If you are looking for a reverse mortgage to receive some much needed cash, you may want to look into a reverse mortgage wholesale loan. This is the perfect way for you to get a reverse mortgage without all the added fees that lenders are adding on these days. Keep reading to discover exactly what this type of loan is and what it can do for you.
A reverse mortgage wholesale loan is not available directly to you. This type of mortgage loan is sold to a lender at a discounted rate and the lender will add points to the rate and pass the savings on to you.
There are three main agencies that sell reverse mortgage wholesale lender accounts. These agencies are the Federal Housing Authority, the Fannie Mae foundation and the Financial Freedom Cash Account.
The first type of wholesale loan we will look at is the Federal Housing Authority Loans. These are sold wholesale to lenders and are titled Home Equity Conversion Mortgage. These types of loans are guaranteed by the Federal Housing Authority and by the department of Housing and Urban Development.
The Fannie Mae foundation has a loan product called the Homekeeper. This loan has a solid guarantee also. What makes the Homekeeper loan a little different is that it allows you to use the money to purchase a less expensive home.
The Financial Freedom Cash Account is targeted to homeowners who live in a higher value home. There is no limit imposed on the amount of money you can borrow with a Financial Freedom Cash Account. These loans are privately guaranteed.
Do some research on the Internet to find some good wholesale lenders that do business with these types of loans. Once you have your list, do some comparison shopping. Determine which lender can get you the best deal in the shortest amount of time. Once you make a decision, research this lender a little further to make sure that they are legit and don't have a ton of complaints filed against them.
A reverse mortgage wholesale lender can save you a ton of money if you find the right one to match your needs. Do yourself a favor and do the research. You will be glad you did!
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