My First Reverse Mortgage Purchase Loan Just Closed-zngay

UnCategorized While many of the Reverse Mortgage Lenders are just beginning to accept loan packages for the purchase program, Financial Freedom has not only been accepting packages…they have been closing and funding the loans…"Hallelujah!!" If you’re still struggling through the process of closing those "forward-based" mortgages, you’ll never believe how simple this particular purchase process was to complete. Here’s a quick summary of the requirements (or lack of requirements) my customer needed to follow to qualify for this loan program… Only one spouse needs to be 62 years of age or older (our definition of a Senior), A purchase agreement, Property must be occupied as the primary residence, No income verification, No credit requirements, Proof of HECM Counseling by HUD approved service, Sourcing of all funds, and An FHA Property Appraisal. So…what’s the end result of all of this? First, a quick approval and a loan that closes on time for my customer. Wow…hold on because it gets even better! Second, my customer doesn’t need to pay all cash or, acquire a conventional forward-based mortgage to purchase the property. Even though rates are super low and FHA’s down-payment requirements are very attractive…a mortgage is still a mortgage. Third, the last time I checked…all forward-based conventional mortgages still require a monthly mortgage payment for the term of the loan. Using this mortgage program, my customer will never ever have mortgage payments relating to this property. Fourth, since Financial Freedom funded approximately 54% of the purchase amount (my customer provided the balance, or 46%)…my customer can now invest the monies saved (54%), resulting in a return each year to cover the taxes and HOA fees for the property. At this point you’re probably saying…"That’s all well and good Tom, but you found a customer that has the funds available to purchase the property outright in the first place." And that’s absolutely true! But, why use all of the Senior’s available funds? The whole idea and the reason why a Reverse Mortgage is such a great solution for our growing number of Seniors is so they don’t have to do that. That’s the reason the Reverse Mortgage program is gaining in popularity and stature. Today, Seniors represent the ownership of trillions of dollars of real estate value. Add to that, our Seniors are consolidating, relocating, downsizing, and reallocating those assets to fit their needs and desires to improve their position. The Reverse Mortgage HECM program is specifically designed (and continually being adjusted) to assist our growing Senior population and give them the many options they deserve. So…you can sit on the side lines and moan and groan about the state of your Mortgage Business or, you can jump right in and dedicate yourself to helping the 12,200 new Seniors added to the market each and every day, and get back to the business of originating loans. Since mortgage financing continues to be a difficult solution, Reverse Mortgages continue to look more appealing and a niche market worth pursuing. Here’s hoping you’re thinking will be "forward," resulting in your business being all "reverse." About the Author: Tom Domin is a founder of The Reverse Mortgage Mentor membership training site. Put your mortgage production and your career back-on-track with the very best Reverse Mortgage marketing training and sign-up for our $1.00 ten (10) day trial membership at ..TheReverseMortgageMentor../ Article Published On: 相关的主题文章: