Buy Your Sun Lakes, Banning Home with a Reverse Mortgage

By
Mortgage and Lending with Orange County, Corona, Riverside, Los Angeles NMLS#203003

 
Mountain View
Here is some information on utilizing FHA Reverse Mortgages to double or more your purchase power on your new Sun Lakes home and still not have any monthly mortgage payments!

 

 

 

 

 

 There are 3 Major Benefits To  Home-buyers

  • Gives home-buyers who are downsizing more purchasing power than if they had to pay all cash
  • Designed to allow your seniors to purchase a new principal residence and obtain a Reverse Mortgage within a single transaction by eliminating the need for a second closing.
  • Buyers do not have to "qualify" for monthly payments on the new purchase transaction.  A significant detail to senior home-buyers on a fixed income. 

Other Benefits to Home-buyers

  • Eliminates Monthly Mortgage Payments
  • Borrower Maintains The Title
  • Loan Is Non-Recourse
  • Remaining Equity Goes To Borrower Or Borrower's Heirs, Not The Bank
  • No Pre-Payment Penalty
  • FHA-Insured
  • Usually No Income Verification Or Credit Score Requirement (If buyer is retaining their former home as rental property there are income requirements) 

* Certain transactions will require "qualification" - ask your Reverse Mortgage Specialist for specific details.

HECM- Home Equity Conversion Mortgage) We pronounce it "Heckum"

    • FHA defines "HECM for Purchase" as a real estate purchase where title to the property is transferred to the HECM borrower, which the borrower will occupy as a principal residence, and, at the time of closing, the HECM first and second liens will be the only liens against the property.

Lakeside Condos are now FHA Approved!

Ask your Realtor about using an FHA Insured Reverse Mortgage to purchase your new Sun Lakes home!

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By Deborah Nance

NMLS#202003

Your Local Southern California Reverse Mortgage Professional

How Much Do You Qualify For?

Click the Learn More Button below to email me a question.

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Equal Housing Lender

iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin. 

Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.

Comments (4)

Linda Hinson
S & L Properties - Calabash, NC

I live in a retirement area, and I can't tell you how many times I have been called to list a home where a spouse (usually a woman) whose husband/wife have passes and they are having to sell their home to move back to family out of state.  Several times the wife has broken down into tears because they didn't want to go but with the loss of income from the deceased pension, they need help.  Almost every time, I have explained reverse mortgage and how it would benefit them but the adult children shoot the proposal down.  People truly need to be educated on the current laws concerning reverse mortgage  I always feel so sorry for them.  I think it is a great tool.

May 07, 2010 04:44 PM
Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula
Realty Works Temecula - Temecula, CA
Realty Works Temecula

Deborah:  Great post and great blog in general.  Reverse Mortgages are definitely a great tool to use for those who qualify....Linda above sites a really good example.

May 08, 2010 04:25 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Deborah, well illustrated. Thanks

May 18, 2010 02:18 AM
Skip Frenzel
Agape Long Term Care/Agape Real Estate - Campbell, CA

Deborah, keep up the good work!

Apr 29, 2011 03:18 AM