![]() We do not guarantee applicability or accuracy in regard to client’s individual situation or circumstance. The preceding example and any calculations therein are hypothetical and are for illustrative Source: Liberty Home Equity Solutions, Inc., Quote Packages October 7, 2013.įor business professional use only. Reality: HECMs provide an opportunity to diversify a portfolio and helpĮnsure against overdrawing existing retirement assets Reality: HECM designed to pay off existing liens Myth #2: The home must be free and clear of existing liens Reality: Borrower retains title to home, no one is added Insurance Premium (depending on mandatory obligations) Ongoing Mortgage 1.25% of loan balance annually There are two types of reverse mortgage specific fees, counseling Loan Origination Calculation to determine amountģrd Party Closing Appraisal, flood certification, titleĬosts Examples insurance, notary, courier, recording, etc.ģrd Party Varies, depending on state/county ![]() Reverse mortgages have many of the same fee types as a traditional Repayment events regulated by HUD guidelines No payments are required until a repayment event occurs. Borrower no longer lives in/sells propertyģ. HECM loan must be in first lien positionĢ.Property must be an eligible property type.Homeowner must live in home as primary residence (6 mo.Youngest borrower must be at least 62+ years of age.2 Homeowners should consult their tax advisor. Although there are no monthly mortgage payments, interest does accrue on the portion ![]()
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