The Reverse Mortgage Professional

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Mortgage and Lending - Orange County, Corona, Riverside, Los Angeles - NMLS#203003
All things Reverse



So excited to have funded and closed a complex Reverse For Purchase transaction just before Christmas!  This was quite the scenario with a short sale lender, an out of country seller, a quick deadline for closing, a spouse too young for a reverse and a manufactured home to boot.  With knowledge,...
  SRES Realtors - Do you know how to explain the HECM For Purchase to your buyers? Will it really help your business? First of all - what is a HECM For Purchase?  HECM stands for Home Equity Conversion Mortgage (HUD loves acronyms!) FHA defines “HECM for Purchase” as a R.E. purchase where title t...
  What is reverse mortgage counseling like?  Here is a quick overview of what to do, and what you can expect at your counseling session and some information about where to go to get reverse counseling. The senior homeowner must schedule an appointment directly with the counseling agency.  The len...
The use of a reverse mortgage here in Riverside California to purchase a retirement home is becoming more and more common.  More and more, Realtors are calling and asking me to work up quotes for their clients using the reverse mortgage to finance the purchase.  They are finding that normally "al...
You can use an FHA HECM Reverse Mortgage to buy a new home if:  The youngest homeowner is 62 or older. The purchased home will be occupied within 60 days of closing. The purchased home will be the primary residence. No mortgage loan other than the HECM will be used to purchase the home.  The diff...
Buying a Home with a Reverse Mortgage:  The HECM for Purchase Program You can use an FHA HECM Reverse Mortgage to buy a new home if the youngest homeowner is 62 or older - AND -  The purchased home will be occupied within 60 days of closing - AND - The purchased home will be the primary residenc...
  Which is better for senior homeowners, HELOC or HECM Saver? I’m certain I have a biased opinion but wanted to catch your attention.  Here are some of my thoughts on the matter. I’ve heard that most financial advisors will suggest to a senior that a home equity line is a better option for them t...
HUD No. 10-205                               Lemar Wooley(202) 708-0685  FOR RELEASEWednesdaySeptember 22, 2010 HUD ANNOUNCES NEW REVERSE MORTGAGE OPTIONLower upfront premium makes FHA Home Equity Conversion Mortgage more affordable WASHINGTON - The Federal Housing Administration (FHA) today ann...

Deborah Nance

Southern California , Reverse Mortgage Specialist
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