FHA Reverse Mortgage Counselors

Reverse Mortgage Counseling

If you are interested in a reverse mortgage there are a few basic things you should know first beforehand. First, you should know that a reverse mortgage is also known as a Home Equity Conversion Mortgage, abbreviated as HECM, pronounced “heck-um”. The reverse mortgage is for homeowner’s 62 or older who have a mortgage on their home or own their home free and clear. Here are five other basics of a reverse mortgage for you to know.

The process is easy – One Reverse Mortgage has an easy five step process. When you work with One Reverse Mortgage you will have a licensed expert helping you through each of the five steps which include:

  1. Making the first call to discussion your financial situation to determine if a reverse mortgage is right for you.
  2. Complete the application and counseling process.
  3. Appraisal of your home.
  4. Closing of your loan and the disbursement of the funds.
  5. Repayment of the loan once the last remaining borrower no longer lives in the home.

You have loan options – The reverse mortgage offers three different loan options which include:

HECM Fixed – The HECM Fixed rate option is designed for people requiring a greater amount of money available to them to pay for mandatory obligations like their current mortgage balance, property liens, repair requirements and reverse mortgage loan closing costs. You will receive your money in one lump sum at closing and the low fixed rate remains the same through the life of the loan.

HECM Line of Credit – The HECM Line of Credit rate reverse mortgage is available to everyone that qualifies and offers different ways to receive money available to you. One option offers lower closing costs by limiting your initial money disbursement for the first year based on the FHA pre-determined limit. Other options include receiving your money in smaller amounts monthly, a full draw on your line of credit at closing, accessing your line of credit when you need to or any combination of these. Another great benefit of this option is your unused line of credit may grow over time.

Higher rates = Higher Home prices?

2011-08-23 15:15:52 by irvinerealtor

The Federal Housing Administration (FHA) will reduce single-family loan limits in the highest-cost metropolitan areas from $729,750 to $625,500 starting Oct. 1. The reduction, announced Friday afternoon, will affect 669 of the 3,234 jurisdictions in which the FHA insures loans.
The current floor loan limit in areas where housing costs are relatively low will remain unchanged, at $271,050 for one-unit properties. The mortgage loan limit and maximum claim amount for FHA-insured reverse mortgages will also remain unchanged, at $625,500.
The current maximum loan limits were to be retired in January 2009, but legislation delayed implementation of the loan-limit...

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FHA's 2014 Loan Limits to Change in Nearly 650 US Counties  — National Mortgage Professional Magazine
The changes announced today are effective for case number assignments between Jan. 1, 2014, and Dec. 31, 2014. “As the housing market continues its recovery, it is important for FHA to ..

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