Reverse Mortgage Concepts, an Arizona reverse mortgage broker is quoting fixed rate, FHA reverse mortgages with 100% lender paid MIP. Borrowers can elect to have a 5.49% interest rate without having to pay the up front mortgage insurance premium required by HUD, instead, the lender will pay for 100% of the MIP. In addition, another choice of a lower rate, 4.99%, comes without lender paid MIP.
Reverse mortgages have long been criticized for being costly as compared to traditional mortgages. This levels the playing field and in some cases makes reverse mortgages even cheaper to acquire than other FHA loans. With things changing so rapidly in the industry, it probably isn’t a permanent change but it certainly is another benefit to seniors and one that has to be examined closely by reverse mortgage critics.
Michael Manfredi is a Reverse Mortgage Specialist
Reverse Mortgage Concepts
Phoenix, AZ 85020
(602) 456-0009
(888) 697-5556
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