||January 11th, 2007|
Reverse Mortgages . . .
with Laura Strickler
Laura Strickler -
Your Reverse Mortgage Specialist
I hope you all enjoyed the holidays with your families and friends! A New Year is upon us and that makes many of us try to be better…better at our finances, better at our health and work out commitments, better friends, spouses, children. I hope we all make strides in our resolutions!
Usually, at this time of year, there is an announcement coming from HUD that lending limits have changed. The lending limit is the maximum loan amount for a reverse mortgage and it varies county to county. Here in San Diego County, the lending limit is $362,790. Last year, the lending limit was increased by $50,000. There was no increase this year. This can be attributed to the way the real estate market has performed of late.
The good news is that the lending limit wasn't reduced. It can, in fact, be reduced. Although that hasn't happened for some time. If you are thinking of utilizing a reverse mortgage, remember the rates are the same no matter which lender you go with for your loan. When collecting quotes from various lenders, just remember that the interest rates change on late Monday afternoon. So, that may make a difference in the figures you receive. That is one of the most common differences in comparing quotes. But, origination and third party fees can also vary. There is a maximum origination fee charged, which is 2% of the lending limit ($362,790), or $7,255.80. There are also third party closing costs that can vary. These fees are estimates from the lender for your title, escrow, appraisal, notary, recording fees, etc.
This program is a government loan, so the program guidelines are the same lender to lender. The jumbo reverse mortgage program (Advantage) is a program offered by Financial Freedom, which is where the loans I originate are funded. This program offers a "no-cost" option.
I am having a seminar on February 13th at the Oceanside Chamber of Commerce from 10:00 - 12:00 PM. There will be plenty of information available, even personalized illustrations at your request. Please RSVP by calling me at 760-518-9839. I know you receive many invitations to dinner as an incentive for attendance, but I will be feeding your brain with all the reverse mortgage information you need to make a decision. No pressure, just information.
If I can help, call me.
Your Local Reverse