Choosing a Counselor – Mandatory for Seniors

To be eligible for a federally insured Home Equity Conversion Mortgage (HECM), you must discuss the loan with a counselor employed by a nonprofit or public agency approved by the U. S. Department of Housing and Urban Development (HUD).

The counseling can be very helpful, so using this service can be a good idea even if you are thinking about applying for other types of reverse mortgages. The first step is to decide if you are ready for formal reverse mortgage counseling. This checklist can help you decide if you’re ready to take that step.

Checklist

Considered All Your Options?

Have you seriously explored the options and alternatives discussed in the Other Choices section of this Web site’s Reverse Mortgages information?

Are You Eligible?

Are you and all other owners of your home at least 62 years old?

Does each owner live in the home at least six months out of the year?

Is the home a single family residence, duplex, triplex, 4-unit residence, a condominium, cooperative, or a planned unit development (PUD)?

If you answered “Yes” to each question, then most likely you are eligible for a HECM. If you answered “No” to the last question, you may still be eligible if you live in certain types of manufactured housing. Only a reverse mortgage lender can determine for certain if you are eligible.

Could You Get Enough Money?

Could a reverse mortgage give you the amount of money you would need to get from it?

Use the Reverse Mortgage Calculator to estimate how much you could get from a HECM. But keep this in

mind:

• If you now owe any money on a debt against your home, you would have to pay off the full amount you owe to    get a reverse mortgage. But you could use money from the reverse mortgage to do that.
• Example: If you now owe $20,000 on a home equity loan and could get $100,000 from a reverse mortgage, you could use $20,000 from the reverse mortgage to pay off the home equity loan — which would then leave you with $80,000 from the reverse mortgage.

Finding a Counselor

You or your authorized legal representative can request reverse mortgage counseling. An authorized legal representatives can be a guardian, conservator, or a person holding a durable power of attorney who has been authorized to act in this matter by you.

There are two ways to find a reverse mortgage counselor. You can:

• Use the link to HUD’s National HECM Counseling Network in the “Additional Resources” below.

• Call AARP at 1-800-209-8085 (toll-free) Monday to Friday from 7 AM to 12 midnight Eastern time, and ask for reverse mortgage counseling. The operator will use the link in the “Additional Resources” below to find a counselor from HUD’s National HECM Counseling Network.

Counselors in HUD’s National HECM Counseling Network provide in-person counseling in their local areas and counseling by telephone in other areas nationwide. This counseling generally takes at least one hour. When provided by telephone, it typically takes two or more calls.

Before talking to a counselor, make a written list of your questions and concerns. Ask your counselor to send you loan printouts in advance so you can review them before your counseling session, and then have them in hand when your counselor explains them to you.

Counseling agencies may charge a fee for HECM counseling, but they must tell you about it before the counseling occurs, and the fee amount must be based on your ability to pay. Agencies cannot turn you away because of your inability to pay, and they cannot refuse to counsel you if you fail to pay. The maximum allowable fee in 2008 is $125 or the actual cost of providing the counseling, whichever is less. If your counseling agency charges a fee, you can have it paid out of your loan proceeds just like other HECM fees, or you can pay it directly to the counseling agency.

If you need more information regarding a Reverse Mortgage, please visit us at www.ctreversemortgage.com.

Here is an interesting article that I wanted to pass on to you. If you are interested in a reverse mortgage or need more information, please contact us at 203-439-9400 Ext 421 or visit www.ctreversemortgage.com.

Reverse Mortgages and the Medicaid Debate

The advantages for seniors, their families, and the government of a robust reverse mortgage program are clear. Congress has expressed great interest in the program, particularly its potential to help seniors afford long-term care, thereby helping to reduce the millions of dollars in eventual federal expenditures for seniors’ health care needs.

The Centers for Medicare and Medicaid Services, a federal agency within the Department of Health and Human Services, and the Robert Wood Johnson Foundation funded a study by the National Council on Aging (NCOA) that explores the potential of encouraging seniors to utilize their home equity to cover their long-term care needs. In 2000, the nation spent $123 billion a year on long-term care for those age 65 and older, with the amount likely to double in the next 30 years. Nearly half of those expenses were paid out of pocket by individuals and only three percent were paid by private insurance; government health programs pay the rest.

