Home Keeper Loan
There are two loans created by Fannie Mae, America’s largest loan funder, but they both have the same basic foundation. Since the Home Keeper and the Home Keeper for Purchase were modeled after the HECM.Here are, however, some quirks that separate these loans from the pack:
Home Keeper for Purchase lets you use a reverse mortgage to help buy a new home.
Loan calculations are based on the combined ages of the qualifying borrowers, so married couples get less than singles.
Eligible homes are single-family homes, condos, homes in planned unit development projects, townhouses, or manufactured homes that meet Fannie Mae requirements.
Lending limits are based on an adjusted property value, which is a national lending limit rather than a county limit.
The national lending limit is $359,650 (based on 2005 lending limits).
Home Keeper often costs less than HECM but you’ll probably receive less money in the long run.
Although Fannie Mae’s Home Keeper loans may not bring you as much income as an HECM, their benefits (such as the ability to buy a new house with the reverse mortgage money) may make these the loans for you.
Eligible homes are single-family homes, condos, homes in planned unit development projects, townhouses, or manufactured homes that meet Fannie Mae requirements.
Lending limits are based on an adjusted property value, which is a national lending limit rather than a county limit.
The national lending limit is $359,650 (based on 2005 lending limits).
Home Keeper often costs less than HECM but you’ll probably receive less money in the long run.
Although Fannie Mae’s Home Keeper loans may not bring you as much income as an HECM, their benefits (such as the ability to buy a new house with the reverse mortgage money) may make these the loans for you.
0 comments:
Post a Comment