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Asked by someone from TX on 7/27/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
PMI is not the same as MIP. PMI is for Conventional Mortgages, and MIP is for the FHA-insured Mortgage programs, both Forward and Reverse. PMI can be dropped with an LTV lower then 80%, as you've said. But MIP lasts forever with the HECM program - and always has, since the inception of the program in 1988. And beginning January 1, 2013, with ... (Read More)
Asked by someone from TX on 7/26/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Yes. The HECM for Purchase program became available January 1, 2009. (Read More)
Asked by a 69 year old woman from WI on 7/24/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Yes, it's possible. Refinancing a Reverse Mortgage with another one is possible if there's enough equity in your property. Yesterday I provided two quotes for a HECM to HECM refinance to my previous Clients, and it didn't work well for either of them. Contact your Loan Officer and ask for a refinance quote. (Read More)
Asked by someone from CA on 7/23/2015
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
You can't be in default of the Reverse Mortgage unless you haven't been paying property taxes or homeowners insurance or haven't maintained your property. However, you could be in default of the original mortgage, if the Reverse Mortgage didn't pay it off. But that's highly unlikely. The Reverse Mortgage wouldn't be in place if the original ... (Read More)
Asked by someone from CA on 7/18/2015
Steve Chen
Steve Chen,  says
You can find real time mortgage rates here - depending on your credit and what kind of loan you want I imagine you can beat that rate. http://www.newretirement.com/Services/Mortgage_Refinancing_Calculator.aspx (Read More)
Asked by someone from MO on 7/16/2015
Steve Chen
Steve Chen,  says
There's a good summary of how things to consider when taking out a lump sum vs taking your pension as income here: http://www.newretirement.com/answers/bud-hebeler/lump-sum-vs-pension.aspx For this question you may want to talk to a tax advisor (since this will likely be affected by other income that you have) and also a fee only financial ... (Read More)

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