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hecm saver: A Description of Reverse Mortgage Rate Options and Payment Plans - 08/20/11 07:26 PM
Once you decide you want to get a reverse mortgage, the next important decision is the rate option selection.  For people with large mortgages to pay off, it’s a fairly easy choice with the fixed rate lump sum option.  But if you need little cash initially and want to use the funds gradually over time, the line of credit or monthly payment option may be best and for this you must choose a variable rate option.  Then there’s the choice of standard or saver.  If you want the maximum dollar amount you must pay the full 2% MIP.  If you can … (4 comments)

hecm saver: FHA - HECM Saver Reverse Mortgage Really Does Save Money in Upfront Closing Costs! - 08/20/11 03:37 PM
 

It’s been almost a year since the HECM Saver came on the reverse mortgage market so I thought it was appropriate to write about my experiences with this program.  The HECM Saver is designed for senior borrowers who want to reduce the up front fees and in exchange take a lower line of credit, lump sum or monthly payments.  The up front mortgage insurance is reduced to .01% of the home value or maximum claim amount which is a drastic reduction from the standard 2.0%.  On a home valued at $600,000, the MIP goes from $12,000 to $60.  The … (2 comments)

hecm saver: How To Fund In Home Care for Seniors at a Low Cost - HECM Saver Reverse Mortgage - 03/13/11 07:29 PM
It’s happening more frequently. A son, daughter, nephew, conservator or guardian calls looking for solutions for keeping an elderly person in their home for as long as possible and preferably for their lifetime. The all have one goal in mind, to provide the best quality of life as possible for their loved one or client. Keeping them in their home helps attain that goal. Recently I received that call from a woman who was power of attorney for her elderly mother who was living much longer than anyone expected. The reverse mortgage was a perfect option as she could live in … (5 comments)

 
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Maggie O'Connell

Livermore, CA

More about me…

American Pacific Mortgage - Reverse Mortgages

Address: 1548 Catalina Ct. Livermore, CA 94550, Livermore, CA, 94550

Office Phone: (800) 489-0986

Cell Phone: (800) 684-9438

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In this blog, I go into detail on reverse mortgage information through questions seniors and their families ask, industry news and current events, new program & rate options, client stories and experiences and more. From my 20 years experience as a reverse mortgage specialist, I can help guide and educate you and answer the question, is a reverse mortgage right for you and if so, what is the best option with lowest costs, interest rates and payment plan. I am easily accessible and will be happy to talk with you. Maggie O'Connell direct line 800-684-9438. American Pacific Mortgage maggie@rmstore.net www.RMStore.net Cal DRE# 01151456 #01215943 NV #45747 #164 NMLS #279499 #396955 #330948 #1850 Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Equal Housing Opportunity


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