buyers: San Diego Senior Friendly Home - Perfect for A Reverse Mortgage for Home Purchase - 09/13/10 03:43 PM

This "Senior Friendly Home" is now available in the wonderful San Diego State University area and close to Cox Arena. This 3 bedroom, 2 bath single level home is perfect for an active senior couple. If you are 62 years of age or older, you can purchase this home without having to pay all cash and still avoid making any payments.  I've done the buyer's math for someone who wants to own this great retirement home.  It is currently listed for an affordable $475,000.  I've calculated how much money would be required as a down payment to make the purchase using … (0 comments)

buyers: Oceanside, CA "Senior Friendly Home" in Peacock Hills - Make Zero payments w/FHA Reverse Mortgage - 08/17/10 12:38 PM
This inexpensive "Senior Friendly Home" is now available in the wonderful North San Diego County 55+ Peacock Hills It is a simply a great community for seniors. If you are 62 years of age or older, you can purchase this home without having to pay all cash and still avoid making any payments.
I've done the buyer's math for someone who wants to own this single story 2 bedroom home that has been completely remodeled. It is currently listed for the senior friendly price of only $205,000. I've calculated how much money would be required as a down payment to make … (1 comments)

buyers: Reverse Mortgage for Home Purchase "Down Payment Approximator" Tool Now Available - 08/16/10 05:17 PM
There is a new tool for your computer or cell phone that calculates the approximate down payment a senior (62 or older) would make in order to purchase a home at any value.  There are a number of Reverse Mortgage Calculators on the web, but few, if any, actually calculate the estimated cash that a senior needs.  With this site you simply enter the value of the home and use the drop down button for the age.  The result will be the approximate down and the proceeds from the Reverse Mortgage.
The results of the calculations are identical to the one … (0 comments)

buyers: Oceanside, CA "Senior Friendly Home" - Make Zero payments w/FHA Reverse Mortgage - 08/13/10 07:44 AM
This inexpensive "Senior Friendly Home" is now available for someone wishing to move into this wonderful part of North  San Diego County. Peacock Hills is a great community for seniors. If you are 62 years of age or older, you can purchase this home without having to pay all cash and still avoid making any payments.  I've done the buyer's math for someone who wants to own this single story 2 bedroom home that even has a bonus room. It is currently listed for the senior friendly price of only $195,000.
I've calculated how much money would be required as a … (0 comments)

buyers: San Marcos, CA "Senior Friendly Home" - No Payments w/Reverse Mortgage! - 08/11/10 05:18 PM

This "Senior Friendly Home" is now available for someone wishing to move into this wonderful part of North County San Diego.  Lake San Marcos is a great community for seniors. If you are 62 years of age or older, you can buy purchase this home without having to pay all cash and still avoid making any payments.  I've done the purchasing math for someone to own this single story 3 bedroom, 2 1/2 bath house that shows like new with mountain and golf course views. It is currently listed for only $700,000.
I've calculated how much money would be required … (1 comments)

buyers: San Diego "Active Senior Friendly Home" - with Zero Payments Possible! - 08/10/10 09:39 AM
This "Active Senior Friendly Home" is now available for a someone to buy without having to pay all cash and still avoid making any payments.  I've done the math for someone purchasing this beautiful 3 bedroom, 2 1/2 bath  house in the wonderful community of Stoneridge Village. It is a great value for only $579,000!.
I've calculated how much money a senior would need to put as a down payment in order to purchase this home using the FHA Reverse Mortgage for Home Purchase Program. 
At age 65, the senior would need approximately $254,500 (44%) down and make zero monthly payments. 
(0 comments)

buyers: San Diego "Senior Friendly Condo" - No Payments with a Reverse Mortgage! - 08/08/10 12:00 PM
This "Senior Friendly Condominium Home" is now available for a senior to buy without having to pay cash and still avoid making any mortgage payments.  I've done the math for someone who wishes to purchase this beautiful 2 bedroom, 2 bath  house in a sunny resort-style community. This home, which is located just one exit north of Qualcom is listed for only $359,900.
I've calculated how much money would be required to make the purchase using the FHA Reverse Mortgage for Home Purchase Program. 
At age 65, the senior would need approximately $158,900 (44%) down and make zero monthly payments. 
At … (0 comments)

