Current Government Insured Reverse Mortgage Programs (HECMs)Please review the folowing list of Government Insured Reverse Mortgage Programs (HECMs) by HUD FHA:
INSIDER TIP! This program is most popular with seniors who have a large mortgage balance to pay off or need a large onetime cash payment. We find at approximately 60% of seniors choose this program
2) HECM Monthly Adjustable Program (Adjustable Rate) This reverse mortgage program is an adjustable rate reverse mortgage also known as a HECM (Home Equity Conversion Mortgage). It is based on the LIBOR rate plus the margin. It can cap as high as 10 points above the start rate. For example: if the initial note rate is 2.5% the rate can adjust as high as 12.5% at some time in the future (this depends on how the LIBOR rate changes over time). Please note that these loans are setting in the 2%-3% range today. The MIP (Mortgage Insurance Premium) that HUD/FHA charges is 2% of the principal lending limit (currently $625,500 nationally) or the appraised value of the home, whichever is less. For example: A home value of $200,000 the one time MIP cost would be $4,000. The Monthly MI (Mortgage Insurance) that is added to the unpaid principal balance is 1.25% as of October 1, 2010. One advantage of this program is that the interest only negatively accrues on the amount taken out. This means you do not use your equity as quickly. Another advantage of this program is that the credit line has a growth rate. Assuming you have not taken all the money available when you take out the loan, the credit line will grow each year leaving more money available to draw upon in the future. A final advantage is after the loan closes, if you have selected a credit line, you may pay a small fee ($20-$50) and change the program to begin receiving monthly payments without going through the loan process again. INSIDER TIP! This program is most popular with seniors who want a credit line, monthly payment or a combination of both. We find aproximately 20% of seniors choose this program
3) HECM Saver Program (Fixed or Adjustable Rate) The New HECM Saver Program is a reverse mortgage also known as a HECM (Home Equity Conversion Mortgage) that allows both fixed and adjustable rate options. This program only became available October 1, 2010. The fixed and adjustable rate features of this reverse mortgage program work exactly the same as the two programs listed above. The difference is that the MIP is set at 1/10 of 1% of the of the principal lending limit (currently $625,500 Nationally) or the appraised value of the home, whichever is less. For example on a $200,000 home this onetime fee is reduced from $4,000 to $20! The Monthly MI (Mortgage Insurance) that is added to the unpaid principal balance is 1.25% as of October 1, 2010. The other major difference between this reverse mortgage program and the other two is that the money you can get is significantly reduced. INSIDER TIP! This program is most popular with seniors who want the fixed rate product but do not want to take such a large money draw against the property. This is also a good program for seniors who want to greatly reduce their loan closing costs as well. We find aproximately 20% of seniors choose this program
To see our page with more information about the NEW HECM Saver Program click this link: More info on HECM Saver Reverse Mortgage Programs (Click Here) TIP! Learn all about Reverse Mortgages - Step by Step:
Learn About Reverse Mortgages (Click Here) To learn more about HUD HECMs please follow this link: More information on HUD HECM loans (Click Here) If you have questions call us anytime Toll Free at (800) 801-1375 << Go from Reverse Mortgage Programs to the Home Page (Click Here) |
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