Mortgage and Lending |
RAINER 4,851 |
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Catherine Kelsey | ||
HECM For Purchase - www.onereversemortgage -... | ||
location_on Lehi, UT | ||
insert_link http://www.onereversemortgage.com | ||
web Utah County Reverse Mortgage |
I offer Two Different Loan Options:
1. FHA HECM (Home Equity Conversion Mortgage) Standard
This product is designed to give borrowers the most available proceeds. Borrowers pay an up front Mortgage Insurance Premium (MIP) of 2% of the home's value to cover the FHA insurance. Other loan costs, such as origination fees have dropped dramatically or been eliminated completely in recent years.
2. HECM Saver
The HECM Saver virtually eliminates the upfront Mortgage Insurance Premium (MIP). This results in significantly lower closing costs. On a $200,000 home, the upfront premium is only $20. The total amount available to a borrower is somewhat lower than under the Standard program to offset the rist of the lowerr premium.
For both the Standard and the Saver there is an ongoing MIP rate of 1.25% annually that is applied only to the outstanding loan balance rather than the full amount available.