Remarkable Mortgage

Reverse Mortgage Highlights

A Reverse Mortgage is a unique loan that allows you to access a portion of your homes equity. FHA loans are gov’t insured, proprietary loans are Lender-guaranteed.

Non-Recourse – No Payment Required – No Set Term

Two types of Reverse Mortgage loans:

First: FHA “HECM” home equity conversion mortgage.

Second: Proprietary, or Lender backed loans. AKA, “Jumbo Reverse.”

Both types are offered as fixed rate and as ARM’s (adjustable rate.)

 

Loan Limits: 

FHA HECM: $726,525. 

Proprietary: Up to $9,000,000. 

Both loans have principal limits (% Available) based on age and interest rate.

 

Two Examples That Might Interest You

 

 

First: FHA Reverse: 

Age 70, home value: $690,000 ARM 1.750 Annual LIBOR.

Loan Cost: $23,115 – Line Of Credit: $348,105 – Expected Rate: 4.430%

Second: Home Safe Proprietary: 

Age 70, home value: $1,300,000. Fixed Rate

Loan Cost: $4,719 – Cash available: $482,781 – Rate 5.875 fixed

Bonus Example: (Coming soon to Colorado)

Home Safe Select: 

Age 70, home value: $1,300,000. Margin 3.750 3Month Libor.

Loan Cost: $12,706 – Line Of Credit: $595,690 – Rate ARM: 6.016 (expected)

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