More money$$$$$$ available

Passed and Signed 

The version of the bill  includes the Reverse Mortgage provisions we were all hoping for. Below is a summary of the provisions which NRMLA supplied

1. A single national loan limit of $417,000 that can increase up to as much as $625,500 in high cost areas.

2. Home purchase product authority

3.Co-op products provisions

4.Origination fee of 2% on the initial $200,000 loan amount and 1% on the balance thereafter with a cap of $6000

5.Prohibitions on requiring the purchase of annuities and other financial products.

6. Restrictions around cross selling financial products

7.Requirements on counseling protocols, funding and practices that promote independence and quality in counseling.

What does this mean for You?

More money$$$$$$ available

If you are a Senior in this area, Pinellas county Florida for example, and your home was worth more than the old  FHA limit of $222300. and could only receive a % of that limit amount and the rest of the equity remained untouchable.

With the limit now at $417,000 you will be able to receive a % of the higher amount or the appraised value of the home.

Example: If the home value is below the $417,000 limit, you would receive a %* of the appraised value.

                  If the home  value was $417,000 or more you would receive a %* of the new limit of $417,000

Making more $$$$ available.

* % is based on the age of the youngest borrower on title 62 or older.

For more Information please call or Email me

Jim Saeger RMLC

at

info@myfloridareverse.com

1 727 596 9095

Information is free