jumbo reverse mortgage: Jumbo Reverse Mortgages...What's Happening To The Market?
- 06/30/08 09:13 AM
If you have been reading the articles about jumbo or proprietary reverse mortgages available, you may be wondering what is going on. A jumbo or proprietary reverse mortgage is any program that is not the FHA, government insured Home Equity Conversion Mortgage (HECM or "Hek-um") or the Federal National Mortgage Association HomeKeeper Program. When first introduced, there were very few proprietary programs in the market place and they had very high interest rates. As they became more accepted and well-known, they were offered by most of the lenders offering reverse mortgage products and they began to come down in rates and … (0 comments)
Reverse Mortgages are a very good tool for many senior borrowers to enable them to access the equity in their home while never having to make another payment as long as they live in those homes. However, a Reverse Mortgage has always been a fairly expensive proposition, usually carrying a price tag of a 2% origination fee as well as a 2% government mortgage insurance fee, plus third party costs such as appraisal, title, escrow or closing, etc. In all, … (0 comments)
If you have been reading the articles about jumbo or proprietary reverse mortgages available, you may be wondering what is going on. A jumbo or proprietary reverse mortgage is any program that is not the FHA, government insured Home Equity Conversion Mortgage (HECM or "Hek-um") or the Federal National Mortgage Association HomeKeeper Program. When first introduced, there were very few proprietary programs in the market place and they had very high interest rates. As they became more accepted and well-known, they were offered by most of the lenders offering reverse mortgage products and they began to come down in rates and … (0 comments)
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