Currently viewing the tag: "FHA"

Reverse Mortgage Concepts Pays Up Front MIP

By On August 4, 2010

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.

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Free Reverse Mortgage Counseling

By On July 27, 2010

The U.S. Department of Housing and Urban Development (HUD) announced today that $79 million (seventy-nine million dollars) will be made available for a broad range of housing counseling including how to qualify for a reverse mortgage in fiscal 2010. In times like these when reverse mortgage counseling can cost as high as $125, the additional money is a welcoming sign that more free reverse mortgage counseling should be forthcoming.

This funding represents a 27% increase over last year. HUD says the primary benefits of the program are to expand homeownership opportunities, improve access to affordable housing and preserve homeownership. Here is a list of some of the types of counseling the funds will pay for:

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FHA Insured Reverse Mortgage Monthly Premiums to Rise

By On July 27, 2010

I thought it would be necessary to post this article just after my last “Lowest Reverse Mortgage Fees” because there are definitely some issues of concern about the ongoing costs of reverse mortgages, or any FHA loan for that matter. The last article defined the reasons for the dramatic decrease in up-front closing costs and fees associated with obtaining the reverse mortgage while this article aims to discuss the ongoing fees and charges that appear on a borrower’s reverse mortgage statement and thus, are added to the loan balance.

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Lowest Reverse Mortgage Fees

By On July 26, 2010

Reverse Mortgages have come a long way in just the last year or two. The low, fixed interest rate, FHA insured reverse mortgage came on to the scene last year and has taken the industry by storm. This is good news for everyone, including homeowners age 62 and older.

With a very healthy secondary market for these loans, lender premiums have increased to the point where it just made good sense to use these credits to pay borrower fees and closing costs. Fees and costs have long since been one of the major deterrents to the program for some and others just would not qualify for the loan without lenders picking up the tab for some of these fees.

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Top 10 Disadvantages of Reverse Mortgages

By On July 13, 2010

I get the question a lot from prospective borrowers, “What are the disadvantages of a Reverse Mortgage?” It is a very easy question to answer because there actually are a few.

  • Reverse Mortgages are Home Equity Loans and they will reduce the amount of equity you have in your home.

If you are in the market for a Reverse Mortgage, you probably are not trying to preserve long term equity, so this may not be a specific concern.

  • Reverse Mortgages are currently insured by the Federal Housing Authority (FHA) so the collateral for the loan, your home, must meet the HUD minimum property guidelines.

This is particularly difficult in some instances such as with mobile homes and condominiums.

  • Reverse Mortgages are difficult to obtain if your loan closes with your property in a trust.
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