reverse mortgage for purchase: Reverse Mortgage Myths | Part 2 - 06/19/19 12:13 PM
Reverse mortgage myths part two. The truth about reverse mortgages is that most people just don’t understand them. I work with loan officers and Realtors every day, and the vast majority of them have no idea of how a reverse mortgage actually works.
 I am a certified reverse mortgage specialist and I have been doing reverse mortgages for over 10 years. FHA insured reverse mortgages technically called HECM, have been around since the 80s. Originally there were no credit or income qualifications and one could borrow a great deal of their homes appraised value. Because of that, many borrowers would cash out … (0 comments)

reverse mortgage for purchase: The New Reverse Mortgages, zero monthly Mortgage payment joy - 03/07/19 03:11 PM
The New Reverse Mortgages, zero monthly Mortgage payment joy with a Reverse Mortgage. Discover what you don’t know about The New Reverse Mortgage.  Safer, Better, Smarter.
Can you relate to Jeanne & Frank? For years, this husband and wife team have helped others discover their zero mortgage payment joy* through Home Equity Conversion Mortgage (HECM: aka THE NEW Reverse Mortgage).    Now it’s Jeanne and Frank’s turn to tap into their hard-earned equity and live without the stress of monthly mortgage payments. *
Many of their real estate clients have used reverse mortgage to purchase new homes.  But, after raising three kids in the … (0 comments)

reverse mortgage for purchase: Reverse Mortgage for Purchase Unites Family - 12/10/18 03:14 PM
Reverse Mortgage for Purchase Unites Family. Lenore grew tired of traveling to see Sophie. Saying good-bye was just too sad. It was Lenore’s son-in-law who broached the idea of her moving nearby.
Like many senior homeowners, Lenore had a great deal of equity in her far away home. But was concerned her finances might not last through retirement.
Lenore’s daughter helped put her mind at ease by recommending Lenore use a Reverse Mortgage to purchase her new home by accessing the equity from her far away home.
By using a Home Equity Conversion Mortgage (HECM aka Reverse Mortgage) for Purchase Lenore experienced greater buying power and:
Discovered Zero … (2 comments)

reverse mortgage for purchase: Hey Realtors, Did You Forget Someone? - 10/02/18 02:54 PM

Does this scenario haunt you?
Maybe you’ve helped a couple like Steve and Alyssa find the perfect family home, then overlooked helping Steve’s parents in their quest to move nearby.
You may have handed two additional real estate transactions to another agent.
Steve’s baby boomer folks have tremendous equity in their existing home, but are concerned about whether they’ve saved enough for retirement. They also represent 25% of the residential real estate market. So, are you prepared to help this special sector of the market feel confident about making a move to be near loved ones?
If you’re able to share with seniors 62+ how … (0 comments)

reverse mortgage for purchase: How to buy a home with a reverse mortgage - 03/12/18 11:30 AM
Buying a home with a reverse mortgage is easy.Wondering what a reverse mortgage is, and whether it can be used in the purchase of a new home? Absolutely it can, in a process called a Home Equity Conversion Mortgage Purchase or HP4 HECM. An existing home or new construction home is bought at the same time a reverse mortgage is taken, and the transaction is rolled into one.
It’s an option for homebuyers who, either to be closer to family, to downsize, or move to a home that better meets their needs—a single story home, for example- without draining all your cash reserves.  … (1 comments)

reverse mortgage for purchase: How a reverse mortgage helped an 84-year-old retired schoolteacher - 11/20/17 12:57 PM
How a reverse mortgage helped an 84-year-old retired schoolteacher purchase a home even with horrible credit.  She needed to sell her existing larger home so she could move closer to her grandchildren and save the expense of a large home.
Many seniors try to help their adult children by cosigning credit accounts with them. Unfortunately, many times those children don’t make the payments and ruin the credit of their parents. When that happens seniors have few if any alternatives for a mortgage.  This wonderful lady could not get a regular mortgage even with a huge down payment because her credit score was … (1 comments)

reverse mortgage for purchase: Reverse Mortgages are changing effective October 2, 2017 - 09/06/17 03:46 AM
Reverse Mortgages are changing effective October 2, 2017. The Trump administration is planning to raise premiums and place tighter loan limits on some borrowers in a mortgage program that helps seniors supplement their incomes. This Wall Street Journal article indicates that HUD says the program needs a sounder financial footing.
The bad news is that the new rules are going to lower maximum loan amounts for reverse mortgage refinance borrowers and increase down payments for reverse mortgage purchasers.
The good news is that it is going to lower the monthly mortgage insurance premium. If you know of anyone looking to buy or … (2 comments)

reverse mortgage for purchase: The New Reverse Mortgage | What you need to know Seminar - 08/25/17 12:33 PM
Residents of Dallas, Plano, McKinney, Frisco – and those who live in the surrounding areas: you have the opportunity to learn about the reverse mortgage program at an in-person seminar on, September 13th from 10:30 a.m. until 1 p.m.
Did you know that with an FHA insured reverse mortgage that you or your heirs will never owe more than 95% of the appraised value of your home when the loan is paid off?Did you know you could use a Reverse Mortgage (HECM) to purchase your next home?Did you know you could get access to a growing line of credit with a guaranteed … (0 comments)

