It feels like it has been a few years since the popular Financial Freedom Jumbo loan was discountinued.

Here is some news about the new jumbo product from Generation Mortgage.

The product is tailored specifically for seniors whose homes appraise higher than than $1,000,000 said the company.

“Many owners of higher-valued homes find themselves in the position of being house rich and cash poor,” said Jeff Lewis, Chairman of Generation Mortgage. “With our Plus loan, these owners can receive the liquidity they require without having to sell their home or other assets. And, with an improving real estate market, this offering becomes even more attractive.”

According to the company, the minimum home value eligible is $500,000.  Borrowers are required to receive a HECM counseling certificate in order to obtain the loan and the product includes a $25 servicing fee (not a set aside).  Additionally, seniors can use the Prime to purchase a home.

When we have more details and a calculator we will post them here…

In the meantime, simply call 1-888-823-6125 to speak with an expert.

Reverse Mortgages are now available with no FEE!

Reverse Mortgage Fees

One of the major complaints about Reverse Mortgages as a whole is that they are too expensive.  Well, that problem has now been fixed and this article will explain how lenders have removed their service fee, taken out their origination fee, and what these changes mean for you.

The Reverse Mortgage is a loan, and like any normal forward mortgage, it has a service fee.  However, in a Reverse Mortgage, or HECM which stands for Home Equity Conversion Mortgage, the service fee is collected out the loan proceeds and is paid each month by your lender.  By removing this fee, Borrowers can now receive much more money from their loan than ever before.

Along with removing the service fee, Reverse Mortgage Lenders have also removed the Loan’s Origination Fee!  There are two major charges involved with this product. The Mortgage Insurance Premium, which is an amount that calculated by taking 2% of the home’s appraised value.  The other is the Origination Fee which is also calculated by taking 2% of the home’s value, although recently most lenders have capped their fee at $6,000.

Both of these major changes mean on thing:  More Money for you, the borrower!  By removing the origination fee, these banks and mortgage lenders have removed close to half of the fee’s involved in a Reverse Mortgage.  The removal of the service is also great because it should increase your available funds by $3,000-$6,000!  There is now more money available for you to pay off your current mortgage, increase income, and create investment capital for insurance policies, savings plans, bonds, and securities.  All of this should increase your enjoyment of your retirement and make sure your home is always safe from foreclosure and default.

There are several lenders, but not all, who have made these dramatic changes in the competitive nature of Reverse Mortgages.  To find out which lenders have taken out these fees to make your Reverse Mortgage better, either contact ReverseMortgageSafety.com by filling out a form or contact each lender directly to see if they have removed their fees.

Ginnie Mae has suspended granting approvals to prospective issuers of reverse mortgages until it completes a “comprehensive review” of the risks associated with its HMBS program. HMBS are standardized mortgage-backed securities that will be collateralized by Federal Housing Administration-insured Home Equity Conversion Mortgage loans. Recent FHA program changes and the growth of government backing for mortgage lending over the past two years are send to have prompted the suspension of approvals.