A reverse mortgage is a special type of loan available only to older homeowners with full or nearly full equity in their homes. Such owners can borrow against the equity they have built up over the years, but no repayment is necessary until the borrower sells the property or moves elsewhere. If the borrower dies before the property is sold, the estate repays the loan (plus any interest that has accrued.
Starting April 1 2013 there are going to be some changes that will affect you if you are an FHA loan buyer.There are some IMPORTANT changes for FHA that you will want to know about coming soon. Contracts written PRIOR to the new changes must have case numbers assigned prior to these dates.
â€¢ Effective April 1, 2013 the MONTHLY mortgage insurance premium will go from 1.25% to 1.35%*
â€¢ Effective June 3, 2013 the MONTHLY mortgage insurance will go from a 5 yr minimum to Mortgage Insurance for the LIFE OF THE LOAN for less that 10% down.
I want to make sure that home buyers understand all the aspects of buying a home including unknown costs that could hurt the buyer in the long run!
For more details:
CALL Judith at 814-571-3650