Reverse Mortgage of America, Seattle, has announced the introduction of a jumbo reverse mortgage product called The Independence Plan.Designed for owners of higher-value homes, the new product can provide a higher percentage of available home equity to borrowers, exceeding the federal loan limit on reverse mortgages, the company said. The Independence Plan functions similarly to the Federal Housing Administration's Home Equity Conversion Mortgage and Fannie Mae's HomeKeeper programs, but is funded by a third-party lender. The loan provides senior citizens with more available cash than any other plan, Reverse Mortgage of America said. "For example, a HECM would provide a typical 73-year-old couple with an appraised home value of $700,000 with $206,008 in available funds," the company said. "Using The Independence Plan, this same couple would not have to pay loan fees, netting $298,200 in available funds, a difference of $92,192." The company can be found on the Web at http://www.seattlemortgage.com.
-
Make the right lending decisions by being informed and knowledgeable on the impact of flooring during appraisals, upgrades, and resale evaluations.
September 12 -
Roof damage can reduce a property's value and loan security. Lenders must know the warning signs that indicate major structural and financial risks.
September 12 -
The federal regulator terminated the wholesale lender's FHA approvals in six jurisdictions because of certain elevated default and claim rate data.
September 12 -
The Mortgage Bankers Association leader cited past objections on anti-competitive grounds as Trump administration officials showed signs of progress on reform.
September 12 -
Homes for sale inventory reached pre-COVID levels for the first time in years, while contract activity continued to soar last month, HouseCanary said.
September 12 -
The new litUSD is being issued on Ethereum and backed one-to-one with the dollar using cash and cash equivalents being held by LitFinancial in reserve.
September 12