Our average time for processing a Reverse Mortgage from application to closing is currently at 17 days, so the deadline should be easy to meet for interested borrowers.
Maitland, FL (PRWEB) July 28, 2010
RP Funding, a Direct Endorsement Lender, is offering a limited time special on its Fixed Rate Reverse Mortgage Product.
Earlier this year, RP Funding announced the elimination of Origination Fees and Servicing Fees on the Fixed Rate HECM, but now for a limited time RP Funding is offering an additional 4% of the Principal Limit in Closing Cost Rebates.
A 62 Year Old Senior with a home valued at $625,000 would save $6,265.23 with the elimination of the servicing fee, $6,000 with the elimination of the origination fee, and now an additional $14,061.24 with the 4% closing cost rebate. This brings the total savings to $26,326.47.
This special discount is currently available in Florida, Texas, Mississippi, and Tennessee.
Interested borrowers can calculate their individual savings by calling (866) 941-0230 or visiting http://www.efreverse.com
In order to receive the additional 4% closing cost discount, borrowers must make application for a Fixed Rate Reverse Mortgage (HECM) with RP Funding by August 20th, 2010 and close by September 15th, 2010.
According to Jill Hoyle, Reverse Mortgage Operations Manager at RP Funding, "Our average time for processing a Reverse Mortgage from application to closing is currently at 17 days, so the deadline should be easy to meet for interested borrowers."
Senior Homeowners who are in the early stages of exploring the Reverse Mortgage program probably won't be able to make a decision in time to take advantage of this discount, but for homeowners who have already made the decision to obtain a Reverse Mortgage loan, this special discount can give them a significant amount of additional funds and savings.
"With Reverse Mortgage Volume well below 2009 levels we felt it was time to try something new. Instead of paying commission to a mortgage broker or a loan officer we are giving these amazing rebates directly to our Reverse Mortgage Borrowers." explained Robert Palmer the company's President. "The 4% discount program will be available for a limited time in a test period. If the response is strong enough we may extend the discount and possibly even make it a permanent part of our product offerings."
RP Funding is a Direct Endorsement Lender giving them the authority to Underwrite, Close and Fund FHA Reverse Mortgage Loans "In House". The company currently carries an A-Rating with the Better Business Bureau and customer service is a top priority.
For more information or to apply for a Reverse Mortgage with the 4% Closing Cost Discount, call (866) 941-0230 or visit http://www.efreverse.com
RP Funding, Inc
2700 Westhall Lane, Suite 120
Maitland, Fl 32751
Florida Licensed Mortgage Lender
FHA Approved Direct Endorsement Lender