NO COST Reverse Mortgage

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Mortgage and Lending with All Reverse Mortgage®

12/17/2009 UPDATE! A No Fee Reverse Mortgage is again possible! Click here and get a No Lenders Fee Quote Today! 

 

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, in some of the higher HUD areas, the total of all fees could total as much as $17,000. Even though these fees are not paid out of pocket and are rolled into the loan, the fees can still scare some borrowers away from obtaining a loan which could otherwise improve the quality of their lives…until now!.

All Reverse Mortgage Company (ARMC) is proud to offer the Independence Plan. This highly aggressive and innovated program carries the First No Cost Reverse Mortgage. With the combination of low Interest rates and virtually our “No Fee Option” the plan has become one of the most sought after Reverse Mortgage programs available today. Reverse Mortgages have 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, in some of the higher HUD areas, the total of all fees could total as much as $17,000. Even though these fees are not paid out of pocket and are rolled into the loan, the fees can still scare some borrowers away from obtaining a loan which could otherwise improve the quality of their lives…until now!. 
 
Program Features
- Minimum Age - 62
- No Mortgage Insurance Premium
- No Servicing Fee Set Aside
- No Origination Fee when taking 200k or more at close.
- No 3rd Party Costs such as Escrow, Title, Appraisal, paid when taking 275k or more of proceeds at close.
- Full Proceed Option - 3.6% Margin over 6Month Libor
- Rate as of 2/15/08 = 5.09% 2.1Margin , 6.45% 3.6Margin - Loan Amounts Min = $150,000 Max
= $3,500,000 - Purchase or Refinance - Property Type
- Single Family, Condos, 2-4 Unit - Proceed Options - 100% must be withdrawn at closing for No Cost Option

The numbers don’t work with all reverse mortgages, but for those borrowers who planned to take a minimum of $200,000 or more on their reverse mortgage at the very beginning (not hard to do if you have to pay off an existing mortgage or if you already have plans for the funds and need them right away), borrowers can now obtain a reverse mortgage on the proprietary jumbo which will contain no origination fee! The lender has priced the loan so that the originator does not have to charge any fee to the homeowner for the loan. What’s more, if the initial drawn amount is over $275,000, then there aren’t any third party fees either because the lender will give a credit to off-set these fees as well.

Sound too good to be true? You start thinking that the interest rate has to be at or above 10% to offer this good of a deal, right? Well, it’s not too good to be true and the rate is excellent – in fact much lower than many of the other programs available in the marketplace. So is there a catch? Well, the amount of money you get may not be quite as high as with some other programs, but considering that you only pay back what you receive plus interest and ultimately the amount you or your heirs pay back depends largely upon the interest rate at which the interest accrues, this plan might well be one of the best plans available in the market today. You don’t pay any costs or interest on any costs to start the loan, we’ve seen borrowers qualify for payments to them up to $3,5000,000 and the interest rate for a proprietary or jumbo product is among the lowest in the marketplace.

So if you have always thought that a reverse mortgage might be a good thing for you but always shied away from the high initial costs and your initial draw or loan amount would be $200,000 or $275,000 or more, now might be a good time to look into a reverse mortgage with no closing costs..

 

Call Today & speak with one of our knowledgeable Reverse Mortgage Specialists

All Reverse Mortgage Company 

Toll Free (888) 801-2762

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Click Here to Inquire / Apply Online

 

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Cliff Auerswald

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