that it will no longer accept reverse mortgage applications containing a broker advisor agreement in response to the new law called the National Housing Act (HR 3221). I suspect that other reverse mortgage lenders are likely to interpret the new law in the same way and follow suit. This means that non-FHA approved brokers will no longer be able to receive the common 25% "application assistance fee" (read: referral fee) on the FHA reverse mortgage. The good news... Read Full Story

Rates are still very low on the government-backed FHA reverse mortgage. FHA Reverse Mortgage - Home Equity Conversion Mortgage (HECM) 3.71% based on the One Year CMT index plus a margin of 1.5%. The fixed rate HECM is at 6.18% to 6.85% Jumbo Reverse Mortgages: Variable Rate Jumbo Reverse Mortgage: 5.96% Fixed Rate Jumbo Reverse Mortgage: 9.125% Fannie Mae Home Keeper Reverse Mortgage is at 5.875% Disclaimer: Of course, interest rates do not include closing costs which vary. A reverse... Read Full Story

Rates are still very low on the government-backed FHA reverse mortgage. FHA Reverse Mortgage - Home Equity Conversion Mortgage (HECM) 3.71% based on the One Year CMT index plus a margin of 1.5%. The fixed rate HECM is at 6.18% to 6.85% Jumbo Reverse Mortgages: Variable Rate Jumbo Reverse Mortgage: 5.96% Fixed Rate Jumbo Reverse Mortgage: 9.125% Fannie Mae Home Keeper Reverse Mortgage is at 5.875% Disclaimer: Of course, interest rates do not include closing costs which vary. A reverse... Read Full Story

Rates are still very low on the government-backed FHA reverse mortgage. FHA Reverse Mortgage - Home Equity Conversion Mortgage (HECM) 3.71% based on the One Year CMT index plus a margin of 1.5%. The fixed rate HECM is at 6.18% to 6.85% Jumbo Reverse Mortgages: Variable Rate Jumbo Reverse Mortgage: 5.96% Fixed Rate Jumbo Reverse Mortgage: 9.125% Fannie Mae Home Keeper Reverse Mortgage is at 5.875% Disclaimer: Of course, interest rates do not include closing costs which vary. A reverse... Read Full Story

Seniors with high value homes may qualify for more money with a Jumbo Reverse Mortgage program. The two main types of reverse mortgages are: FHA conforming and non-conforming, the latter commonly known as a Jumbo Reverse Mortgage. An FHA conforming reverse mortgage carries a loan limit of $362,790 in most high-cost counties (although it can vary), whereas a Jumbo Reverse Mortgages generally have loan limits in the millions.  An FHA conforming loan limit is the maximum amount of home value... Read Full Story

Seniors with high value homes may qualify for more money with a Jumbo Reverse Mortgage program. The two main types of reverse mortgages are: FHA conforming and non-conforming, the latter commonly known as a Jumbo Reverse Mortgage. An FHA conforming reverse mortgage carries a loan limit of $362,790 in most high-cost counties (although it can vary), whereas a Jumbo Reverse Mortgages generally have loan limits in the millions.  An FHA conforming loan limit is the maximum amount of home value... Read Full Story

Seniors with high value homes may qualify for more money with a Jumbo Reverse Mortgage program. The two main types of reverse mortgages are: FHA conforming and non-conforming, the latter commonly known as a Jumbo Reverse Mortgage. An FHA conforming reverse mortgage carries a loan limit of $362,790 in most high-cost counties (although it can vary), whereas a Jumbo Reverse Mortgages generally have loan limits in the millions.  An FHA conforming loan limit is the maximum amount of home value... Read Full Story

Here are reverse mortgage interest rates for July 15th, 2008. Jumbo Reverse Mortgages: Variable Rate Jumbo Reverse Mortgage: 5.97% Fixed Rate Jumbo Reverse Mortgage: 8.750% FHA Reverse Mortgage - Home Equity Conversion Mortgage (HECM) 3.75% based on the One Year CMT index plus a margin of 1.5%. The fixed rate HECM is at 6.18% to 6.45% (depending on the bank) Fannie Mae Home Keeper Reverse Mortgage is at 5.875% Luke New external blog: http://reversemortgagescalifornia.activerain.com... Read Full Story