Universal Capital Mortgage Corp. is an industry leader in condominium financing, and now we offer a new proprietary reverse mortgage called HomeSafe for condominium owners.
HomeSafe offers the same great benefits as traditional FHA backed reverse mortgages:
- Eliminate Monthly Mortgage Payments for Life
- Get Lump Sum Cash Out Or Monthly Payments
- Never Owe More Than Your Home’s Value
- Retain Ownership for Life
But HomeSafe is special for 3 reasons
- No FHA Condo Project Approval Required
Traditional reverse mortgages for homeowners who live in condominiums require that the condominium project and the HOA obtain a project approval from FHA. Less than 10% of condominiums in California have this approval, and they are costly to obtain. HomeSafe now lets everyone who owns a condo qualify for a reverse mortgage
- No Mortgage Insurance Premium Required
All traditional reverse mortgage loans under the HECM program have a Mortgage Insurance Premium (MIP). Borrowers are charged a MIP at closing that equals two (2) percent of the home’s appraised value or FHA lending limit ($679,650), whichever number is less. Borrowers are also charged MIP on an annual basis — equal to 0.5 percent of the outstanding loan balance. HomeSafe does not require MIP, saving homeowners thousands of dollars every year.
- Loans to $3,000,000
Unlike traditional reverse mortgages that have loan smaller loan limits, HomeSafe has a maximum loan limit of $3,000,000, offering homeowners with higher values access to the benefits of a reverse mortgage loan.
For a FREE and confidential analysis, describe your scenario to the right, include your birth date, click submit, and be one step closer to eliminating your mortgage payment for LIFE!