Reverse Mortgage Information: December 2010

Complicated Reverse For Purchase - Done.

Temecula CountrysideSo excited to have funded and closed a complex Reverse For Purchase transaction just before Christmas!  This was quite the scenario with a short sale lender, an out of country seller, a quick deadline for closing, a spouse too young for a reverse and a manufactured home to boot.  With knowledge, perserverance, communication, and humor we got it done and the happy home buyers are now in the process of moving into their dream retirement home.  

Way to go!

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By Deborah Nance

Your Local Southern California Reverse Mortgage Professional

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1 comment • Deborah Nance, Southern California Reverse Mortgage Specialist • December 27 2010 10:04PM
SRES Realtors - Will the HECM For Purchase Really Help Your Business?
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SRES Realtors - Do you know how to explain the HECM For Purchase to your buyers? Will it really help your business? First of all - what is a HECM For Purchase? HECM stands for Home Equity Conversion Mortgage (HUD loves acronyms! ) FHA… more
Corona Reverse Mortgage Question - What is HECM Counseling Like?
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What is reverse mortgage counseling like? Here is a quick overview of what to do, and what you can expect at your counseling session and some information about where to go to get reverse counseling. The senior homeowner must schedule an… more
Reverse Mortgage Financing on a Purchase in Riverside
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The use of a reverse mortgage here in Riverside California to purchase a retirement home is becoming more and more common. More and more, Realtors are calling and asking me to work up quotes for their clients using the reverse mortgage to finance… more
Buying a Home with a Reverse Mortgage - The HECM for Purchase Program
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You can use an FHA HECM Reverse Mortgage to buy a new home if: The youngest homeowner is 62 or older. The purchased home will be occupied within 60 days of closing. The purchased home will be the primary residence. No mortgage loan other than the… more
Reverse Mortgage or Home Equity Loan?
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Which is better for senior homeowners, HELOC or HECM Saver I’m certain I have a biased opinion but wanted to catch your attention. Here are some of my thoughts on the matter. I’ve heard that most financial advisors will… more
The HECM Saver, a modified version of FHA's HECM (Reverse Mortgage)
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HUD No. 10-205 Lemar Wooley (202) 708-0685 FOR RELEASE Wednesday September 22, 2010 HUD ANNOUNCES NEW REVERSE MORTGAGE OPTION Lower upfront premium makes FHA Home Equity Conversion Mortgage more affordable.. more