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MLS Reverse Mortgage Now Offers Fixed Rate Reverse Mortgages
MLS Reverse Mortgage Now Offers Fixed Rate Reverse Mortgages To alleviate the uncertainty of adjustable rate reverse mortgages, MLS Reverse Mortgage has added the fixed rate reverse mortgage to their product line.
Auburn, CA (PRWEB) May 24, 2007 -- The fixed rate Home Equity Conversion Mortgage (HECM) eliminates the risk of adjustable-rate mortgages. With the HECM Fixed Rate loan, the borrower has the comfort of knowing exactly what their interest rate will be for the life of the loan and the certainty that the rate will never increase. In addition, since the interest accrual is known, borrowers will have the comfort of knowing exactly how much they may pass on to their estate.
"The reverse mortgage market is evolving very rapidly," said Mike Borba, President and CEO of Borba Investments, Inc. dba MLS Reverse Mortgage. "Now is the perfect time to offer more options to senior homeowners."
The HECM Fixed Rate is a Federally Insured reverse mortgage. The FHA requires third-party counseling for all HECM products.
The HECM Fixed Rate has an interest rate comparable to a conventional 30-year fixed rate loan. The benefit is that no mortgage payments are required as long as the borrower lives in their home. Some seniors are willing to take a slightly higher interest rate than the adjustable rate HECM for the security of knowing exactly what their rate will be for as long as they are in their home.
"Reverse Mortgage" seems to be the new buzzword in the lending industry. But, what is a Reverse Mortgage? A majority of senior homeowners would like to stay in their own homes throughout their retirement years. However, everything from rising healthcare costs to increasing home maintenance expenses are making that more and more difficult. As a response to the apparent problem, the U.S. government created a financial solution for homeowners 62 and older. The solution is called a Reverse Mortgage and it may just help seniors truly enjoy their retirement years. A reverse mortgage enables homeowners 62 or older to convert part of the equity in their homes into tax-free income without having to sell their home, give up title, or take on a new monthly mortgage payment.
MLS Reverse Mortgage is headquartered at 13478 Luther Road, Suite C, Auburn, CA and can be reached at 1-888-888-4834 or on the Internet at http://www.LearnAboutReverseMortgages.com.
Author: Josh Borba
Previous: 30 June 2008
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