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   Author  Topic: ser look at new Beijing  (Read 2236 times)
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ser look at new Beijing
« on: Oct 24th, 2018, 12:13am »
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Fortunately some of these changes have been implemented on the reverse mortgage system. Reverse mortgages were already an attractive option for senior citizens and recent adjustments have created an even more attractive option.
With a reverse mortgage you are able to enjoy the benefits of staying in your home and retaining possession while the bank pays you. You have a variety of payment options but most seniors settle on receiving a monthly check. Instead of dispatching a payment off to the bank every month, you’ll receive one from the bank to pay you for the equity you’ve built up in your home.
The newest version of the reverse mortgage program offers much lower start-up costs saving senior thousands of dollars on imposed fees. This new loan is called a Home Equity Conversion Mortgage Saver. The dictated insurance premiums required for this new loan are only .01 percent of the value of your home. Other programs carried an average hefty 2 percent. To give you an idea of what a big deal this is I’ll give you an example. For a $400,000 home the new program would impose a fee of $40.00 to cover the required upfront insurance premium. With one of the older programs that fee would have amounted to $8000!
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