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 (0 comments)
In this blog, I go into detail on reverse mortgage information, through questions seniors and their families ask, industry news and current events, new programs; 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 800-489-0986
maggie@rmstore.net www.ReverseMortgageStore.com
NMLS #279499 Equal Housing Opportunity/ 411500