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dellena
Guest
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 Posted: Mon Jan 09, 2006 3:10 pm Post subject: reverse mortgage |
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Are all reverse mortgages the same? With same interest rates, same closing cost?
How do you find the best provider? |
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 jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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| Posted: Mon Jan 09, 2006 3:19 pm Post subject: |
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Hi Dellena,
All reverse mortgages are not same. Different types have different requirements, income amounts. They depend on payments timings, interest rates and initial costs.
You need to shop around for different options and lenders to compare and decide the most suitable one for you.
Feel free to post for any more doubts.
James |
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graham_2006
Guest
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| Posted: Mon Jan 09, 2006 3:24 pm Post subject: |
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Hi,
You need to shop around to compare the offerings. They are not same and can vary considerably in the amount of money that you get immediately and in the long term.
It also varies on how the money is paid out, how much is paid on interest and other charges and in some other features. |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.88 Dollars($)
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| Posted: Mon Jan 09, 2006 3:38 pm Post subject: |
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Hi Dellena,
The type of requirement you have may decide the appropriate type of loan for you.
- Any low cost single purpose loans may help you in making home repairs or improvements or paying property taxes.
- You may require HECM loan where many of the loan costs including the interest rate are the same with different lenders. But some costs like closing fee, origination fee may very from one lender to the other.
- You may be allowed to borrow a proprietary reverse mortgage if you possess a high priced home.
You have to shop around and locate the most convenient one for you. Also to help you analyze your situation, you should first a consult a reverse mortgage counselor.
If you want to ask anything more, kindly post it here.
Regards,
Blue |
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blue_moon
Guest
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| Posted: Mon Jan 09, 2006 3:43 pm Post subject: |
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For any kind of mortgage it is best to shop around for different loan terms and lenders to get the best deal.
You may take suggestions from your friends and relatives if any of them has faced similar situations. |
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cliff
Joined: 16 Dec 2007
Posts: 3
Location: California & Florida
2.32 Dollars($)
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| Posted: Sun Dec 16, 2007 10:03 am Post subject: re: Shoping Around |
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Of all reverse mortgages closed in America 93% fund on the government insured HECM (Home Equity Conversion Mortgage). The HECM is he best RM for the medium home. Proprietary programs make up the other 7% tha are more suitable to higher metropolitan areas since these programs carry no lending limits.
Rates and fees are government regulated.
3 programs available
HECM 100
HECM 150
HECM Fixed
all rates are the same no mater where you shop, you can see we post them online @ "www.allrmc.com" and change every Monday.
If you shop a Reverse Mortgage I recommend you work with someone that specializes in them for a timely closing (:
Cliff Auerswald
All Reverse Mortgage Company
(888) 801-2762
"www.allrmc.com"
[Email address deactivated as per forum rules. Thanks.]
Cliff Auerswald
All Reverse Mortgage Company |
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jenkin7
Joined: 04 Jun 2007
Posts: 4292
Location: Hawaii
677.83 Dollars($)
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| Posted: Mon Dec 17, 2007 4:30 am Post subject: |
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Hello Cliff,
Welcome to the forum.
Your information is really helpful. Thanks for sharing it with the community.
Hope you will enjoy coming to the forums. |
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brad
Joined: 17 Dec 2007
Posts: 80
Location: Florida
20.67 Dollars($)
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| Posted: Tue Dec 18, 2007 3:22 pm Post subject: |
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Hello,
There are actually 4 types the 3 HECM loans as explained above as well as the cash account advantage. The HECM are your basics for refianance and the HECM 150 provides the most cash.
The Cash Account Advanatage is for higher valued homes as well as purchase transactions. You can put a larger down payment on your purchase and use the cash account and not a have a mortgage payment and if you wish you can refinance into a HECM 150 and obtain some of your cash back from the down payment.
Let me know if you have any further questions!
_________________
Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:
www.accesslendinginc.com |
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