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What is a Proprietary Reverse Mortgage???
When I describe the features of a Proprietary Reverse Mortgage to one (or more) of my Realtor friends, without telling them what it is, or what it is called, I almost always get intense interest, and why shouldn't I?
Today, I'm going to stick with the value to my Realtor friends, which is to create more sales, and present exceptional value to their clients. So here's two major benefits to our clients.
The Senior is going to qualify for more home, in most cases.
The Senior will be able to retain significant assets.
Why will they be able to afford more home, you may ask? well let me address that.
A proprietary reverse mortgage is designed to deal with luxury purchases with more substantial asking prices. In many/most cases the senior will not qualify for traditional financing due to current mortgage guidelines, particuarly those regarding verifyable income. Most of these potential homeowners pay cash and often are prevented from purchasing the homes they truly want.
With a proprietary reverse mortgage qualified seniors can acquire mortgages up to $4 million, and do not need to qualify for the monthly payments, as those are optional, meaning they may make payments, but they are not required. They must however demostrate ... more
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