The Equity Plus Advantage (Jumbo Proprietary) program will finance senior homeowners with High-End homes in over 30 states. Seniors with higher home values are able to access greater amounts of their home equity than with traditional government insured reverse mortgage. The program has a maximum lending limit of $1,500,000 and is considered to be one of the last and best jumbo reverse mortgages available in today's market. All Reverse Mortgage Company (ARMC) is proud to offer the Equity Plus Advantage. Backed by a financially sound investor we give the Equity Advantage our highest recommendation when considering a Jumbo Reverse Mortgage Program.
Program Features
- Interest Rate - 3.5% over 1 Month Libor
- Rate as of 07/16/08 = 5.95%
- No Mortgage Insurance Premium
- No Servicing Fee Set Aside
- Origination Fee on Principle Lending Limit
- Loan Amounts to $1,500,000
- Minimum Age - 62
- No Income or Employment qualifications
- Refinance of Primary Residence Only
The Reverse Select is a unique Fixed Rate Super-Jumbo Reverse Mortgage that allows for the highest lending limit in the nation at $3,000,000. This unique program carries a "No Origination Fee" option and is also available in several states through out the US. The Reverse Select was designed to give the borrower different options to accommodate individual needs. The Reverse Select is also the only Jumbo reverse Mortgage that offers a Tenure payout (Payments for LIFE) as well as a variety of origination fee and interest rate options.
Program Features
- Interest Rate - Fixed For Life
- Rate as of 07/16/08 = 8.76%
- No Mortgage Insurance Premium
- No Servicing Fee Set Aside
- Origination Fee of Appraised Value & Interest Rate
- Loan Amounts to $3,000,000
- Minimum Age - 62
- No Income or Employment qualifications
- Refinance of Primary Residence Only
Reverse Mortgages have always been a fairly expensive proposition, usually carrying a price tag of a 2% origination fee as well as a 2% government mortgage insurance fee, plus third party costs such as appraisal, title, escrow or closing, etc. In all, in some of the higher HUD areas, the total of all fees could total as much as $17,000. Even though these fees are not paid out of pocket and are rolled into the loan, the fees can still scare some borrowers away from obtaining a loan which could otherwise improve the quality of their lives…until now!
All Reverse Mortgage Company (ARMC) is proud to offer the Independence Plan. With the combination of Low Rates & Fees, the plan has become one of the most sought after Reverse Mortgage programs available today.
Program Features
- Interest Rate - 2.1% over 6Month Libor
- Rate as of 03/26/08 = 4.73%
- No Mortgage Insurance Premium
- No Servicing Fee Set Aside
- Only 0.50% Origination Fee of Appraised Value
- Loan Amounts to $3,500,000
- Minimum Age - 62
- No Income or Employment qualifications
- Purchase or Refinance
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