reverse mortgage for purchase: Why a Reverse Mortgage Could be Right For You - 07/21/17 05:02 AM
A reverse mortgages (also called home equity conversion loans or HECM) enable homeowners age 62 and older to tap into their equity without selling their home (or purchase without making mortgage payments)The lender pays you money based on the equity you’ve accrued in your home; you receive a lump sum, or a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into another residence, or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the loan you received from the … (2 comments)

reverse mortgage for purchase: Reverse Mortgage Myths are very common | Get the Truth - 06/30/17 02:56 PM
Reverse Mortgage Myths are very common. At Service First Mortgage, we’re committed to making sure you receive honest and accurate information about reverse mortgages so you can make an educated decision that’s best for you.
Here are some of the most common misconceptions about Home Equity Conversion Mortgages (HECMs)— also known as reverse mortgages— and the truth behind these myths.
“A reverse mortgage requires giving up ownership of your home.”
False. As the borrower, your name remains on the title and the home is still yours—just as it would be with any mortgage. You’re required to continue paying real estate taxes, homeowner’s insurance, and … (0 comments)

reverse mortgage for purchase: Dallas Reverse Mortgage Options - 06/20/17 03:58 PM
Dallas Reverse Mortgage for Purchase or refinance cash out in Texas. Home buyers 62 years of age or older are now eligible to purchase a Texas primary residence and make no mortgage payment for life, taxes and insurance payments are required. What better way to enjoy your retirement than in your own comfortable home with very flexible payment options. Texas home owners are not the only people eligible to purchase homes with Service First Mortgage’s Dallas Reverse Mortgage For Purchase program. Currently we offer Reverse Mortgage For Purchase in Florida, Arizona, Ohio, Kentucky, and Oklahoma.
How It Works
It easy really, you bring … (0 comments)

reverse mortgage for purchase: Reverse Mortgage for Purchase in Texas. - 06/16/17 03:04 PM
Reverse Mortgage for Purchase in Texas. Home buyers 62 years of age or older are now eligible to purchase a Texas primary residence and make no payment for life. What better way to enjoy your retirement than in your own comfortable home with very flexible payment options. Texas home owners are not the only people eligible to purchase homes with Service First Mortgage’s Reverse Mortgage For Purchase program. Currently we offer Reverse Mortgage For Purchase in Florida, Arizona, Ohio, Kentucky, and Oklahoma.
How It Works
It easy really, you bring in a down payment based on your age and make $0 Mortgage Payments … (0 comments)

reverse mortgage for purchase: Is a Reverse Mortgage Right for Your Divorcing Couples of 62? - 02/03/17 12:25 PM
Is a Reverse Mortgage Right for Your Divorcing Clients?
Divorcing later in life is not a new phenomenon, but it is becoming more and more common. Indeed, the increased occurrence of “grey divorce,” as it’s called, has been identified as a significant 21st century divorce trend. Even though the overall divorce rate is actually declining, it’s on the rise among older generations.


Those of us in the business of helping people plan for a secure financial future have long known that grey divorce presents a unique set of challenges to our clients. A reverse mortgage might represent a new strategy for making the … (0 comments)

reverse mortgage for purchase: A Reverse Mortgage Could Supplement Your Retirement Plan - 02/02/17 08:45 AM
A Reverse Mortgage Could Supplement Your Retirement Plan Here is a great article about how to use a Reverse mortgage as part a saving plans. Many retirees are experiencing a shortfall in savings. Did you know you can extinguish your existing mortgage and allow your reverse mortgage to build a growing line of credit? Seniors can tap the line of credit when needed and keep taxable retirement funds is place, of course always consult your financial planner or CPA in regards to retirement planning.
According to the article in Fortune Magazine by Matthew Heimer taking a Home Equity Conversion Mortgage or Reverse mortgage early as … (1 comments)

reverse mortgage for purchase: Which Loan Program Is Right For Your Plano Texas Home Purchase? - 08/05/16 09:38 PM
Deciding which mortgage loan program you should use for your Texas home purchase or refinance can be a challenge. At Interlinc Mortgage we offer many loan programs.  Our experienced and licensed mortgage loan officers are trained to analyze your needs and recommend the perfect loan for you.  Contact The Richard Woodward Mortgage Team today to discuss you needs and receive your free customized home analysis.  You can start online here:  www.MortgageProsUs.com    Richard Woodward, NMLS 217454
Office:  (214) 945-1066
Interlinc Mortgage Services, LLC., NMLS 205696
7711 San Jacinto Place, Ste 100 Plano, Texas 75024
Licensed by the Texas Department of Savings … (1 comments)

reverse mortgage for purchase: You Can Use A Reverse Mortgage To Purchase A Texas Home - 08/05/16 08:50 AM
What is a Reverse Mortgage?
If you are 62 years or older and have significant equity in your home, you may be eligible for a Home Equity Conversion Mortgage (HECM) loan, commonly known as a Reverse Mortgage.  
A HECM loan is insured by FHA and allows seniors to access a portion of the equity to be used however they choose, from paying off medical bills to supplementing their monthly income.  
A HECM can also be used to purchase new home.   Loan-to-value percentages are the same as for regular HECMs. The borrower can use the HECM to pay for part of the … (0 comments)

 
Richard Woodward  NMLS#217454, Service Beyond Expectations! Your Texas Lender (Service First Mortgage, NMLS #166487) Rainmaker large

Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender

Dallas, TX

More about me…

Service First Mortgage, NMLS #166487

Address: 6800 Weiskopf Ave., Suite 200, McKinney, TX - Texas, 75070

Office: (214) 945-1066

Mobile: (972) 814-3587

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