Starting next week there will be a new twist rolled out by one lender on the FHA HECM Fixed rate reverse mortgage program. They will be offering a zero origination fee and zero service fee program. This is one of the most significant changes to this loan program in its history. What this means to a borrower is lower closing costs and more net proceeds. An example of this would be a 70 year old borrower with a $300,000 valued home would currently see about $175,000 in available net proceeds after costs. Under the new program the borrower would see closer to $186,000 net proceeds an $11,000 improvement.

This will be a great benefit for all borrowers, especially ones that have existing mortgages that need to be payed off, it could make the differnce of qualifying or not.

If you would like more information please call 1-877-307-6454 or visit our web site www.reversemortgagesupport.net and fill out a request more information form.