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Mark Allen Schmidt

Changes for the better; the new Reverse Mortgage rules

Monday, October 28, 2013 - Article by: Mark Allen Schmidt - Mac 5 Mortgage Co - Message

Yes Reverse Mortgages have changed and I think this was a good move by the Government. The cost of setting up a line of credit has gone down dramatically. The expensive part of a Reverse Mortgage is the Up Front FHA insurance.

If you want to establish a Line of Credit and only use some of it the first year, (less than 60%) your Mortgage Insurance will now cost you .50 or 1/2%. Before it would cost you 2% of your homes appraised value, and that can add us fast.

If you have been avoiding the topic of a Reverse Mortgage because you think they are too expensive, it might be time to take another look. And, if you need some of the money in your home a Reverse Mortgage can help in ways that you probably don't even know about.

If you are interested, call me or any Reverse Mortgage consultant, learn the facts from the people who know, then go make your own well informed decision.

Thanks, Mark Allen Schmidt

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