SOURCE: Mortgage Professor LLC

Mortgage Professor LLC

September 28, 2015 06:01 ET

The Mortgage Professor Announces New Program for Veterans Still Paying on a Home Mortgage

Kosher HECM Reverse Mortgages Are Available to Them at Zero Origination Fees

PHILADELPHIA, PA--(Marketwired - Sep 28, 2015) - Most veterans of World War 2, Korea and Vietnam who are still making payments on a home mortgage are eligible for a Kosher HECM reverse mortgage that will pay off the balance of their existing mortgage, has no required monthly payment, and is provided by participating lenders without an origination fee.

Savings to the veteran are substantial. The customary origination charges by lenders are the maximums set by HUD, which range from $2500 when the borrower's home is valued at $100,000 or less, up to $6,000 when the borrower's home is valued at $400,000 or more.

The out-of-pocket cost to the veteran consists only of an appraisal fee, usually about $400, and a counseling fee which is about $125. Mortgage insurance, title insurance and other charges are financed.

Veterans also receive all the standard benefits of the Kosher HECM Reverse Mortgage program, including access to the Option Optimization Calculator, Option Decision Support by Impartial Experts, Lock Price Protection, and Ombudsman Support. See Introducing the Kosher HECM Reverse Mortgage.

Jack M. Guttentag is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania. He served as chief of the Domestic Research Division of the Federal Reserve Bank of New York; was a member of the senior staff of the National Bureau of Economic Research; and was managing editor of both The Journal of Finance and The Housing Finance Review. Prof. Guttentag has been advising consumers and the media on mortgage-related issues since assuming emeritus status in 1996.

Contact Information

  • For More Information
    Jack Pritchard
    for The Mortgage Professor
    704-516-5470