Currently viewing the tag: "Mortgage broker"

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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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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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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Reverse Mortgages and Annuities

By On July 12, 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.

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