For article source, click HERE.

Which lender should you use to get a reverse mortgage? It may depend on the type of loan you want.

Public sector reverse mortgages aren’t available in most areas. And when they are, usually only one government agency offers any specific type of loan. Normally, you can’t have more than one type of public sector reverse mortgage on your home. So you would be selecting a loan type—for example, a property tax deferral loan, or a deferred payment home repair loan—rather than a lender.

In the private sector, the federally-insured Home Equity Conversion Mortgage (HECM) is by far the most frequently selected reverse mortgage. That is why lenders offering proprietary private sector plans also offer HECMs. So this article focuses on selecting a HECM lender. But it also tells you which of them can give you the side-by-side comparisons of HECM versus proprietary loans that meet AARP’s model specifications.

What lender should you use to get a federally-insured Home Equity Conversion Mortgage (HECM)? AARP advises that you consider cost, origination services, loan servicing, and a lender’s professional commitment to meeting your needs.

Cost

HECM loan costs can vary by a lot from lender to lender, so it pays to shop around before deciding on a lender. Letting lenders know that you are shopping around may also help you get a better deal.

The only HECM costs that lenders do not control are the upfront and monthly mortgage insurance premiums. So you need to find out how much each lender you are considering would charge you for the origination fee, all third-party closing costs, the monthly servicing fee, and—most importantly—the interest rate. Some lenders may say that their interest rate is based on a specific rate index plus a “margin.” If they do, ask what the actual interest rate would currently be.

When comparing the cost of loan fees versus interest, keep in mind that the interest rate will apply to your total and growing loan balance for as long as the loan lasts. Ask lenders and your HECM counselor to show you what the impact of different available combinations of loan fees and interest rates would be on the amount you would owe in the future. If you are concerned about rising interest rates on an adjustable rate loan, ask them to show you how much more you would owe if the average rate on your loan would be higher than the rate initially charged on the loan.

Origination Services

The level of service a lender provides is more difficult to judge than cost is, but service is just as important. You want your loan officer to be knowledgeable, experienced, and respectful.

After reading all of AARP’s Web site information on reverse mortgages, you will be better able to judge how well a lender knows reverse mortgages. How long a lender has been offering reverse mortgages and in how many places may be particularly important if your loan runs into any unexpected snags. An experienced lender has already encountered most of the issues that can cause problems, and is most likely to have a good working relationship with the nearest HUD office.

You also want a loan officer who respects your knowledge and preferences and helps you reach your own decisions. You don’t want to feel pressured by a loan officer, And you don’t want a loan officer who is clearly more concerned about selling you a loan than meeting your needs.

Loan Servicing

At loan closing, most lenders transfer their loans to another office or company that specializes in servicing the loan. Ask each lender you are considering, “Who will service my loan after it closes?” and request a sample of the account statements the servicer would send you.

Make certain you fully understand all the information on these statements. In particular, if you are considering a HECM creditline, find out how the servicer would keep you informed about the growing amount of cash that a HECM creditline provides.

Professional Commitment

A commitment to meeting consumer needs can be seen in a lender’s professional relationships and consumer information. For example, members of the National Reverse Mortgage Lenders Association (NRMLA) have developed “best practices” for their industry. If you don’t want to be contacted by a NRMLA lender, however, be sure to state that preference if you request any NRMLA publications.

Lenders committed to the highest standard of consumer information can provide loan analyses and comparisons that meet AARP’s model specifications. The only computer software currently meeting this standard is the Reverse Mortgage Analyzer by Financial Freedom Senior Funding Corporation, and two programs by Ibis Software: the Reverse Mortgage Originator (RMO) and the Reverse Mortgage Analyst (RMA). Lenders currently using RMO are listed on the Ibis  Web site. The printout with the key side-by-side comparisons is called the “Reverse Mortgage Performance” report in the Financial Freedom software, and the “Reverse Mortgage Comparisons” report in the Ibis RMO and RMA software. Be sure to ask for these specific printouts, especially if you are considering a proprietary loan.

If you need further information regarding a Reverse Mortgage, please visit us at www.ctreversemortgage.com.

