After a deceased HECM borrower's estate the loan must?
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Either transfer to a living spouse or the estate within 30 days. The lender
may approve a 90 day extension
HECM Reverse Mortgage Costs Origination Fees
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for loans below $125,000 the lender can charge an origination fee of up to
$2,500.
For loans above $125,000 lenders can charge 2% for the first $200,000 of
the loan and 1% for any amount over $200,000 with a $6,000 maximum.
Minimum $2,500 Maximum $6,000
FHA streamlines
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are utilized by borrowers with current FHA mortgages when they would
like to reduce their mortgage insurance, interest rate and payment
Grossed Up
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which means that the total of this tax free income can be increased by 25%
for purposes of the analysis of the income of the applicant.
FHA minimum down payment
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, Minimum Down Payment is 3.5%
FHA Gift Funds
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can be either from a relative or an employer and a gift letter must be
signed
Reverse Mortgage Repayment
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· Does not have to be repaid until the borrower dies, in which case the loan
is repaid to the borrowers estate
· The loan has to be repaid if the borrower defaults "Not paying property
taxes"
· The loan must be repaid if the borrower moves out of the house.
· The borrower obtains a zoning change on the property
FHA checks student loans through the "Credit Alert Verification Reporting System"
CAIVRS
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, to determine whether a borrower has ever failed to repay their federal
debts or obligations.
The FHA Energy Efficient Mortgage Program (EEM) helps homebuyers do which of
the following?
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supplemental program that allows the borrowers to increase their FHA
loans to finance improvements to the home that will increase the energy
efficiency like "solar panels"
What is the HUD HECM annual premium of the outstanding loan balance?
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0.5%
Section 245 FHA Loan
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Either transfer to a living spouse or the estate within 30 days. The lender
may approve a 90 day extension
HECM Reverse Mortgage Costs Origination Fees
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for loans below $125,000 the lender can charge an origination fee of up to
$2,500.
For loans above $125,000 lenders can charge 2% for the first $200,000 of
the loan and 1% for any amount over $200,000 with a $6,000 maximum.
Minimum $2,500 Maximum $6,000
FHA streamlines
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are utilized by borrowers with current FHA mortgages when they would
like to reduce their mortgage insurance, interest rate and payment
Grossed Up
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which means that the total of this tax free income can be increased by 25%
for purposes of the analysis of the income of the applicant.
FHA minimum down payment
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, Minimum Down Payment is 3.5%
FHA Gift Funds
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can be either from a relative or an employer and a gift letter must be
signed
Reverse Mortgage Repayment
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· Does not have to be repaid until the borrower dies, in which case the loan
is repaid to the borrowers estate
· The loan has to be repaid if the borrower defaults "Not paying property
taxes"
· The loan must be repaid if the borrower moves out of the house.
· The borrower obtains a zoning change on the property
FHA checks student loans through the "Credit Alert Verification Reporting System"
CAIVRS
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, to determine whether a borrower has ever failed to repay their federal
debts or obligations.
The FHA Energy Efficient Mortgage Program (EEM) helps homebuyers do which of
the following?
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supplemental program that allows the borrowers to increase their FHA
loans to finance improvements to the home that will increase the energy
efficiency like "solar panels"
What is the HUD HECM annual premium of the outstanding loan balance?
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0.5%
Section 245 FHA Loan
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