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.
Posts Tagged ‘Mortgage broker’
Reverse Mortgage Concepts Pays Up Front MIP
Posted by Michael Manfredi on August 4th, 2010
FHA Insured Reverse Mortgage Monthly Premiums to Rise
Posted by Michael Manfredi on July 27th, 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.
Lowest Reverse Mortgage Fees
Posted by Michael Manfredi on July 26th, 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.
Reverse Mortgages and Annuities
Posted by Michael Manfredi on July 12th, 2010
While I agree that a reverse mortgage is not right for everyone, I also see evidence that only a small number of homeowners trust them or the potential opportunities they create. Not everyone uses them to pay off bills or help out a friend. I have recently had reverse mortgage clients use the proceeds of their loans to diversify into gold, annuities and bargain-priced real estate. Whatever the outcome of those investments may be, the one principle that I understand and respect that is being followed here is diversification.
While some may say that to borrower and invest is not right, others will use leverage from margin accounts or short selling which is also borrowing and investing and usually for the purposes of hedging or timing another investment opportunity.
Michael Manfredi Approved Loan Officer NMLS#150754
Posted by Michael Manfredi on July 2nd, 2010
This article is about the country’s lawmakers’ decision to police-up the mortgage industry by requiring loan officers to be licensed and registered nationwide; a law that most states, including Arizona have also adopted. While I have always been a proponent of loan officer (LO) licensing I did not expect to be forced to get one for myself since I am a licensed mortgage broker. A mortgage broker license is much harder to obtain and requires a higher level of achievement for the applicant. So why then are we, mortgage brokers, required to have both licenses? One theory I have is that it will produce more fees. Every year, I now have to pay for two licenses and must fulfill continuing education for both which isn’t free either. Another theory is the weeding out process. If you are in agreement with this theory that more fees and testing and fingerprinting and background checking was all designed to remove the bad apples from the bunch (and we all know there are many of them) well you might be surpised to know that on this basis, the law is a total failure.
Posted in Reverse Mortgage 
Tags: Arizona, licensed loan officer, Loan Officer, loan officers, Mortgage, Mortgage broker, Reverse Mortgage 
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