Long Term Care Options for Senior Veterans

Since its establishment in 1930, the Department of Veterans Affairs has evolved to supporting and aiding the nation’s veterans in numerous ways. One of these services for example, the Veterans Health Administration, is the largest single provider of medical care in the United States. Its 22 regions with 154 hospitals and their associated 875 outpatient clinics offer the following services.

Hospital, outpatient medical, dental, pharmacy and prosthetic services, domiciliary, nursing home, and community-based residential care, sexual trauma counseling, specialized health care for women veterans, health and rehabilitation programs for homeless veterans, readjustment counseling, alcohol and drug dependency treatment, medical evaluation for disorders associated with military service in the Gulf War, or treatment for exposure to Agent Orange, radiation, and other environmental hazards, HISA grants, and other special benefits.

The Department of Veterans Affairs provides three types of long term care services for veterans.

The first are health care benefits provided to veterans who have service-connected disabilities, who are receiving VA Pension or who are considered low income. These services include free medical care, possible free prescription drugs, orthotics and prosthetics, home renovation grants for disabilities, home care, assisted living, domiciliary care, nursing home care, and a possible host of other services or benefits.

The second benefit is state veterans homes. The majority of these homes offer nursing care but some may offer assisted living or domiciliary care. The Department of Veterans Affairs in conjunction with the states helps build and support state veterans homes.

Money is provided to help with construction and a federal subsidy of $72.71 a day is provided for each veteran using state veterans nursing home services. These homes are generally available for most veterans and sometimes their spouses and in some cases for so-called “Goldstar parents.” Veterans homes are run by the states, sometimes with the help of contract management. There may be waiting lists in some states.

The third benefit for veterans is disability income programs. The most familiar of these benefits is an income for service-connected disabled veterans called “Compensation.”  The least known of these is a program officially called “Pension” but popularly known as the “aid and attendance benefit.”

…. read the entire article by CLICKING HERE

Visit us at www.ctreversemortgage.com if you need help with a reverse mortgage in the area.

It seems you can’t turn on the television or surf the Internet without hearing about how bad the economy is. A lot of people don’t have to hear about it because they’re experiencing it every day. No one is hit harder by the economic downturn than seniors. Their retirement accounts and social security benefits are dwindling and it seems like there’s no hope in sight. Many unfortunate seniors are being faced with the possibilities of foreclosure and even bankruptcy. Retirement is supposed to be a time to enjoy life, not stress about money!

The good news is that there are ways for seniors to dig themselves out of their immediate debts and avoid declaring bankruptcy. One of these methods is known as a reverse mortgage. While “mortgage” usually implies having to pay something, a reverse mortgage is just the opposite. Essentially, it is a loan taken out against the equity on your home, though it’s slightly different from a standard home equity loan.

Reverse mortgages are available specifically to seniors – anyone of age 62 or more who owns a house or at least most of one. Even if you’re still paying off a mortgage on a home, a reverse mortgage is an option. If you have full ownership of your home then you’re entitled to more money than if you are still paying off a home, but either way you can get a nice windfall to help stave off bankruptcy.

You can choose the size of your reverse mortgage, though it is somewhat limited by your exact age, and is of course based on the value of your home. However, the proceeds gained from a reverse mortgage can be used on absolutely anything. You can pay off all of your outstanding bills and probably still have some money left over to save for future expenses or just to do something fun.

Reverse mortgages are relatively worry free. They do not need to be paid back until you either sell your home or pass away. If you sell your home, then the proceeds from the sale will go toward paying off the principal (note that interest is accrued and not paid until the loan ends). If the proceeds from the sale can’t cover the loans total amount, then the institution that issued the reverse mortgage simply soaks up the difference. If the proceeds exceed the cost of the loan, then any additional money is yours.

In the event that the loan ends due to your passing, then it is up to your heirs to decide what to do. They can choose to refinance the home if they want to keep it, or they can simply sell it. If they sell it, then the same rules apply – they have no personal responsibility, and if there is extra money after the sale it is theirs.

Reverse mortgages can be a useful tool in avoiding bankruptcy. However, the details are fairly complicated so it’s important to understand all you can about them. In every case, you need to take a counseling course that will explain all the finer points of reverse mortgages so you’ll know exactly what you’re doing.

