Pembroke Lakes, FL Real Estate News

By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
Consumers Have A "HECM Choice" Back in April, HUD did away with the fixed-rate reverse mortgage product because of the potential danger it posed to the Mutual Mortgage Insurance Fund. The problem with the fixed-rate is the borrowers would take out all the fund available at closing or risk losing any fund that were left over. This caused some borrowers to spend all the money, faster than they could or should have, without leaving enough to pay their homeowner's insurance or property taxes throughout the life of the loan.  Borrowers who were unable to pay their financial obligations would find themselves in default and when the loan became due and payable. In order to combat this, HUD removed the fixed-rate, leaving only adjustable rate reverse mortgage products. While this allowed consum...
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By Dennis London, Pembrook Pines Real Estate Broker
(London Realty Corp.- Weston & Davie Fl Luxury Homes Realtor)
Looking for  Condos and Townhomes in Pembroke Pines Florida? Search Pembroke Pines Homes for Sale Here  
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