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Name
Bobby Walsh
Company
Citybrook Corp.
E-mail
Contact Bobby Walsh (Citybrook Corp.)
Website
http://cbcmortgage.com
Office Phone
(718) 980-7676 x 222
Fax
(718) 228-3580
Address
1725 Richmond Road, Staten Island, NY, 10306
Description
NY / NJ Specializing in residential mortgages, including purchases, refinances and reverse mortgages. We offer a number of programs including Full Doc, Stated Income / Verified Assets and No Doc loan

About Us:

Citybrook Corp is a registered mortgage brokerage corporation with a responsibility to our clients to research and exhaust every avenue until we find a suitable mortgage product for them.

We are very sensitive to both new and experienced borrowers. We have the tools and the knowledge to help especially those who have had unforseen circumstances such as damaged credit, and to try to find a reasonable source for mortgage placement.

You are invitied to call Citybrook for a no obligation evaluation of your current credit profile and purchase power. In certain circumstances, we will provide to you a real committment through our unique channels with our lenders. The advice is free, the coffee is hot and the staff is happy to serve your needs.

Mortgage Brokers arrange loans through 3rd party servicers.

NMLS ID's:

Citybrook: 11706

Bobby Walsh: 75464

 

A Quick Q&A Guide On How To Optimize Cash Flow Without Selling Y

 

What is a reverse mortgage?

  • It's a special type of loan that enables individuals who are 62 years or older to convert some of their home's equity into tax-free* funds
  • Unlike traditional equity loans, you receive payments instead of making them

 

Who is eligible?

  • Homeowner(s) who are at least 62 years of age and occupy the property as their principal residence
  • Eligible properties include single-family homes, condominiums and townhomes, or a 2 - to - 4 unit dwelling
  • The home must be owned free and clear or have a small remaining balance that can be paid off with the reverse mortgage
  • No income, employment or credit requirements are needed to qualify**

 

How much can someone borrow?

  • The amount that can be borrowed is based on a HUD formula that factors in the age of the youngest homeowner, the interest rate, the lesser of the appraised value and the FHA lending limit, and the amount of any existing liens on the home

 

What are some of the benefits?

  • The reverse mortgage customer retains ownership and lives in their home
  • Cash advances can be used for any purpose
  • Loan proceeds are not considered income and will not affect Social Security or Medicare benefits.  However, your monthly reverse mortgage payments may affect your eligibility for some other programs, such as Medicaid, as it is based on if there is a need for the program.

 

What type of interest rate options are there?

  • Reverse mortgages are available with either a fixed or variable interest rate
  • Any adjustment in a variable rate mortgage has no effect on the amount or the number of loan advances you can receive, but causes the loan balance to grow at a faster or slower rate  

 

What are the tax-free funds* options?

  • Lump sum advances makes funds immediately available
  • Tenure plans provide fixed, monthly loan proceeds
  • Line of credit makes funds available upon request
  • You can do a combination of the above three funding options

 

What are the costs involved with a reverse mortgage?

  • There are closing costs, which can be financed into the loan.  These may include origination fee, title insurance, appraisal, a mortgage insurance premium and attorney fees
  • Typically, there are no out-of-pocket expenses, with the exception of speaking to a reverse loan counselor prior to funding
  • The customer is expected to continue maintaining the property, paying the real estate taxes and homeowners insurance premiums

 

How is the loan repaid?

  • The balance due can come from home sale proceeds, or from other resources such as savings, insurance, or possibly applying for a new mortgage.  There is no requirements that the home to be sold, only that the loan be repaid.

 

Are there restrictions on how I can use my reverse mortgage proceeds?

  • Absolutely not!  It's your money to use as you see fit.

The Mortgage Process

 

The Mortgage Process

Many of our clients ask us the age old question, "Now what do I do"?

We have two ways to answer that question. If we are fortunate, the prospect comes to us before purchasing a home. This is called a pre-qualification analysis.

In a pre-qualification analysis we look at the asset base, the amount of liquidity available, the pay stubs and tax returns for each buyer. Once we have this information, we check the credit report on each buyer and interpret how the credit score will affect their ability to buy.

A credit score takes into account how long credit has been extended, how timely the payments are, how much of the total credit available to a person is currently being used and whether or not there are any collection , charged off accounts or foreclosures or bankruptcies. The general rule on bankruptcy filings is that the borrower must re-establish new credit, and have at a minimum 2 years since the bankruptcy before they can secure an FHA mortgage. It takes 3 years to 4 years for conventional loans and if we are in a sub prime arena, it can vary from 6 months to 1 year before a borrower can apply for a mortgage. So it varies from loan type to loan type.

Let us assume that all is well, and we are able to help you secure a conventional loan. We will know exactly how much money you are qualified to borrow, we will tell you how much your closing costs will be and we will put everything in writing for you and your realtor or attorney. This will be your guidleline and, as long as the interest rates stay the same (or close), you can rest assured that you will be able to obtain financing from the best lenders with the best products. (Note: We do not prequalify on the telephone with verbal information. You can fax all the items we need, or you can come in at a time convenient for you. We work by appointment and we are available in the evening or Saturdays to assist you.)

Now, you can buy your dream home. The homeowner and realtors will be especially pleased to know that your credentials are assured and verified. It may help your offer because the seller knows that your loan will be a slam dunk and they can go on and buy their new home. Put yourself in their shoes for a moment. Would you accept an offer from a truly qualified person or take a chance on someone that you know nothing about?

Now you can place your binder on a home, secure an engineer inspection and sign the contract of sale. Once the contract is signed, make sure you come in immediatiely for the acutal application. We will process your loan, find the right lender for you and take you to the commitment stage. That is when you are promised the money you need. Your attorney will order the title search which will assure you that the home you are buying is free of any encumbrances or issues that would preclude you from closing on the home. You will purchase homeowner's insurance and meet your attorney at the closing of title on your purchase. That is when you get your key to your future.