Effective January 31, 2013, the Fixed Rate Lump Sum reverse mortgage will cease to exist, according to HUD. In an effort to balance the budget (like that will ever happen), HUD has decided to cancel the Fixed Rate Lump Sum payout Option. In doing so, after Jan. 31st, you will now get about 25% less money .
This Fixed Rate Lump Sum Option gives you, the seniors, the most money possible for the equity in your home.
For years, the Fixed Rate Lump Sum payout Option has been the most popular option. Why? It give you the very most money out of your equity. Example: Let’s say you are 75 years old and have a $200,000 home and you have paid off your mortgage and need extra money for your living expenses. Today, you would receive about $135,757 with the Fixed Rate Lump Sum Option. After January 31st, the most you could receive is $106, 697. That’s a $28,878 DIFFERENCE. Who do you think will appreciate this $28,878 more? You or HUD?
If you want the maximum amount of money out of your equity, call Sunny today.
sunny hoppe NMLS # 267356