How to Buy your Dream Home and Have No Mortgage Payments!
How to Refinance and Have no Mortgage Payments!
Don't Delay! Trump HECM Changes Effective October 2, 2017
Many older Colorado Springs homeowners are struggling to keep up with the rising costs of living and medical expenses. Many of them are taking advantage of the HECM (Home Equity Conversion Mortgage) refinance to increase their cash flow or to right-size into a newer one-level home that is made affordable with this program.
If you're 62 or older and have been thinking about converting home equity into cash, you may want to act now to apply for a reverse mortgage before the new rules become effective October 2, 2017. Application needs to be dated September 29 or earlier. Changes are:
* New limits on total amount you can borrow – decrease from 64% of home equity to 58%
* Upfront mortgage insurance premium – increase for most borrowers - from 0.5% to 2%
* Upfront mortgage insurance premium – decrease for borrowers taking more than 60% of loan proceeds upfront - from 2.5% to 2.0%
* Annual mortgage insurance premium – decrease from 1.25% to 0.5% to preserve more equity for the life of the loan
Call me today at 719-440-3339 for questions about this and for recommendations for lenders who can help you look at your situation to see if a reverse mortgage is right for you!