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Reverse Mortgage Legal Disclosure
The information on this website is not provided by nor has been approved by the U.S. Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA), or any other government agency. We do our best to keep information on this website up to date. Reverse mortgage loan guidelines can and do change without notice. Before moving forward with a reverse mortgage loan have your financial adviser, CPA, lawyer, friends, and/or family members review all materials provided by us and/or our lenders to you including your final closing documents to guarantee that your actual reverse mortgage rules, conditions, and terms are to your satisfaction. Mortgage Experts, Inc. is a mortgage broker and works with multiple lenders who offer reverse mortgage loans. Photos we use are stock and are not actual borrowers. Testimonial videos (if applicable) are of actual borrowers.
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Fannie Mae HomeReady 1% down
Borrower contributes 1% down, lender contributes 2% of the loan amount up to $5,000 for the down payment and the borrower is responsible for any difference to get the required 3% down. The principal and interest payment on a 200,000 30-year fixed rate loan at 5% and 97% loan to value (LTV) is $1073.64 with 0 points due at closing. The Annual Percentage Rate (APR) is 5.247%. The principal and interest payment does not include property taxes, home insurance premiums, or monthly mortgage insurance premiums which will result in a higher monthly payment. Rates current as of 2/5/2018. Income caps may apply to qualify depending on geographic location of property.