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%
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.
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.
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
Recent Posts
- Reverse Mortgages for the Elderly
- Reverse Mortgage Scam, Scare
- Reverse Mortgage Borrower Assessment Explained
- Fragile Housing Market Cannot Handle Imminent Lower Loan Limits
- Reverse Mortgage, Now Is The Time
- Reverse Mortgage Purchase Popularity Gains
- Reverse Mortgages for Free and Clear Homes
- 4.99% with 1.25% MIP or 5.56% with .50 MIP?
- 4.99% Fixed Rate Reverse Mortgage Prevails
- FHA Reverse Mortgage Fees Change Again
- Reverse Mortgages Expected Interest Rates Lower
- Dumbing Down Loan Officers
- Reverse Mortgage Counselors Fail
- Reverse Mortgage Concepts Pays Up Front MIP
- Free Reverse Mortgage Counseling
- FHA Insured Reverse Mortgage Monthly Premiums to Rise
- Lowest Reverse Mortgage Fees
- Unlicensed Loan Officers Still Operating in Arizona
- Top 10 Disadvantages of Reverse Mortgages
- Reverse Mortgages and Annuities
Our Reverse Mortgage Products
FHA Insured Home Equity Conversion Mortgages
HECM FIXED 4.00
HECM FIXED 4.25
HECM FIXED 4.50
HECM FIXED 4.75
HECM FIXED 4.99
HECM FIXED 5.49
HECM FIXED 5.56
HECM FIXED 5.68
HECM FIXED 5.81
HECM FIXED 5.99
HECM LIBOR 1.75
HECM LIBOR 2.00
HECM LIBOR 2.25
HECM LIBOR 2.50
HECM SAVER LIBOR AND FIXED
Welcome!
You have found a Reverse Mortgage Specialist with knowledge, experience and integrity. Michael Manfredi is a fully licensed, bonded and HUD approved Reverse Mortgage Lender. He represents several national Reverse Mortgage Banks and has over ten years experience in Reverse Mortgage lending.Michael Manfredi
(602) 456-0009
NMLS License 150754Cities We Have Serviced
Apache Junction, Arizona
Anaheim, California
Avondale, Arizona
Buckeye, Arizona
Bullhead City, Arizona
Camp Verde, Arizona
Casa Grande, Arizona
Carefree, Arizona
Cave Creek, Arizona
Chandler, Arizona
Chino Valley, Arizona
Claypool, Arizona
Cornville, Arizona
Cottonwood, Arizona
Fountain Hills, Arizona
Flagstaff, Arizona
Gilbert, Arizona
Glendale, Arizona
Globe, Arizona
Gold Canyon, Arizona
Goodyear, Arizona
Green Valley, Arizona
Lake Havasu, Arizona
Litchfield Park, Arizona
Mesa, Arizona
Miami, Arizona
New River, AZ
Paradise Valley, Arizona
Payson, Arizona
Peoria, Arizona
Phoenix, Arizona
Pinetop-Lakeside, Arizona
Prescott Valley, Arizona
Safford, Arizona
Scottsdale, Arizona
Sedona, Arizona
Show Low, Arizona
Snowflake-Taylor, Arizona
Sun City, Arizona
Sun Lakes, Arizona
Surprise, Arizona
Tempe, Arizona
The Villages, Florida
Tonopah, Arizona
Tucson, Arizona
Wickenburg, Arizona
Yuma, Arizona

