realtors: Age as Part of the FHA Reverse Mortgage Formula - 09/20/10 08:14 AM
In order to be eligible for the FHA Reverse Mortgage for Home Purchase Program, a client must be at least 62 years old.  If there is more than one person on title, the calculations are based on the age of the youngest.  The earliest that a potential client can apply for the program is, from a practical standpoint, 61 years and 10 months allowing for a 60 day closing.  I have closed more than one Revers Mortgage loan on a client's 62nd birthday!
Here is the actuarial life expectancy table that the Government uses that is built into the HECM formula:
Client's … (0 comments)

realtors: 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)

realtors: Sell Low and then Buy Low! - This senior has made his decision!! - 08/21/10 02:09 PM
I got a call yesterday from a senior, age 80, who has decided to sell his home in the desert and move back to the coast.  Because I'm a Reverse Mortgage for Home Purchase Specialist, a local Prudential CA agent had referred him to me. I am going to be able to work with the agent and help this client. 
Henry had paid $300,000 cash for his very nice manufactured home in a "senior park" where he owns the land; a fee simple property.  Today, that home will only net him $140,000 when it sells and he has priced it in order to sell fast … (0 comments)

realtors: 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)

realtors: North San Diego County - 72 out of 100 FHA Condo Recertifications Coming Due 12/7/2010 - 08/16/10 12:53 PM
HUD's Mortgagee Letter 2009-19 covering the Condominium Approval Process clearly states in Section XIII. that all projects must be recertified after 2 years.  The cut off date for those now on the approved list can be found at https://entp.hud.gov/idapp/html/condlook.cfm.  The date when the vast majority of condominiums will need to be recertified, assuming there's a buyer, is December 7th of this year, in only 16 weeks.
There are currently 100 condominium projects approved in North San Diego County.  This covers all of Oceanside, Carlsbad, Encinitas, Del Mar, Cardiff by the Sea, Solano Beach and Carmel Valley.  72 of these projects are … (1 comments)

realtors: Reverse Mortgage for Home Purchase Consultant Cites Sites for Information - 08/16/10 10:44 AM
I've been asked to cite sites where the best information can be found regarding Reverse Mortgages especially the Reverse Mortgage for Home Purchase Program.  Here's a pretty good place to start:
http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm
This site offers a decent explanation of the program in more layman language.  It begins with:
"The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.
You can also use … (0 comments)

realtors: If a Senior "gets it" that they can use a Reverse Mortgage for Home Purchase; they will buy! - 08/15/10 05:12 PM
Working with seniors who are interested in purchasing a retirement home using a Reverse Mortage is a challenge! They begin by thinking that this sounds "too good to be true" and need to be convinced that it does work and that it is guaranteed by the Government. As a Reverse Mortgage specialist, I have to (get to) explain the program not only to the senior but also to the selling agent, the buyers agent and the escrow/title agents.  However, when the senior understands that it is very doable and insists on doing it then we're both in for the duration.  This … (5 comments)

realtors: Rancho Bernardo "Active Senior Friendly Home" Zero Payments with a Prudent Down using the FHA Reverse Mortgage Program - 08/13/10 04:30 PM

This "Senior Friendly Home" with great views and a huge front and back yard is now available. For someone wishing to move into this wonderful part of San Diego County, you could not find a better value. Rancho Bernardo is 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 4 bedroom home with the master bedroom and full bath on the ground floor. It is currently listed as … (0 comments)

realtors: 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)

realtors: 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)

realtors: La Mesa "Senior Friendly Home" - Zero Payments with a Reverse Mortgage! - 08/11/10 10:56 AM
This "Senior Friendly Home" is now available for someone wishing to buy this completely remodeled home in beautiful La Mesa, CA.  If you are a senior (62 or older) you can buy the 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 bath house with all new appliances, paint and carpeting. It is currently listed for $449,000.
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 … (0 comments)

realtors: 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)

realtors: Unemployed Seniors Tap Social Security Early - Smaller Home Purchase Also? - 08/10/10 08:40 AM
The unemployment picture remains bleak.  The Department of Labor put the current rate at 9.5%.  Seniors, those over 62, who can't find work and have run the course on their unemployment insurance benefits are throwing in the towel and applying for Social Security.  Last year more people applied for Social Security than any other year in history; 2,740,000.  What is shocking, at least to me is that 72% of the men and almost 75% of the women applied before full eligibility kicked in.  Most of us eligible for early retirement today have to be 66 in order for the full benfit … (0 comments)

realtors: What constitutes a "Senior Friendly Home"? - 08/08/10 12:50 PM
I've been trying to come up with a list of what constitutes a "Senior Friendly Home".  Realtors are now asking me to make up Reverse Mortgage For Home Purchase Financing Flyers for them where I present "approximate down payment" calculations for various ages.  The down payment needed by older borrowers is less than with those who are younger.  With some of the recent requests, I've come to the conclusion that there are really 2 or more categories of "senior friendly". 
My beginning list of "Active Senior Friendly Home" characteristics is as follows:
1.  Single story home with few if any stairs.
(1 comments)

realtors: 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)

realtors: Vista, CA "Senior Friendly Home" - No Payments with a Reverse Mortgage! - 08/08/10 09:57 AM
This "Senior Friendly Home" is now available for a senior 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 bath  house in the wonderful Shadowridge community. It is currently listed for $499,000.
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 $219,600 (44%) down and make zero monthly payments. 
At age 70, the senior would need approximately $201,600 (40%) down and make zero monthly … (0 comments)

realtors: Solana Beach "Senior Friendly Home" Reverse Mortgage Purchase Possible! - 08/06/10 12:33 PM
This "senior friendly home" is now available for purchase in Solano Beach, CA.  Someone 62 or older does not have to pay all cash for a new home to avoid making payments.  I've done the math on purchasing this beautiful 3 bedroom, 2 bath Ocean View Home. 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 $518,200 down; financing $350,000.  At age 75, the senior would need about $472,000 for the down payment; financing $397,000 from the Reverse Mortgage.  The current … (0 comments)

realtors: Senior Friendly Home Purchase for Mom - 08/06/10 07:26 AM
While attending RainCamp yesterday in San Diego, I received a call from a woman who wanted information on how a Reverse Mortgage for Home Purchase would work for her mom.  Her dad had died within the past year and now the daughter wanted mom to live closer to her in North San Diego County.  The large family home had been sold and mom had around $250,000 in cash available to put into a new "senior friendly home".
Her mother is going to turn 65 within the next few months and wants to be in place before Christmas.  I did a quick … (3 comments)

realtors: Realtors Like Free Reverse Mortgage for Home Purchase flyers - 08/05/10 05:45 PM
A Reverse Mortgage for home purchase presentation that I made yesterday to a group of Prudential RE agents really got their attention.  I showed them examples of how much a senior buyer could put down on a specific property and then make no payments.  These Realtors recognized that they may be able to up- sell someone who had been thinking that they had to pay all cash for their retirement home.  Seniors, as a rule, do not like to make principle and interest payments if they don't have to.
There were around 20 agents in attendance and 6 had me prepare flyers … (3 comments)

realtors: 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)

 
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

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