The most frequently heard complaint among people who did not take a reverse mortgage has been that the upfront costs were high.The key feature of the new version FHA Home Equity Conversion Mortgage is lower upfront cost. The new "HECM Saver," will provide seniors with a reverse mortgage option that significantly lowers upfront costs by virtually eliminating the upfront Mortgage Insurance Premium that is required under the standard HECM option.This cost saving in upfront fees is able to be achieved because the amount of money available to a borrower, an amount known as the "principal limit," under a HECM Saver will be reduced, substantially lowering the risk to the FHA insurance fund. Borrowers will receive approximately 10% to 18% less under the HECM saver option, than they would under the HECM Standard option.This new variation, the HECM Saver, presents a sensitive response to the needs of old homeowners. Now more elderly people can take advantage of this new version of HECM; PrivoCorp can get you in touch with brokers who process HECM files. For more details go to www.privocorp.com
Aug 31, 2010
Lower Upfront Costs to be the key Feature of New Version of FHA Home Equity Conversion Mortgage
The most frequently heard complaint among people who did not take a reverse mortgage has been that the upfront costs were high.The key feature of the new version FHA Home Equity Conversion Mortgage is lower upfront cost. The new "HECM Saver," will provide seniors with a reverse mortgage option that significantly lowers upfront costs by virtually eliminating the upfront Mortgage Insurance Premium that is required under the standard HECM option.This cost saving in upfront fees is able to be achieved because the amount of money available to a borrower, an amount known as the "principal limit," under a HECM Saver will be reduced, substantially lowering the risk to the FHA insurance fund. Borrowers will receive approximately 10% to 18% less under the HECM saver option, than they would under the HECM Standard option.This new variation, the HECM Saver, presents a sensitive response to the needs of old homeowners. Now more elderly people can take advantage of this new version of HECM; PrivoCorp can get you in touch with brokers who process HECM files. For more details go to www.privocorp.com
Aug 20, 2010
Mortgage rates hit a record lows: Freddie Mac
Aug 16, 2010
20% of mortgages underwater???
According to the a report in the real estate website zillow.com, more than 20% of the nation's mortgage borrowers owe more than their homes are worth. At 21.5% for the third quarter, it is a small improvement over the previous quarter, when 23.3% of loans were underwater, according to real estate website Zillow.com. This so-called negative equity is a hotly watched statistic because it is a prime predictor of foreclosures.
Jul 31, 2010
Vanguard - Weekly update
According to a Vanguard report citing the Commerce Department's report on gross domestic product (GDP) for the second quarter; it confirmed what many had expected ... Although the economy has grown for the fourth straight quarter, the rate of growth has slowed. Moreover, the nation's recovery from recession has been tougher than previously thought, based on revised GDP figures indicating that the economy from 2007 to 2009 was weaker than originally estimated.
The mortgage market continues to hobble along. PrivoCorp lost a good sized client to bad lending practices of the past which seems to continue to haunt the entire industry. The ghosts dont seem to be going away any time soon.
For more information on our processing capabilities visit www.privocorp.com
Jun 24, 2010
Mortgage Players Look to Soften Bill !!

Read more at-http://bit.ly/aPVd4g (The Wall Street Journal)
