A New Low Fee Reverse Mortgage Hits The Market
Less than $1,000 is all it may cost in fees to obtain a reverse mortgage and the minimum age to qualify for a reverse mortgage is now 55 years of age. If you or know of someone who thought of obtaining a reverse mortgage in the past but thought that they were too expensive with upfront costs, it may be worthwhile to take another look.
A low fee option of the reverse mortgage has been rolled out which may be what some retirees are looking for and loan amounts are up to $4 million. It’s important to note that there are now several different types of reverse mortgages. There are the HECM federally insured reverse mortgage products, and there are non-HECM loans that are not federally insured. The low fee option falls under the non-federally insured category.
Buying a home with a reverse mortgage is another option which basically is a large down payment and no payments on the balance of the loan. You have a federally insured HECM option as well as the low fee non-HECM option to use to purchase the home.
Reverse mortgages may not be a fit for people over 55 years of age but rolling out new products is a step in the right direction providing additional choices for retirees and their financial needs.
If you have any questions or concerns regards the newest reverse mortgage programs, let me know, I’m here to help.
Kindest regards,
Kevin Walton, NMLS #245923 // C2 Financial Corporation NMLS #135622
Kevin Walton DRE #, 01453270//C2 Financial Corporation DRE#, 01821025
Corporate: 858-312-4900 // Mobile: 805-276-1942
[email protected]
www.californiareversemortgage.biz