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Reductions in reverse mortgage products coming October 2nd!

HUD announced last week they will be reducing the current benefit amounts on average by 20%.
They will also increase the upfront mortgage insurance fee from .5% to 2.0% of the appraised value on loans initially drawing less than 60% of the benefit amount. As an example, the current fee on a $300,000 home is $1,500. It will increase to $6,000 on October 2nd!!!! Plus they will offer a lower benefit amount.
It’s critical that anyone who may be considering using a reverse mortgage product to access equity or pay off an existing mortgage balance contact us immediately. We only have a small window to lock them in at the existing costs and benefits.

Contact:
Ken Seal, CRMP
Reverse Mortgage Specialist
NMLS# 418643
206-819-3431

Contact us

info@neighborhoodmortgage.net
Phone: (360) 671-8044
Fax: (360) 671-8043
NMLS #62776
Consumer Loan Company License #CL-62776

Office hours

Mon - Fri 9am - 5pm
Sat: By Appointment