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Reverse mortgage keeps senior couple in their home of 35 years

Loan officer: John Holmgren Property: Single-family home in Oakland Property value: $950,000 Loan amount: $393,514 Financing terms: FHA HECM adjustable rate reverse mortgage at 3.276 percent. Backstory: Holmgren’s clients had been in their Rockridge home for almost 40 years. While they had purchased the home for only $35,000 in 1977, they had borrowed against their equity for home repairs and to fund their business as foreign language book dealers. One option was selling, but their existing home was perfect for them because of close proximi...

April 3rd, 2018 | Just Approved, Reverse Mortgage, Bay Area, Reverse mortgage keeps senior couple in their home of 35 years

Reverse mortgage and conventional refinance enable home exchange

Mortgage Adviser: John Holmgren Property types: Single-family homes in Berkeley Price: Loan structure avoided tax reassessment Loan amount: FHA HECM reverse mortgage $319,000 4.2% Conventional 30 year fixed refinance $679,650 4.125% No points Backstory: John’s clients, father, and son, each owned single-family homes in Berkeley. The father’s home, a large family home, was larger than he needed and more than he could afford on his fixed income retirement benefit. In addition, his divorce settlement required him to make a substantial equity payment to his e...

March 30th, 2018 | Just Approved, Home Purchase, Reverse Mortgage, Reverse mortgage and conventional refinance enable home exchange

Higher FHA loan limits and reverse mortgages!

  The Federal Housing Administration (FHA) increased lending limits effective January 1, 2018. As a result, the nationwide lending limit for reverse mortgages increased to $679,650, up from $636,150, an increase of about 7%. While certainly a welcome development, this increase only partially offsets the approximately 15% reduction in benefits that accompanied the new fee structure implemented October 2, 2017. There is a lot of confusion out there about FHA loan limits as they relate to reverse mortgages. Here are some common questions: Question 1: Don’t FHA lending limits vary...

February 20th, 2018 | , What the HECM, Reverse Mortgage, Higher FHA loan limits and reverse mortgages!

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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©2018 A division of Finance of America Mortgage LLC | Equal Housing Lender | NMLS ID #1071 (www.nmlsconsumeraccess.org) | Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act

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