If you are looking for a reverse mortgage loan 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 loan without all the added fees that lenders are adding on these days. A wholesale reverse mortgage loan is not available directly to you, instead this type of reverse 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 and these are the Federal Housing Authority, the Fannie Mae foundation and the Financial Freedom Cash Account. The first type of wholesale reverse mortgage loan we will look at is the Federal Housing Authority Loans. These are sold wholesale to lenders and are titled Home Equity Conversion Mortgage and 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 reverse mortgage loan product called the Homekeeper and 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 rather less expensive home. The Financial Freedom Cash Account is a reverse mortgage loan targeted to homeowners who live in a higher value home and there is no limit imposed on the amount of money you can borrow with a Financial Freedom Cash Account. 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 and determine which lender can get you the best deal in the shortest amount of time.
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