I am so excited to have a couple of deals in escrow right now where the buyers are financing their home purchase with an FHA HECM Reverse Mortgage! It's a relatively new product (2009) and not every agent, broker or buyer is aware of it.
In one instance, a young 70 year old is putting down $130K on a $318K property in a gated 55+ golf community! He still works and plans on making payments to his Adjustable Rate Reverse Mortgage and build up a line of credit. That way he will still be able to take advantage of the tax write off for interest payments. When he wants to, he can stop making payments knowing that the money he pre-paid is available to him to withdraw again! I think his plan is very smart.
Southern California Realtors, if you would like some information about how the Reverse 4 Purchase can help you to help your senior home buyers.... just let me know! I'd love to sit down with you and brainstorm.
Deborah Nance
Your Local Southern California Reverse Mortgage Professional
I have a sad story where one of my asset managers would not accept an offer using this new product. The lender sent me information and we need to beat the band wagon about this product. It is the future for Seniors. And not enough people know about this!!
Hi Debra,
What a great option for seniors, good to learn about this program. We need to connect sometime soon!
Hi Melanie, Luckily the asset manager is pretty savvy. The lender I work for has a great letter (just out) that we can use to assist in positioning the offer. The property must be identified, the offer written, the funds verified, the buyer's counseled.... Oh boy - the hoops we help our clients jump through!
Lynda - Yes we do! :-)
Thanks for the heads up, sounds like an excellent program!
This is a great piece of information. I am going to have to track down a good loan rep in my area to assist with this. Thanks
Hi Roseanne,
I know an AWESOME reverse mortgage person in Washington. Actually a couple of them. Email me and I'll send you their contact info. Thanks! Deb