The FHA has a great reverse mortgage program. Until the senate raises the maximum county lending limits, which at present peak at $362,790.00 in high value areas, those with higher value homes might find a better fit in what is known in the reverse mortgage industry as a “proprietary reverse mortgage”.
With a proprietary reverse mortgage, each lender has a different reverse mortgage program that is a unique invention to their financial institution. Since my company, Stay In Home Mortgage, works for several lenders that offer the most popular proprietary loans, I’ll share some examples:
-One proprietary reverse mortgage offers no origination fee or closing costs, as long as you take so much money out in a lump sum.
-Another proprietary reverse mortgage might offer you access to more of your home’s equity than the next.
-Yet one proprietary reverse mortgages offer a lower interest rate than others.
Since everyone has a unique situation with unique needs. Consult with a senior home equity advisor who can help you understand what programs would benefit you the most.
Stay In Home Mortgage was recently ranked #10 in the nation for reverse mortgage origination. These rankings included the major lenders that we work with. Stay In Home is a power-broker in the reverse mortgage industry helping over 100 seniors keep Stay in their homes each month. Stay In Home is YOUR King County reverse mortgage leader
If you want to compare and find the best program for you or a loved one, find out why so many seniors are choosing Stay In Home Mortgage. Don’t hesitate to contact Ted Butler today at 1-(866) 665-5497. You’ll be glad you did!