A reverse mortgage for higher value homes will be available to borrowers soon! The new fixed rate loan will be focused on borrowers with higher value homes. The maximum loan amount will be slightly over $2 million and primarily available in high-cost states, including California. This will be an important compliment to the Federal housing administration’s (HECM) Home Equity Conversion Mortgage which has a lending limit of $625,500. Too often borrowers with substantial equity did not find a reverse mortgage a viable option because of the low loan amount available. It is expected that the new fixed rate loan called the “HomeSafe” will be much more competitive than the jumbo option offered by Generation Mortgage “Generation Plus”. Previously that was the only option with loan amounts above the HECM limit. As a mortgage broker Signet Mortgage Corporation has lender relationships with several reverse mortgage lenders including Urban Financial of America – who will roll out the new mortgage September 2nd. Clay Selland, president of Signet Mortgage commented “It will be exciting to see the details of this new product and I anticipate it will be a significant help to seniors that are fortunate enough to have lots of equity, where the standard HECM was not a viable option.” Signet Mortgage, headquartered in Danville California, is licensed in five states (CA, OR, WA, ID and UT) and specializes in both forward and reverse mortgages – finding solutions that fit a clients needs. Please contact Clay Selland, CPA with any questions. Clay can be reached at 925-807-1500 x303 or firstname.lastname@example.org (full article from Reverse Mortgage Daily)
Trackback from your site.