Santa Ana, CA -- (ReleaseWire) -- 11/29/2006 --Orange County California-based Reverse Mortgage USA Specializes in FHA insured Reverse Mortgages and currently serves all of California and Hawaii. Recent improvements in the efficiency of processing these loans has decreased the company's costs, allowing them to pass those savings on to the Seniors they help.
“Many people that could benefit from a Reverse Mortgage have been reluctant to go forward due to the high initial costs.” Said Vince Welter, President of Reverse Mortgage USA, noting that a big percentage of those costs are actually set by the FHA.
“As our volume of loans has increased, we have been able to streamline many of our systems for the processing of the loans. This has allowed us to significantly lower our costs. “ said Welter. “This means we can offer what we believe to be the lowest cost FHA Reverse Mortgage in the State of California. The absolute most anyone will pay in origination fees is $2499, and if the borrower is willing to have the FHA required counseling done in person, we lower it to $2000. This results in putting an extra $5000 in the pockets of our senior borrowers. All they have to do is visit www.revmousa.com to find out more.”
A Reverse Mortgage enables homeowners who are 62 and older to turn part of their home’s value into immediate cash, for any purpose, and with no repayment for as long as they live in their home, and in the case of a married couple, for as long as one of them lives in the home.
The purpose of the Reverse Mortgage is to turn what was once inaccessible --- the value of one’s home --- into a liquid asset for use by seniors at a time when they need it most. “Seniors have worked hard for the equity in their homes; this program allows seniors to forget about making house payments and enjoy life”, said Welter “We seek to educate the public at-large and seniors specifically about access to this valuable resource, and provide it at the lowest possible cost to the borrower”