If you need more information regarding a reverse mortgage, please visit us at www.ctreversemortgage.com.

A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

• all at once, in a single lump sum of cash;

• as a regular monthly cash advance;

• as a “creditline” account that lets you decide when and how much of your available cash is paid to you; or

• as a combination of these payment methods.

No matter how this loan is paid out to you, you typically don’t have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

Other Home Loans

To qualify for most home loans, the lender checks your income to see how much you can afford to pay back each month. But with a reverse mortgage, you don’t have to make monthly repayments. So you don’t need a minimum amount of income to qualify for a reverse mortgage. You could have no income and still be able to get a reverse mortgage.

With most home loans, you could lose your home if you don’t make your monthly payments. But with a reverse mortgage, there aren’t any monthly repayments to make. So you can’t lose your home by not making them. Most reverse mortgages require no repayment for as long as you—or any co-owner(s)—live in the home. So they differ from other home loans in these important ways:

• you don’t need an income to qualify for a reverse mortgage; and

• you don’t have to make monthly repayments on a reverse mortgage.

“Forward” Mortgages

You can see how a reverse mortgage works by comparing it to a “forward” mortgage — the kind you use to buy a home. Both types of mortgages create debt against your home. And both affect how much equity or ownership value you have in your home. But they do so in opposite ways.

“Debt” is the amount of money you owe a lender. It includes cash advances made to you or for your benefit, plus interest. “Home equity” means the value of your home (what it would sell for) minus any debt against it. For example, if your home is worth $150,000 and you still owe $30,000 on your mortgage, your home equity is $120,000.

Falling Debt, Rising Equity

When you purchased your home, you probably made a small down payment and borrowed the rest of the money you needed to buy it. Then you paid back your traditional “forward” mortgage loan every month over many years. During that time:

• your debt decreased; and

• your home equity increased.

As you made each repayment, the amount you owed (your debt or “loan balance”) grew smaller. But your ownership value (your “equity”) grew larger. If you eventually made a final mortgage payment, you then owed nothing, and your home equity equaled the value of your home. In short, your forward mortgage was a “falling debt, rising equity” type of deal.

Rising Debt, Falling Equity

Reverse mortgages have a different purpose than forward mortgages do. With a forward mortgage, you use your income to repay debt, and this builds up equity in your home. But with a reverse mortgage, you are taking the equity out in cash. So with a reverse mortgage:

• your debt increases; and

• your home equity decreases.

It’s just the opposite, or reverse, of a forward mortgage. With a reverse mortgage, the lender sends you cash, and you make no repayments. So the amount you owe (your debt) gets larger as you get more and more cash and more interest is added to your loan balance. As your debt grows, your equity shrinks, unless your home’s value is growing at a high rate.

When a reverse mortgage becomes due and payable, you may owe a lot of money and your equity may be very small. If you have the loan for a long time, or if your home’s value decreases, there may not be any equity left at the end of the loan.

In short, a reverse mortgage is a “rising debt, falling equity” type of deal. But that is exactly what informed reverse mortgage borrowers want: to “spend down” their home equity while they live in their homes, without having to make monthly loan repayments. There’s more about this important concept in an article called “A ‘Rising Debt’ Loan” in the Basics section of this site.

Exception

Reverse mortgages don’t always have rising debt and falling equity. For example, if a home’s value grows rapidly, your equity could increase over time. But most home values don’t grow at consistently high rates, so the majority of reverse mortgages end up being “rising debt, falling equity” loans.

AARP does not endorse any reverse mortgage lender or product.

Please visit us at www.ctreversemortgage.com if you have questions or need more information regarding a Reverse Mortgage.

Reverse Mortgages: Get the Facts Before Cashing in on Your Home’s Equity

If you’re 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – you may be considering a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to understand how reverse mortgages work, the types of reverse mortgages available, and how to get the best deal.

In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when
your home is no longer your primary residence. The proceeds of a reverse mortgage generally are tax-free, and many reverse mortgages have no income restrictions.

