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Loan Modification

: Mortgage Lender Implode-o-Meter

New Low Cost Reverse Mortgage Product Coming in October says HUD

By Implode-Explode Heavy Industries

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"During a conference call with industry leaders on Thursday, the Department of Housing and Urban Development said it hopes to roll out a new reverse mortgage product on Oct. 4, 2010.

The new ?HECM Saver? will be a low cost reverse mortgage product insured by the Federal Housing Administration. Unlike the standard HECM, which has a 2% upfront Mortgage Insurance Premium (MIP), the HECM Saver lowers the cost of entry for borrowers by charging only 0.01% upfront MIP. The product will also have an annual MIP of 1.25%."

Full post as published by Mortgage Lender Implode-o-Meter on August 26, 2010 (boomark / email).

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