By Dave Copeland on January 10, 2018
For decades, the mantra of retirement advisers has been that people need to start saving early and often for a happy retirement.
What is freedom, if not the right to HECM62, using your own home equity to balance the budget. Take the yellow brick road to freedom. Ask Warren at Patriot Lending, 928-345-1200.
Or, if you prefer, call or email Warren Strycker, senior veteran mortgage lender representative to review your thoughts about this amazing product. Call 928 345-1200 or email email@example.com. Strycker is responsible for this information webpage, Gofinancial.net where informational articles investigate the HECM Reverse Mortgage. Strycker recommends the HECM to get your affairs in order.
By Jack M Guttentag — (The Mortgage Professor)
(TNS)–As a federally insured reverse mortgage program under the Federal Housing Administration, the home equity conversion mortgage program is not designed to help the wealthy. In calculating maximum draw amounts, the highest property value it will recognize is $625,500 (new limit $679,650.00). If your house is worth $1 million or $10 million, you can’t draw more than the amounts available on a home worth $625,500 (new limit $679,650.00). Further, although higher value properties reduce the risk of loss to the FHA, the mortgage insurance premium is the same for a property worth $1 million and one worth $625,500 (new limit $679,650.00).
When I wrote about purchasing a house with a HECM reverse mortgage earlier this year, a major issue faced by borrowers was whether to pay a penalty insurance premium in order to maximize the cash draw on the HECM. A few months after the article was written, HUD eliminated the option of paying a lower premium if the borrower drew less cash. The upfront mortgage insurance premium is now 2 percent of property value regardless of how much the borrower draws.
The advantage of buying a house with a HECM has not changed. It remains the case that the HECM does not impose a monthly payment burden on the borrower. The only disadvantage is that the reverse mortgage will cover only about 50-60 percent of the house price, depending on the borrower’s age, requiring the purchaser to find the remaining needed cash elsewhere. The most common source is asset liquidation.
This is the story of a HECM loan gone bad — to be more accurate, it was the HECM that got away after every thing imaginable was tried to keep it in.
It was a simple solution, I thought, or was it???
Consider HECM Reverse Mortgage to use some of your home equity to shore up finances for this “leg” of your finances. Call HECM veteran Warren Strycker, 928 345-1200 or email/write firstname.lastname@example.org for professional friendship through the process.
To make retirement free of financial woes. Our dedicated, diverse, and determined staff are available to you 24/7 to hone in on the financial product that most fits your needs. The managerial staff at Patriot Lending has been able to compile a team of qualified professionals to assist you in any way possible.
The financial tools we offer are available at many other financial institutions but, we believe that the service we offer here at Patriot Lending is unparalleled.
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