There is a huge benefit to the borrower
Auburn, CA (PRWEB) March 18, 2010
It's official, MLS Reverse Mortgage is Proud to announce that they will now offer their 5.56% fixed rate reverse mortgage with zero monthly service fees. Traditionally, this fee would range from $25 - $30 per month. The change will provide additional cash benefit toward the Principal Limit and help those those just short of qualifying, in obtaining a reverse mortgage that provides more for them than most lenders can offer.
“Navigating through this evolving market and industry has been a very tough proposition lately. We are extremely excited to be able to do away with the monthly service fees on our Fixed Rate Reverse Mortgage. There is a huge benefit to the borrower,” stated Mike Borba, President of Borba Investments, Inc. dba MLS Reverse Mortgage.
In an ever changing market, one needs to adapt and change to remain competitive. MLS Reverse Mortgage has done that. A 70 year old with a home valued $250,000 will approximately see a $5,000 increase in the net amount of monies available to them at closing when compared to a $30 monthly service fee and using 5.56%.
This will also be a big help for those looking to use a purchase reverse mortgage. By eliminating the service fee, borrowers will now be required to bring in less money to close on their new purchase.
About MLS Reverse Mortgage:
MLS Reverse Mortgage is headquartered at 13478 Luther Road, Suite C, Auburn, CA and can be reached at 1-888-888-4834 or online at http://www.mlsreversemortgage.com.