Adjustible Rate vs. Fixed | Florida Reverse Mortgage Lender in Miami, PS Financial Services

Adjustible Rate vs. Fixed

Reverse Mortgage Financial Assessment Will Take Effect on March 2015

Reverse Mortgage Financial Assessment Will Take Effect on March 2015

The Department of Housing and Urban Development has finally announced that the financial assessment will come into effect on MARCH 2015.

While the financial assessment was previously announced as an upcoming change last October, it was not implemented in the past year. Next March, however, the financial assessment is poised to be one of the biggest changes in the reverse mortgage industry while adding another safeguard for future borrowers.

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Reverse Mortgage Line of Credit

Reverse Mortgage Line of Credit Option

The Home Equity Conversion Mortgage, or Reverse Mortgage is beneficial to older Americans looking for a way to supplement their fixed income during retirement or, to even plan ahead for their retirement. The fact of the matter is, not everyone retires 65, because the amount of money is less compared to retiring later in life.

However, you can apply for a reverse mortgage at the ripe age of 62, if you live in your primary residence and have enough equity in your home. If you are using a reverse mortgage to PLAN retirement, the line of credit option can prove to be very effective in the future, when the funds are needs to cover expected (and unexpected) expense.

There are many options to chose from if you apply for a reverse mortgage, and because the line of credit option is only available at an adjustable rate–instead of a fixed rate–it’s important to know why the line of credit is the best option when you’re planning for retirement: flexibility. It’s great to take out a lump sum initially but what if you need funds in the future?

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The Standard Fixed-Rate HECM Loan…A Thing of the Past

Earlier this year, the Federal Housing Administration removed the Standard Fixed-Rate Home Equity Conversion Mortgage from its list of available reverse mortgage products, leaving only the HECM Saver (“Standby” Reverse Mortgage) and the Adjustable-Rate Standard HECM.

During a Senate Banking Committee hearing on Tuesday, July 23, the assistant secretary for the Department of Housing and Urban Development, Carol Galante stated that there were no plans to reinstate the program, according to an article published by Reverse Mortgage Daily.

The Congressional hearing was assembled in order to discuss the FHA Solvency Act of 2013, which would require yearly reviews of premium levels and loan performance so that pricing and underwriting standards remain acceptable for consumers. In addition, the bill would hold lenders accountable for fraudulent or mismanaged loans.

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Not All Regulations Cast a Dark Shadow….

Potential changes to the FHA-insured reverse mortgage continue, according toGovernment May Crack Down Harder on Reverse Mortgagesand there is no sign of them slowing down.

One of the biggest problems the reverse mortgage program is facing today is the potential loss of $943 billion on loans made when housing values were much higher, namely pre-recession home values.

A potential solution came earlier this year with the elimination the Standard Fixed-Rate Reverse Mortgage, which allowed consumers to receive large lump sums upfront at fixed interest rates. The problem was that most homeowners would use their lump sum to pay off large debts–mortgages, car payments and credit cards–at the beginning of their loan, run out of money, and be unable to pay their homeowners insurance and property taxes. Homeowners that were unable to pay their requirements, or keep up with their home maintenance, faced foreclosure for defaulting on their loan.

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We're A Dedicated Team Of Professionals With One Goal: To Help You Plan For Your Retirement

Our company is made up of highly experienced Licensed Mortgage Loan Originators and
several Certified Reverse Mortgage Loan Professionals (CRMP), and we do one thing and
one thing only, Reverse Mortgages Loans. 

MANAGABLE MORTGAGES

A reverse mortgage is a potential avenue for seniors whose monthly mortgage payment has been unmanageable and would rather put their monthly income to better use.

FUNDS FOR RETIREMENT

A reverse mortgage can be a helpful planning tool to help boost your retirement.

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PS Financial Services is here to help you decide whether a reveres mortgage is right for you. Speak to one of our experts to find out!

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