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Reverse Mortgage West

Serving Southern California since 2004

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    • About Me
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  • About Reverse Mortgages
    • Top 10 Reverse Mortgage Questions
    • Intro to Reverse Mortgages
    • How It Works
    • Reverse Mortgages FAQs
    • Reverse Mortgage Myths
    • The Reverse Mortgage Process
    • Choosing a Loan Originator
    • HECM For Purchase Guidelines
    • History of Reverse Mortgages
    • FHA-Insured
    • Reverse Mortgage Resources
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors
  • Testimonials
    • Frances Norman Horton Testimonial

FHA-Insured

I enjoy educating mature homeowners and their families about reverse mortgages so that they can have a strong trust in the product. I have provided some information below on how reverse mortgage loans are insured, but please feel free contact me.

Most reverse mortgages or Home Equity Conversion Mortgages (HECMs) are insured by the Federal Housing Administration (FHA). FHA requires a Mortgage Insurance Premium (MIP) to be collected at closing and during the life of the loan.The upfront Mortgage Insurance Premium (MIP) is calculated at 2.0% of your home's appraised value or a maximum of $679,650 (the national lending limit cap of $679,650). For example, a home appraised at $275,000 would have a one-time upfront FHA insurance premium of $5,500. The ongoing FHA insurance premiums are .5% (one-half of one-percent) of each month's calculated outstanding loan balance.

This insurance provides the following protections and peace of mind for borrowers and their children:

  • The borrower(s) are not required to pay more than the home’s fair market value.
  • If the loan balance exceeds the value of the home, FHA reimburses the lender for the difference when the estate sells the home.
  • Payments made to the borrower by the lender are insured by FHA. If the lender is unable to continue making payments, the payments would be made by FHA.
  • If the loan balance grows and exceeds the home’s present market value, the lender cannot take title. FHA insures that borrowers can live in their home as long as basic loan obligations are met (homeowner’s insurance in force, property tax payments current and the home is maintained in good condition).
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NMLS#: 279015
NMLS Consumer Access
ADA Notice
This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Owen Coyle
8975-403 Lawrence Welk Dr
Escondido, CA 92026
Phone: 800-830-2505

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Disclosures & Licensing

NMLS# 279015 (Individual)
NMLS # 274336 (Reverse Mortgage West)

Bureau of Real Estate (BRE) # 01253295 (Individual)

California Bureau of Real Estate -Real Estate Broker- Broker# 01837820
(Reverse Mortgage West).

Reverse Mortgage West 20 Truman St Suite 205, Irivine CA 92620 Phone 949-885-8883

Serving San Diego, Oceanside, Escondido, Carlsbad, San Marcos, Chula Vista, Rancho Bernardo, and the surrounding Southern California area.

© 2018 . All rights reserved.

  • Home
  • About Me
    • About Me
    • Disclosures & Licensing
  • About Reverse Mortgages
    • Top 10 Reverse Mortgage Questions
    • Intro to Reverse Mortgages
    • How It Works
    • Reverse Mortgages FAQs
    • Reverse Mortgage Myths
    • The Reverse Mortgage Process
    • Choosing a Loan Originator
    • HECM For Purchase Guidelines
    • History of Reverse Mortgages
    • FHA-Insured
    • Reverse Mortgage Resources
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors
  • Testimonials
    • Frances Norman Horton Testimonial