Fannie Mae Reverse Mortgage Product
If you take the time to read about this article you are going to have the chance to learn about the Fannie Mae Product. Fannie Mae has their headquarters in Washington, DC. You will find that Fannie Mae is the nation’s largest investor of the home mortgages and is also a major investor of reverse mortgages.
Mae developed its very own property Home Keeper reverse mortgage. They did this as a conventional market alternative to the HECM. Are you wondering why the Home Keeper was developed? The Home Keeper was developed in order to address any unmet needs that could not be served by the HECM program. This is for people that have too high of property values, seniors who wish to use a reverse mortgage in order to purchase a new home and condominium owners.
You will need to keep in mind that Fannie Mae is not a lender. If Fannie Mae gives permission then the lenders will be able to offer the Home Keeper product to consumers such as you. Would you like to know if you are qualified for the Home Keeper? The Home Keeper is available to those that are sixty-two years or older in every state. The property types that are eligible for the Home Keeper include owner occupied-single-family homes and condominium units. Also available are the properties that are held in trust and qualified leasehold properties. The ones that are not available for Home Keeper are cooperative units.
Have you ever wondered how they calculate how much funds you are allowed to borrow? The amount of funds you are allowed to borrow is determined by a formula that you will find to vary due to the age and number of borrowers at the time of the application, current interest rates and the adjusted value of the home. The Home Keeper loans can actually be larger that the HECMSs because Fannie Mae’s maximum allowed mortgage limit is actually larger than the local FHA maximum mortgage limit.
An interesting the about the Home Keeper is simply that you will be able to use the program in order to purchase a new home all in one single transaction. You will find that this transaction will reduce the money that you will have to come up with in order to buy a new home. You will also find that it will be eliminating any new monthly mortgage payment.
The Fannie Mae product will more than likely be used by the older homeowners who would like to sell their old home in order to move closer to their children or even to a climate that is warmer. They may even want to use this in order to move to a new home that is just for accessible for them.
