reverse mortgages: FHA's Reverse Mortgage HECM for Home Purchase Program
- 09/11/09 05:37 AM
By Kate Love Subscribe to our Blog: http://feedburner.google.com/fb/a/mailverify?uri=StayInHomesReverseMortgageBlog&loc=en_US">Subscribe Early this year, FHA began accepting applications for its newest reverse mortgage program - HECM for Home Purchase. The program allows seniors to buy a home with proceeds from a reverse mortgage for the first time. Previously, seniors had to qualify for a conventional loan, pay for the purchase transaction and then pay again to get a reverse mortgage. Seniors who want a reverse mortgage and need to relocate to be closer to family, or perhaps downsize, can now do so in a single transaction. The following are answers to some of the … (0 comments)
reverse mortgages: Reverse Mortgage Rate Lock Helps Seniors
- 06/22/09 10:52 AM
Subscribe to our Blog: http://feedburner.google.com/fb/a/mailverify?uri=StayInHomesReverseMortgageBlog&loc=en_US">Subscribe Why is the Rate Lock Feature Important to Me?The Reverse Mortgage rate lock dictates the amount of money you are able to obtain from the equity in your home. Lenders can set the expected interest rate on the Federally Insured Reverse Mortgage (variable rate programs only) at the time of the Loan Application, or at closing, whichever brings the lower expected interest rate. The expected interest rate is not to be confused with the loan interest rate; the expected rate is used solely to determine the loan principal limit (amount available to you). In the … (1 comments)
By Kate Love;)
;)
