California Reverse Mortgage Company

 
Tim Dyckman
NMLS ID# 32980
CA Broker DRE #01132173
 

California Reverse Mortgage Company

 
Mary Ann Wilson
NMLS ID# 277098
CA Broker DRE #00884194
 
Reverse Mortgage West
20 Truman, Suite 205
Irvine CA 92620
Office: 949-885-8883
Fax: 949-861-9167
NMLS ID #274336
CA Broker DRE #01837820
 
Equal Housing Lender


Jumbo Plans
FHA/HECM
Home Equity Conversion Mortgage - FIXED RATE, Closed-End
HECM PROGRAM SUMMARY
 
Maximum FHA Loan Limit
 
$625,500
 
Eligible Property Types
 
Owner-occupied single family homes,
1-4 unit homes that you own and occupy, townhouses, some manufactured homes are eligible. FHA-approved Condominiums.
 
Special Features
 
FHA insured program.
 
Interest Rate
 
Fixed for the life of the loan.
 
Interest Rate Lock
 
Available 2 days prior to closing.
 
Payment Options
 
Lump sum distribution is required.
 
Non-Recourse
 
Yes - Lender can never require more repayment than the current market value of the home when it sells.
 
Mortgage Insurance Premium
 
Required by and paid to HUD to insure the mortgage against losses. HUD also guarantees the borrower their funds will be available if the lender or servicer is not able to make payments.
 
Counseling
 
Approved HUD/FHA counseling required.
 
Loan Processing
 
Processed by originating company.
 
Underwriting
 
Sreamlined process.
 
Monthly Servicing Fee
 
Added to loan balance; Sevicing by Generation Mortgage Company.