September 28, 2015
Effective today, most veterans of World War 2, Korea and Vietnam who are still making payments on a home mortgage are eligible for a Kosher HECM reverse mortgage that will pay off the balance of their existing mortgage, has no required monthly payment, and is provided by participating lenders without an origination fee.
Savings to the veteran are substantial. The customary origination charges by lenders are the maximums set by HUD, which range from $2500 when the borrower’s home is valued at $100,000 or less, up to $6,000 when the borrower’s home is valued at $400,000 or more.
The out-of-pocket cost to the veteran consists only of an appraisal fee, usually about $400, and a counseling fee which is about $125. Mortgage insurance, title insurance and other charges are financed.
Veterans also receive all the standard benefits of the Kosher HECM Reverse Mortgage program. These include:
Veterans can explore their options at Explore Kosher Reverse Mortgage Options.