Types of Reverse Mortgages

There are three types of reverse mortgages:

• single-purpose reverse mortgages, offered by some state and local government

agencies and nonprofit organizations

• federally-insured reverse mortgages, known as Home Equity Conversion Mortgages

(HECMs) and backed by the U. S. Department of Housing and Urban Development (HUD)

• proprietary reverse mortgages, private loans that are backed by the companies that

develop them

Single-purpose reverse mortgages are the least expensive option. They are not available everywhere and can be used for only one purpose, which is specified by the government or nonprofit lender. For example, the lender might say the loan may be used only to pay for home repairs, improvements, or property taxes. Most homeowners with low or moderate income can qualify for these loans.

HECMs and proprietary reverse mortgages are more expensive than traditional home loans, and the up-front costs can be high. That’s important to consider, especially if you plan to stay in your home for just a short time or borrow a small amount. HECM loans are widely available, have no income or medical requirements, and can be used for any purpose.

Before applying for a HECM, you must meet with a counselor from an independent government-approved housing counseling agency. Some lenders offering proprietary reverse mortgages also require counseling. The counselor is required to explain the loan’s
costs and financial implications, and possible alternatives to a HECM, like government and nonprofit programs or a single-purpose or proprietary reverse mortgage. The counselor also should be able to help you compare the costs of different types of reverse mortgages and tell you how different payment options, fees, and other costs affect the total cost of the loan over time. To find a counselor, visit www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm or call 1-800-569-4287. Most counseling agencies charge around $125 for their services. The fee can be paid from the loan proceeds, but you cannot be turned away if you can’t afford the fee.

How much you can borrow with a HECM or proprietary reverse mortgage depends on several factors, including your age, the type of reverse mortgage you select, the appraised value of your home, and current interest rates. In general, the older you are, the more
equity you have in your home, and the less you owe on it, the more money you can get.

The HECM lets you choose among several payment options. You can select:

• a “term” option – fixed monthly cash advances for a specific time.

• a “tenure” option – fixed monthly cash advances for as long as you live in yol your home

• a line of credit that lets you draw down the loan proceeds at any time in amounts you choose until you have used up the line of credit.

• a combination of monthly payments and a line of credit.

You can change your payment option any time for about $20. HECMs generally provide bigger loan advances at a lower total cost compared with proprietary loans. But if you own a higher-valued home, you may get a bigger loan advance from a proprietary reverse mortgage. So if your home has a higher appraised value and you have a small mortgage, you may qualify for more funds.

Loan Features

Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies,
sells the home, or no longer lives in the home as a principal residence.

In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 consecutive months before the loan must be repaid.

If you’re considering a reverse mortgage, be aware that:

• Lenders generally charge an origination fee, a mortgage insurance premium (for federally-insured HECMs), and other closing costs for a reverse mortgage. Lenders also may charge servicing fees during the term of the mortgage.  The lender sometimes sets these fees and costs, although origination fees for HECM reverse mortgages currently are dictated by law.

• The amount you owe on a reverse mortgage grows over time. Interest is charged on the outstanding balance and added to theamount you owe each month. That means your total debt increases as the loan funds are advanced to you and interest on the loan accrues.

• Although some reverse mortgages have fixed rates, most have variable rates that are tied to a financial index: they are likely to change with market conditions.

• Reverse mortgages can use up all or some of the equity in your home, and leave fewer assets for you and your heirs. Most reverse mortgages have a “nonrecourse” clause,
  which prevents you or your estate from owing more than the value of your home when the loan is repaid.

• Because you retain title to your home, you are responsible for property taxes, insurance, utilities, fuel, maintenance, and other expenses. If you don’t pay property taxes, carry homeowner’s insurance, or maintain the condition of your home, your loan may become due and payable.

• Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or whole.

Getting a Good Deal

If you’re considering a reverse mortgage, shop around. Compare your options and the terms various lenders offer. Learn as much as you can about reverse mortgages before you talk to a counselor or lender. That can help inform the questions you ask that could lead to a better deal.

• If you want to make a home repair or improvement – or you need help paying your property taxes – find out if you qualify for any low-cost single-purpose loans in your area.

Area Agencies on Aging (AAAs) generally know about these programs. To find the nearest agency, visit www.eldercare.gov or call 1-800-677-1116. Ask about “loan or grant programs for home repairs or improvements,” or “property tax deferral” or “property tax
postponement” programs, and how to apply.

