Today was such a great day!
Pricing on HECM reverse mortgages has come down and with it the funds available to senior homeowners has gone up.
I called one of my clients who has been unsure of whether or not she should complete her reverse mortgage loan, (She should) but with the old pricing she would have had to bring in $600 to get the reverse or take the more expensive "HECM Standard" loan which she did not want. So, she's been putting off the decision to move ahead.
At the new pricing she can use the HECM Saver, and get a few thousand dollars in cash to put away for a rainy day. Her old mortgage will be paid off and she will no longer have to make a mortgage payment. Not only that, but the interest rate on this new fixed HECM Saver will be about 1% less than her current 30 year mortgage that she is struggling to make the payments on.
Woo hoo! She went from scared and sitting on the fence to peace, happiness and confidence that this new HECM Saver Fixed Rate reverse mortgage is exactly the right thing for her to do.
I told her that her "angel" must have been suggesting she hold off for a week or two cause he had a special coming up!
Deborah Nance
Your Local Southern California Reverse Mortgage Professional
Awesome, Deborah! Doesn't it feel good to help someone? BTW: You HAVE to work for Wells.... I did for a while. It gave me much satisfaction to help people who really need someone to be there.
Thank you Linda! It does feel good - I really love my job (I would do it for free, but don't tell my boss!) I did work for Wells up until this December when I moved over to MetLife. I have a very satisfying and uplifting job. I am a very lucky lady.
Good for you! When I worked at Wells I out my mother into a reverse... she loves it and is so happy and free to do things she has always wanted to do!