buyers: Reverse Mortgages Attract Younger "Seniors" - 07/28/10 05:53 PM
More potential clients have contacted me recently who are in their 60's.  17 years ago, when I first began originating Reverse Mortgages, almost every client was in his or her 70's or early 80's.  In a recent article in "Reverse Market Insight", my personal observations were verified.  According to this article, the average age has come down from 77 ten years ago to 72 last year.  It was also noted by John Nixon with the Bank of America at a National Reverse Mortgage Conference recently held in Irvine, CA that the most common age for BofA Reverse Mortgage clients was 62 … (1 comments)

buyers: Misconceptions about Reverse Mortgages Still Alive after 20 years! - 07/15/10 12:50 PM
I was surprised but not shocked when I read an article in the July 6th edition of Time by Stephen Gandel.  One of the "Six Problems the Consumer Financial Protection Bureau Should Tackle First" that he cited is Reverse Mortgages.  He got it all wrong!  He implied that the bank essentially buys the home and therefore owns the home...it does not, the client owns the home.  A Reverse Mortgage in this regard is just like any other loan with a note and deed.
Mr. Gandel went on to state that the bank has the right to sell the property shortly after … (0 comments)

buyers: FHA Reverse Mortgage for Home Purchase Program has some rules.... - 07/10/10 06:25 AM
I received a call yesterday from a prospective purchaser of a  home who was going to sign an application for a HECM (FHA Reverse Mortgage) loan through another lender.  He had found my name and some of the articles I had written and called me up to see if there might be a "better deal" than the one he had been presented.  I began my "due diligence" including looking up the property profile through a title company site.  When I couldn't find the property listed it hit me that it might be newly constructed.
I then went back to the borrower … (0 comments)

buyers: Reverse Mortgage for Home Purchase Program Takes Off.....Slowly - 07/07/10 06:01 AM
The HUD/FHA Reverse Mortgage for Home Purchase Program has been slow to take off.  The program was formalized by HUD to begin taking place around the first of January 2009.  After a quick initial jump in number of fundings, the rate hovered around 130 units per month nationally for the last 6 months of the year.  I joined HomeServices Lending, a joint venture between HomeServices of America, a Berkshire Hathaway company and Wells Fargo Home Mortgage in May to do my part in changing the growth pattern.  My area of concentration will be to promote the use of this powerful financing … (0 comments)

buyers: Wall Street Reform Bill Means More Regulations - 07/02/10 09:56 AM
Wednesday the House of Representatives passed the so-called Wall Street Reform Bill by a vote of 237 to 192.  Now it moves onto the Senate where it is probably going to be looked at beginning July 12th and probably passed.  Buried in it's 2000 pages, is the outline of a new Federal Bureaucracy called the "Consumer Financial Protection Bureau".  This new department is to write and then enforce rules regarding among other things Reverse Mortgages.
Congress has decided that seniors are not capable of making wise decisions regarding their finances.  There is to be a study looking into ways to prevent … (0 comments)

buyers: If you always say "NO!", you may be on the losing end. - 06/25/10 10:27 AM
Sometimes a Realtor should say YES! to paying for a repair on behalf of a buyer.  FHA does not permit the senior buyer to pay for any costs of repairs for a home purchase when using their Reverse Mortgage for Home Purchase Program.
I ran into a situation today where neither the seller (a major bank) nor the agent on the selling side were willing to pay one dime towards the costs of a few minor repairs ($640) that the termite inspector called out. (fyi With a FHA Reverse Mortgage for Home Purchase, all repairs must be completed prior to closing.)  … (2 comments)

 
Ken Keranen (Reverse Mortgage Division of HSL)

Ken Keranen

Carlsbad, CA

More about me…

Reverse Mortgage Division of HSL

Address: 690 Laguna Drive, Carlsbad, CA, 92008

Office: (800) 747-8006

Mobile: (760) 207-8046

Email Me



Links

Archives

RSS 2.0 Feed for this blog