Currently viewing the tag: "rates"

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.

This is a preview of Lowest Reverse Mortgage Fees. Read the full post (222 words, estimated 53 secs reading time)
Continue Reading →

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.
This is a preview of Top 10 Disadvantages of Reverse Mortgages. Read the full post (521 words, estimated 2:05 mins reading time)
Continue Reading →

Reverse Mortgage Rates 4.99% Fixed for Life

By On April 2, 2010

Reverse mortgage rates and pricing have been incredibly competitive lately. Most lenders now offer 4.99% fixed as an alternative to the 5.56% that we have grown accustomed to. Choosing the lower rate may save some interest over the long haul but the $20 monthly servicing fee, that is currently attached to the lower rate product, is the mitigating factor and reduces the overall net cash to the borrower by the amount of the servicing set aside. For a more in depth explanation, call or email me.


Michael Manfredi is an Arizona Reverse Mortgage Specialist

Reverse Mortgage Concepts

This is a preview of Reverse Mortgage Rates 4.99% Fixed for Life. Read the full post (105 words, estimated 25 secs reading time)
Continue Reading →
WikiPages