United Reverse Mortgage

Per HUD guidelines, any PACE/HERO assessments on title are now considered to be a mandatory obligation and can be paid off at closing with HECM proceeds.

Lee Snyder 951-760-6480 [email protected]
United Loan Center is a broker that operates under the supervision of Department of Real Estate. License
#01904009 – NMLS Company ID #806124- NMLS Individual ID #233660

New changes are coming to HECM effective October 2nd. Here is a partial excerpt of the news release:

HUD officials said the change will result in a net increase in costs for most borrowers, and could potentially reduce the initial volume of reverse mortgages by 10 to 20 percent annually. The upfront premium will be increased to 2 percent. Currently, the upfront charge is either 0.5 percent or 2.5 percent, depending on how much is drawn in the first year. The annual premium will be reduced to 0.5 percent from 1.25 percent.

Also the maximum loan limits will be reduced.

Reverse mortgages, which are formally known as home equity conversion mortgages (HECMs) can be taken as a lump sum, line of credit or through monthly payments. HUD officials presented the theoretical case of a 62-year-old borrower, with a reverse mortgage at 5 percent. For each $100,000 in home equity, the borrower will now be allowed to borrow $41,000, which is down from $52,400.

Lee Snyder 951-760-6480 [email protected]
United Loan Center is a broker that operates under the supervision of Department of Real Estate. License
#01904009 – NMLS Company ID #806124- NMLS Individual ID #233660

Find out what additional information you need to know from United Reverse Mortgage to help you make informed choices. Download 3 FREE information guides here http://unitedloancenter.com/reverse/pdf_files.htm Are you still trying to understand what a Reverse Mortgage is?