Reverse Mortgages are changing effective October 2, 2017. The Trump administration is planning to raise premiums and place tighter loan limits on some borrowers in a mortgage program that helps seniors supplement their incomes. This Wall Street Journal article indicates that HUD says the program needs a sounder financial footing.
The bad news is that the new rules are going to lower maximum loan amounts for reverse mortgage refinance borrowers and increase down payments for reverse mortgage purchasers.
The good news is that it is going to lower the monthly mortgage insurance premium. If you know of anyone looking to buy or refinance that needs a reverse mortgage, now is the time. Call me with any questions 214-945-1066. You can read more about Reverse mortgages here and download my FREE Brochure now. Using Home Equity as a Retirement Asset Reverse Mortgage Flyers Basics
Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender, Specialty Lending Manager
Office: (214) 945-1066
www.mortgageprosus.com/5-star-reviews
Service First Mortgage NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.
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