Reverse Mortgage Variations
Reverse mortgages come in three standard types. The most popular by annual origination volume is the Home equity conversion mortgage AKA HECM. This type gives the senior borrower the highest net principal limit (CASH) in most circumstances.
The Second type of reverse mortgage is the Fannie Mae Homekeeper. It has lower upfront costs than the HECM, but the net principal limit is significantly lower than the HECM.
The third is the Cash Account or what I call the reverse mortgage jumbo loan . If the home is valued at a significantly higher value than your local FHA lending limit, the Cash Account may give the highest net principal limit available at closing. The Cash account is known for its low to no closing costs. :) !
Eben
www.mireverse.com
The Second type of reverse mortgage is the Fannie Mae Homekeeper. It has lower upfront costs than the HECM, but the net principal limit is significantly lower than the HECM.
The third is the Cash Account or what I call the reverse mortgage jumbo loan . If the home is valued at a significantly higher value than your local FHA lending limit, the Cash Account may give the highest net principal limit available at closing. The Cash account is known for its low to no closing costs. :) !
Eben
www.mireverse.com
posted by www.mireverse.com at 7:21 AM
1 Comments:
Informative Reverse Mortgage Q&A article, i will keep visit your blog.
Than I have information about Mortgage Refinance too, if you have time please visit my blog.
Post a Comment
<< Home