http://reversemortgageloanblog.com/2007/07/26/pros-cons-of-reverse-mortgages/ News and discussion about Reverse Mortgages Sat, 30 Apr 2011 21:05:04 +0000 hourly 1 http://wordpress.org/?v=3.0.5 http://reversemortgageloanblog.com/2007/07/26/pros-cons-of-reverse-mortgages/comment-page-1/#comment-86 Chris Plante Sun, 29 Jul 2007 04:47:41 +0000 http://reversemortgageloanblog.com/2007/07/26/pros-cons-of-reverse-mortgages/#comment-86 I'm a Reverse Mortgage Consultant and I just finished a reverse mortgage in Southern California. There is a new product out now for higher valued homes (this particular one was appraised at $750,00) that gives the borrower (in this case a 70 year old got $306,700) more money than a typical FHA insured HECM (Home Equity Conversion Mortgage, which would have given her $213,900.) Not only that, but since my client took all the money out up front, there were no closing fees. Gone were the FHA Insurance fee of 2% of the first $369,790 of appraised value, the loan service fee, the set aside fee, and the origination fee that I and my brokerage earned, since the lender paid us outside of the loan. Not only that, but my client did not have to pay escrow, title, appraisal, notary, processing, underwriting, credit reports and other junk fees. The loan did not cost her a cent in fees. She qualified for $306,700 and that's how much she got. You can find out more by contacting me at http://www.reversemortgagediscounters.com I’m a Reverse Mortgage Consultant and I just finished a reverse mortgage in Southern California. There is a new product out now for higher valued homes (this particular one was appraised at $750,00) that gives the borrower (in this case a 70 year old got $306,700) more money than a typical FHA insured HECM (Home Equity Conversion Mortgage, which would have given her $213,900.) Not only that, but since my client took all the money out up front, there were no closing fees. Gone were the FHA Insurance fee of 2% of the first $369,790 of appraised value, the loan service fee, the set aside fee, and the origination fee that I and my brokerage earned, since the lender paid us outside of the loan. Not only that, but my client did not have to pay escrow, title, appraisal, notary, processing, underwriting, credit reports and other junk fees. The loan did not cost her a cent in fees. She qualified for $306,700 and that’s how much she got. You can find out more by contacting me at http://www.reversemortgagediscounters.com

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