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News Flash:

Zero Origination fee and Zero monthly Service Fee Reverse Mortgages are now available.

Purchase Money FHA Reverse Mortgages are now allowed.  No qualifying, Single Family, Condo's, PUD's. Perfect for Seniors who are downsizing. Conserve Cash, no mortgage payments for life. Call for details:

Days: 800-686-0238
Evenings & Weekends: 800-811-2738 Ask for Ken.  

Manufactured Homes in Condo Manufactured Home Communities are now allowed with the Caveat that the Condo Association itself must apply for HUD approval of the project. 

For Standard Condominiums HUD is now requiring that each project apply for HUD approval. Spot condo loans are no longer allowed.

News Flash 2      

 HUD/FHA has raised the Reverse Mortgage Limit to $625,500.. for the remainder of 2010.  For seniors with homes worth more than $400,000.00 this mean a potential increase in the amount available. Contact us immediately for a review of your situation.

 On the Home page we will list the various types of Reverse Mortgages available to California Senior Citizens and discuss how they work. 

 To get a quote of costs and benefits click "Get A Quote". 

 E-mail  your Date of Birth, Zip Code, & Estimated Property Value. 

 We respond by e-mail. Include a Phone # if you want a return call. Inquire anonymously if you wish.

 Benefit Determination

  Benefits are determined by a combination of factors.

(A) The Senior Citizens attained Age.

(B) The Appraised Value of the property.

(C) The maximum HUD/FHA Loan Limit in your County.

If your appraised value exceeds the HUD/FHA maximum loan for your county your benefit is calculated using the FHA Maximum rather than the true appraised value. For Instance, $625,500 is the FHA Maximum for all counties in 2010.

(D) The Senior Citizens statistical life expectancy.

 FHA/HUD Insured Monthly  Home Equity Conversion Mortgage

     Most FHA Reverse Mortgages are adjustable rate. The FHA/HUD Monthly Reverse  Mortgage has an interest rate that floats above the One Year Treasury Bill Index or the Libor Index. A Benefit Comparison will tell you which might be the best for you. Monthly refers to the period of interest rate adjustment. This is the most widely used Reverse Mortgage Plan because it has the lowest interest rate and provides the largest benefit to the Senior Citizen.  Benefits may be taken in the form of a guaranteed for life Monthly Income, a Line of Credit, a Lump Sum at closing or a combination of the preceding. There is a great deal of flexibility in how the benefit is taken. 

 Call 800-686-0238 with specific questions.

 FHA FIXED RATE Reverse Mortgages

    Fixed rate plan are now available. Rates range from 5.50% ro 7.00% depending on the lender. If you're considering one of these you should definitely shop around. We will supply a quote on the lowest offered Fixed Rate on request.  "0" Originations fees are available on the Fixed Rate Reverses. This will probably only last for a short time. Get them while they're hot!!!

The only option available on the Fixed Rate Program is "All Cash at Closing".

This restriction is the reason most people choose on of the other programs.

 FHA/HUD Insured Annual Home Equity Conversion Mortgage

     This plan has an annual interest rate adjustment and an annual interest rate cap of 1.00% up or down. The annual Reverse Mortgage floats 4.50% above the One Year Treasury Bill Index. The initial interest rate is 1.50% higher than the Monthly Adjustable FHA/HUD Insured Reverse Mortgage discussed above. Because of the higher Interest rate this loan provides a smaller benefit than the monthly.

 F.N.M.A.  (Fannie Mae) "Homekeeper" Reverse Mortgage.

     The "Homekeeper" Reverse mortgage is similar to the FHA/HUD Monthly. It has an interest rate that floats 4.50% above the One Month Certificate of Deposit Index. The limit is currently $417,000.00. Since FHA now has a $625,500.00 limit the "Homekeeper" is rarely used.

 Conventional "Jumbo" Reverse Mortgage

 Most of these loans have been withdrawn from the market as of 10/01/2008 .

    Monday thru Friday 9 to 5 Call Ken Terrill at 800-686-0238 with specific questions.

Evening & Weekends call 800-811-2738

 

E-mail questions to: ken@ampy.com

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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