Looking for a fixed rate jumbo reverse mortgage product for people under 62? Then Gold Reverse is a lender that you need to take a look at.
Unlike your typical HECM loan, the Gold Reverse program doesn’t charge the borrower any mortgage insurance premiums and there are no servicing set aside fees. The product also allows for a conventional appraisal from any licensed appraiser rather than an FHA appraisal. Below are some more details on the product:
Gold Reverse Product Details
- Product Type – Fixed Rate
- Minimum Age – 60
- Index – 60 day FNMA Mandatory
- Margin – 250bp
- Rate as of 1/7/08 = 8.5%
- No mortgage insurance premium
- No servicing set aside
- Loan amounts- Min = $150,000 Max = $2,000,000
- Purchase or Refinance
- Property Type – Single Family, Condos, 2-4 Unit, modular homes
- Draw Options – 100% must be withdrawn at closing
- Broker Fee – 2% of principal limit
- Gold Reverse Admin Fee – $575 paid by borrower
- Currently only available in California, more states coming soon.
If you are looking to run some numbers you can login with the information below at https://www.ibisrmo.com
Private Label: PCM
Login: GOLD
Password: REVERSE08 (yes, these are all caps)
In the end the product is designed to give the borrower the maximum amount of money with the comfort of a fixed rate. For more information about the company check out the link below.
Technorati tags: Reverse Mortgage, Reverse Mortgage News, Jumbo Reverse Mortgage, Gold Reverse
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Age 60 is good and I still don’t like the fact that the seniors have to take all the funds out at closing. Just like the HECM fixed it works well when there is a high balance of an existing Mortgage to be paid out of funds and the senior doesn’t have to worry about what to do with the money. There is always someone out there that’s has a place for the funds and not necessarily a safe one. The only benefit that I can see is that it may help a Young Baby Boomer out of a tight spot.
I need a jumbo reverse mortgage for a client. Property value is 1.2 Mill and the loan amount would be 625k.
Can anyone help?
Need Reverse Mortgage for client—House will likely appraise for $2.5 million–current mortgage $1 million—would like $300k-$500k reverse.
Anyone doing Jumbo Reverse Mortgage at this point.
G Phillips