|
Last Revised on February 24, 2010
Reverse Mortgage News!
 ????
"NSGN” SECTION: NOT SO GOOD NEWS!
Well, the Federal Government is at it again!
1) FHA is talking about reducing the amount the a Reverse Mortgage can give you. It was reduced on Oct 1, 2009 by a 10%. Now there is talk of reducing it a single digit percentage which could be between 1% and 9% or more. We have to wait and see what happens.
2) Possibly in April 2010, FHA will increase the ongoing monthly Mortgage Insurance Premium (MIP) from the current .50% to 1.25% per month. This is certain that will happen, thus raising the cost of a Reverse Mortgage.
Home values have continued coming down due to the many foreclosures and “short sales”. Although there is a higher volume of sales, values do not reflect this increase in volume yet.
Once values start increasing, the Federal Reserve Board is sure to increase interest rates. A higher interest rate on a Reverse means less funds you receive at closing
The GOOD NEWS is that today you can still do it and receive a higher amount. If you have been postponing doing a Reverse, waiting longer could cost you dearly. Do it now! Don’t wait any longer!
2) Due to the continued financial crisis that we are suffering today, we are seeing the values of homes coming down day by day. The many “Short Sales” (sales at prices below the mortgage balance owed to the bank) and foreclosures in your area decrease the value of your home. The problems of others are affecting you. Don’t wait any longer! Less Value = Less Benefits!
***
“FN” SECTION: FABULOUS NEWS!
BMS Corp. can offer you Reverse Mortgage Plans from Financial Freedom, Met Life, Genworth-Liberty. The very best in the market.
We can select the Plan that best meets your needs.
1) FHA has increased the National Lending Limit to $625,500! Do not wait, it is for a limited time only, then goes back to $417,000!
This is fabulous news for Senior homeowners whose properties might appraise at more than $417,000. This means that now you could receive a larger Benefit from a Federally insured REM.
2) NEW!: Now you can purchase a primary home (1 to 4 families dwelling unit) with a FHA federally Insured REM! No Income* and No Credit qualification required! No monthly mortgage payments as long as you live in the home! Click here "Senior HomeBuyers". Take advantage that home values are coming down. Buy today!
3) NEW!: Closing Costs have been reduced and limited by FHA!
4) NEW!: Co-op’s: The new law authorizes the use of Reverse Mortgage to refinance a unit in a Cooperative. It is expected to be effective soon. It has not been approved for Florida yet.
I strongly suggest you call me today if you are interested in learning about the Benefits of a Reverse Mortgage, before the values continue to go down. I can give you an estimate of the different Plans available to you and which gives you the largest Benefits. There is no cost or obligation. Call me at 786-262-6486, or use the inquiry form provided below.
* some exeptions may apply.
|
