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New Reverse Mortgage Product to Be Launched by FHA
Published on 10/01/2010
This new HECM Saver loan will lower upfront loan closing costs for those who would like to borrow less than the full amount available through the existing HECM Standard loan.
The same terms and conditions of the HECM Standard loan will apply, but borrowers will receive 10 to 18 percent less under the HECM Saver option.
“In response [to high costs], we created HECM Saver which will provide seniors with a reverse mortgage option that significantly lowers costs by almost eliminating the upfront Mortgage Insurance Premium (MIP) that is required under the standard HECM option,” said FHA Commissioner David Stevens.
This new option will give seniors seeking reverse mortgage a much more affordable option.
As opposed to the 2 percent upfront premium of the HECM Standard loan, the Saver loan will have an upfront premium of a mere .01 percent of the property value.
Moreover, the option entails lowered upfront fees because of the lower principal amount available.
If you have any questions about this more affordable reverse mortgage option, an AAG reverse mortgage specialist is waiting to answer your questions for FREE.
By asking a question above, a qualified reverse mortgage specialist may answer your question completely FREE of charge.
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