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Reverse Mortgage Programs

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Fixed-Rate SECURE

  • Current Rate: 4.50% (Plus 1.250% Monthly Insurance)
  • Loan Options: Lump Sum

The Fixed Rate Secure is your typical closed-end mortgage loan where all available proceeds are made available in a cash lump sum only. With this option, the interest rate will be fixed in for the Life of the loan at an all-time low rate of 4.99%. Also, all Fixed Rate Secure loans have zero origination fee charged. The major benefit of the Fixed Rate Secure is that it currently provides the highest amount of available proceeds on any given scenario making it the most preferred option for those seeking maximum available funds for existing mortgage payoff, home improvements, etc. It is also the best product to utilize when using a Reverse Mortgage to purchase a new home because of the available proceeds and Fixed Interest Rate.

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Fixed-Rate SECURE SAVER

  • Current Rate: 5.00% (Plus 1.250% Monthly Insurance)
  • Loan Options: Lump Sum

The Fixed Rate Secure Saver product is just like the Fixed Rate Secure but with a few minor differences. Just like its “big brother” it is a typical closed-end loan where all available proceeds are made available on a cash lump sum and the interest rate is fixed in for the Life of the loan at a slightly higher current interest rate of 5.25%. However, the benefit of the Secure Saver compared to the standard Secure Fixed Rate product is that the Secure Saver comes with lower closing costs for the majority of loan scenarios. The Government charges 2% in Upfront Mortgage Insurance Premium or (MIP) for all the Standard products, but on the Saver products the MIP is only 0.01%. The Secure Saver does provide less available proceeds than the Fixed Rate Secure as well, so for those who do not wish to borrower the extra money that the Fixed Rate Secure provides and want to lower the upfront costs in obtaining the loan, the Secure Saver is the right choice.

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Line of Credit – FLEX

  • Current Rate: 1.71% (Plus 1.250% Monthly Insurance)
  • Loan Options: Line of Credit, Monthly Payments, Combination  

The Line of Credit Flex is an open ended loan that is an adjustable interest rate loan with a multitude of options for how to utilize your available proceeds on any given scenario. One option of the Line of Credit Flex is to take the straight Line of Credit feature. With this option, a borrower would elect to put all of their available proceeds at the closing of their loan into their Line of Credit. Keep in mind that this is not like your normal Home Equity Line of Credit or (HELOC) you would get from your local bank of credit union. The Line of Credit Flex is guaranteed by the Federal Government and can never be frozen or lowered due to the change in value of your home or to changes in the economy.

The best feature of the line of credit however is that it can grow in availability over time. Any funds that are placed in the line of credit and are not advanced by the borrower will grow in availability over time which can lead to even larger available funds in the future than what you can receive today. Another option is to receive monthly payments. Reverse Mortgages do not require monthly payments from the borrower to the lender, but one option that a borrower can take advantage of is receiving a monthly payment from their loan.

These payments can be set up for a specific period of time (term) or can be set up for lifetime (tenure). If a borrower goes with the tenure option, they would receive a guaranteed monthly payment every single month for as long as they live in their home. Finally, you can combine any of these options.  For example, if a borrower were to qualify for $200,000 in available proceeds on the Line of Credit Flex, they could elect to have $20,000 advanced at closing, $80,000 to remain in a line of credit and the remaining $100,000 to be calculated out to give a guaranteed monthly payment for life. This product allows borrowers with larger amounts of equity in their homes more flexibility when accessing their available funds.

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Line of Credit – FLEX SAVER

  • Current Rate: 2.00% (Plus 1.250% Monthly Insurance)
  • Loan Options: Line of Credit, Monthly Payments, Combination  

The Line of Credit Flex Saver product is just like the Line of Credit Flex, in the same way that the Fixed Rate Secure Saver is like the Fixed Rate Secure. The Line of Credit Flex Saver has all the same available options as the Line of Credit Flex (Line of Credit, Monthly Payments, etc.) but it also is under the “Saver” guidelines to the Reverse Mortgage product. It will have the lower Upfront MIP (0.01%), so the upfront closing costs in order to set up the loan will be less than the Line of Credit Flex. It will also, have lower available proceeds than the Line of Credit Flex. For those borrowers looking to set up a Line of Credit with as little upfront fees as possible, the Line of Credit Flex Saver is the way to go.

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