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- Draw Options – 100% must be withdrawn at closing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
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.