The better reverse mortgage deal.

Some lenders have recently pulled the HECM 100 program until further notice.  Most recently Financial Freedom has phased out thier HECM 100 and HECM advantage programs.  Financial Freedom will continue to offer the HECM 150 program.

What this means to most borrowers is that for the time being, some lenders have access to a better rate, and an overall better deal in reverse mortgage. 

For example, with the HECM 100 program, an 82 year old borrower with a $200,000 loan value would currently qualify for $145,000 to pay off thier current mortgage and toward available cash.  However with the HECM 150, that same borrower would qualify for only $139,000. 

The difference is mostly due to the higher interest rate calculation for the HECM 150.

Since my company, Stay in Home, is a power-broker in the reverse mortgage industry, count on us to continue to offer the best deal in reverse mortgage.

Advertisements

About seniorhomeadvisor

I have found one tool that provides the most immediate and profound effect on the quality of life for a portion of our society that is being severely challenged by the rapidly changing world we find ourselves in. View all posts by seniorhomeadvisor

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: