Another Reverse Mortgage for Purchase closes in Corona.

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Mortgage and Lending with Orange County, Corona, Riverside, Los Angeles NMLS#203003

 

Signle story home

 

Another Reverse Mortgage for Purchase closing today here in Corona! 

My senior borrowers purchased an approved short sale home and closed within 45 days.  Now, granted, they looked for awhile and made offers on several homes before this one popped.  But, I am thrilled to see how sellers and bank owned REO's are becoming more educated and receptive about this method of financing for homeowners over 62 years old.

The transaction went very smoothly with good communication between all parties (isn't that really the key?) If you have any questions about how it works check out Reverse for Purchase.

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By Deborah Nance

NMLS#202003

Your Local Southern California Reverse Mortgage Professional

How Much Do You Qualify For?

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Equal Housing Lender

iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin. 

Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.

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Topic:
ActiveRain Community
Location:
California Riverside County Corona
Groups:
Seniors Issues
communities for those 55 and better
Tags:
home financing
reverse mortgage

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Rainmaker
250,941
Doris Freeman
RE/MAX REALTY SOURCE - Jackson, TN
Broker/Agent, Realtor, Madison-Gibson-Crockett

I think that's great but I'm not a believer that reverse mortgages are for everyone, I believe home owners really need to look at all aspects before jumping into one.

Aug 11, 2010 11:03 AM #1
Rainmaker
272,568
Skip Frenzel
Agape Long Term Care/Agape Real Estate - Campbell, CA

Doris,

You are right, they are not for everyone, but in many cases they are the only reasonable choice.  Don't look at them as something everyone should use, but rather just another tool that can help the Senior and get the deal done.

Skip

Aug 11, 2010 11:12 AM #2
Rainer
13,628
Veronica Lawrence
Gold Shield Realty Group - Murrieta, CA
Gold Shield "WE Defend your Interests"

I agree with Doris...but nothing is for "everyone".  But for some this is a great option.  I know a few people who did the reverse mortgage and are happy with it and others who are not so happy with it, but are greatful it existed, meaning it may not have been all they wanted but without it they don't know how they would have managed.

Aug 11, 2010 11:14 AM #3
Rainmaker
129,025
Deborah Nance
Orange County, Corona, Riverside, Los Angeles - Corona, CA
Southern California , Reverse Mortgage Specialist

 

Thanks for the feedback!!!

The best part is that these clients carefully reviewed their options and know how to use their reverse mortgage in order to set up a line of credit that will only increase with time allowing them to have access to emergency funds as they get older.

Aug 11, 2010 12:02 PM #4
Rainmaker
540,551
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Deborah,

Wow, they bought that place with a reverse? I'm in agreememt with you with respect to lenders and sellers getting it when it comes to a reverse purchase. Had one myself not long ago.

I imagine I'll be using one myself in the years to come.

Aug 12, 2010 02:22 AM #5
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Rainmaker
129,025

Deborah Nance

Southern California , Reverse Mortgage Specialist
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