Coming Changes to the Reverse Mortgage Program

7 Day Mortgage Interest Rate lock or Float Advice: LOCK

The cost for a 4.00% rate based on Mortgage Backed Securities is up  0.24 point

Rates look like they will continue up for the foreseeable future. Lock on any improvement

30 Day Mortgage Interest Rate Lock or Float Advice:  LOCK 

MARKET INDICATORS    

• National Average for 30-Yr Fixed Mortgage Rate is up 0.18% to 4.58% on August 22,.
• MBS (4%) Currently 102.89, High: 103.12, Low: 102.8 
• DJI Stocks currently $14,816.60, Down $-7.91, Change -0.053%
• Asian & European Stock Market Indexes changed 0.248%
• Crude Oil (WTI) Currently $109.76 - Change -0.31%
• Gold 1 Once - $1,409.63  

The U.S. Senate joined the House in passing some new changes to the Federal Housing Administration (FHA) to alter the Home Equity Conversion Mortgage program or HECM for short. These new changes may go into effect as early as Oct. 1, 2013. The new rules will ultimately help protect borrowers and assist in the agency avoiding a federal bailout.

Some of these changes may make it harder for some borrowers to qualify for a reverse mortgage. If you are not familiar with HECM program you can visit FHA's website and read over the general qualifications >>Read More.

CONSUMER EDUCATION = CONSUMER PROTECTION 

• Rates and Points Explained
• FHA 203k Renovation Mortgage - Video
• Energy Efficient Mortgages - Video
• What You Should Know About APR
• How To Shop for Mortgage Rates.
• Beware of Misleading Lender Advertising
• Education is the best consumer protection

Bill Ladewig

866.204.9733

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the

California Bureau of Real Estate 00968137

NMLS #291249

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