• All HECM lenders must follow HUD rules. And while the mortgage insurance premium is the same from lender to lender,
  most loan costs, including the origination fee, interest rate, closing costs, and servicing fees vary among lenders.

• If you live in a higher-valued home, you may be able to borrow more with a proprietary reverse mortgage, but the more you borrow, the higher your costs. The best way to see key differences between a HECM and a proprietary loan is to do a side-by-side comparison of costs and benefits. Many HECM counselors and lenders can give you this important information.

• No matter what type of reverse mortgage you’re considering, understand all the conditions that could make the loan due and payable. Ask a counselor or lender to explain the Total Annual Loan Cost (TALC) rates:  they show the projected annual average cost of a reverse mortgage, including all the itemized costs.

Be Wary of Sales Pitches

Some sellers may offer you goods or services, like home improvement services, and then suggest that a reverse mortgage would be an easy way to pay for them. If you decide you need what’s being offered, shop around before deciding on any particular seller. Keep in mind that the total cost of the product or service is the price the seller quotes plus the costs – and fees – tied to getting the reverse mortgage.

Some who offer reverse mortgages may pressure you to buy other financial products, like an annuity or long term care insurance. Resist that pressure. You don’t have to buy any products or services to get a reverse mortgage (except to maintain the adequate
homeowners or hazard insurance that HUD and other lenders require). In fact, in some situations, it’s illegal to require you to buy other products to get a reverse mortgage.

The bottom line: If you don’t understand the cost or features of a reverse mortgage or any other product offered to you – or if there is pressure or urgency to complete the deal – walk away and take your business elsewhere. Consider seeking the advice of a family
member, friend, or someone else you trust.

Your Right to Cancel

With most reverse mortgages, you have at least three business days after closing to cancel the deal for any reason, without penalty. To cancel, you must notify the lender in writing.

Send your letter by certified mail, and ask for a return receipt. That will allow you to document what the lender received and when. Keep copies of your correspondence and any enclosures. After you cancel, the lender has 20 days to return any money you’ve paid up to then for the financing.

Reporting Possible Fraud

If you suspect that someone involved in the transaction may be violating the law, let the counselor, lender, or loan servicer know. Then, file a complaint with:

• the Federal Trade Commission (FTC). You can do that online at ftc.gov or by phone at 1-877-FTC-HELP (1-877-382-4357).

• your state Attorney General’s office or state banking regulatory agency.

Whether a reverse mortgage is right for you is a big question. Consider all your options. You may qualify for less costly alternatives. The following organizations have more information:

Reverse Mortgage Education Project
AARP Foundation
601 E Street, NW
Washington, DC 20049
www.aarp.org/revmort
1-800-209-8085

If you need more information from a Reverse Mortgage Specialist, please visit www.ctreversemortgage.com!

All CHFA Mortgage Program interest rates are
subject to change weekly. The following rates
are in effect until Thursday, January 28, 2010 :
_____________________________________________

Homebuyer Mortgage Program

Interest rate: 4.375 % (APR range 4.475 – 4.875 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

* Additional fees may apply __________________________________________________

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 4.375 % (APR range 4.475 – 4.875 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply
__________________________________________________

Urban Rehabilitation Homeownership (UR Home) Program

Interest rate: 4.125 % (APR range 4.225 – 4.625 %)
Fee: Up to One-and-a-Half Points (1.5% Origination Fee)* Payable to Lender
Term – 30 years, fixed rate

* Additional fees may apply _________________________________________

Homeownership Program,
Home of Your Own Program,
Police Homeownership Program,
Teachers Mortgage Assistance Program, and
Military Homeownership Program

Interest rate: 4.250 % % (APR range 4.350 – 4.750 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

(NOTE: Downpayment Assistance is available at the same interest rate noted for these 5 programs. The interest rate for these programs and the DAP interest rate are capped at 6%.)

* Additional fees may apply

Here is a great article for anyone who has questions about a reverse mortgage.  Visit me at www.ctreversemortgage.com if you have questions or need help with a reverse mortgage in your area.

Reverse Mortgages Shouldn’t Be Lumped Into ‘Bad’ Category

“Comparing every loan’s shortcoming – real or perceived – to a “subprime” product needs to stop.”

Continue reading HERE.