Currently viewing the tag: "4.99"

4.99% with 1.25% MIP or 5.56% with .50 MIP?

By On September 30, 2010

It’s really a personal decision as to whether or not to chose the newer MIP of 1.25% vs. .50%. If you have the choice, the newer loan with the higher MIP will yield more money, as stated in another post but what will be the difference in the ongoing costs? They will be higher but how much? Simple math will fix this and make your decision much easier.

Current loan note rate 5.56%

Plus current MIP .50%

Total Annual Rate 6.06%

New loan note rate 4.99%

Plus new MIP 1.25%

Total Annual Loan Rate 6.24%

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4.99% Fixed Rate Reverse Mortgage Prevails

By On September 29, 2010

As predicted by some, the lowest, fixed rate, reverse mortgage is quickly becoming the “go to” product for the industry. Boasting the highest pay out to the borrower and the lowest fixed rate available, the product has the added benefit of a note rate lower than the new HECM expected interest rate. By lowering the expected rate on the new HECM, HUD provided an unexpected benefit to the borrower along with the unfortunate higher MIP tacked-on to the ongoing fees in the program.

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FHA Reverse Mortgage Fees Change Again

By On September 29, 2010

Recent changes in the HUD insured reverse mortgage program has left some of us scratching our heads, again. The program, once described by many as “Too good to be true,” is having a hard time living up to that comment in light of the new fee changes set to go into affect in October of this year.

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Arizona Reverse Mortgage 4.99% Fixed

By On April 24, 2010

Reverse Mortgage Concepts is offering Arizona Reverse Mortgage borrowers a rare opportunity to lock in a 4.99% fixed for life, reverse mortgage in Arizona with no lender fees and no servicing fees. A free home inspection will be performed to qualify. Please contact me directly for more information.

Michael Manfredi is an Arizona Reverse Mortgage Lender

Reverse Mortgage Concepts

Phoenix, AZ 85020
(602) 456-0009
(888) 697-5556

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