I brought him some literature and proceeded to give him a mini presentation on the FHA HECM (Home Equity Conversion Mortgage) also known as a reverse mortgage. I went over the down payment requirements (based upon age), the credit requirements (no minimum credit score required), the income requirements (none*) and the time required for processing the loan (30 to 45 days). We also went over the type of supporting documents, lender requirements regarding concessions and repairs, and just everything he would need to know to put together an offer that a seller would love to get.
The biggest obstacle we both saw was that many agents and brokers would be just like he was when we began our conversation, negative on the reverse mortgage. That’s when he said, “Ya just don’t know what ya don’t know!” Then he asked me to schedule a class for his agents on the HECM For Purchase, so that they can learn what they don’t know.
*buyers who are retaining an existing home for rental or vacation property must prove sufficient income to cover the property taxes, insurance and maintenance on both homes.