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increase: How Does The Reverse Mortgage Line of Credit Grow? - 03/24/12 05:35 PM
The reverse mortgage line of credit is a wonderful thing.  It won’t be taken away from you if your value drops (like conventional HELOCs). You’re not charged interest on the money until you take draws. And a really great feature is the amount available in your reverse mortgage credit line increases over time. 
 
The rate of the increase is the same as the interest rate plus ongoing mortgage insurance premium (mip) charged on your loan balance.  The only rate option for a line of credit is the variable rate option.  The growth in the line of credit varies depending … (1 comments)

increase: HECM Lending Limits to Remain at $625,500 Through 2012 - 12/02/11 03:55 PM
We received great news from HUD that the HECM Lending Limits will remain at the high level of $625,500 through 2012.  This means that seniors with high value homes can receive a percentage of their home value, up to $625,500.  If the home appraises for more than that amount, we will use $625,500 as the home value and provide reverse mortgage funds based on the age of the youngest homeowner.  The minimum age for a reverse mortgage is 62 years old and the older you are, the higher principal limit or amount of funds is available.  There are no payments required … (0 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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