Reverse Mortgage for a Home Purchase
We received this email from Chris Warner, a Reverse Mortgage Consultant at MetLife Home Loans. With the rapidly growing population of seniors with special needs, every real estate professional needs to be aware of the benefits of using a reverse mortgage for the purchase of a more suitable primary residence.
If you are a real estate professional and are not familiar with using a reverse mortgage for a home purchase, you should make immediate contact with a trusted reverse mortgage consultant.
“Just a reminder here at the beginning of the year about the "HECM for Purchase" program. Advertising this program to prospects will result in more listings and sales of all types, not just HECM for Purchase.
Let your prospects who are 62 or older know that they can purchase a primary residence and then have no mortgage payment for as long as they live in this home and without having to use all of their cash for an "all cash" purchase.
For instance, they could buy a condo for $200,000 with a downpayment of $85,000* and minimum underwriting*; or,
Downsize to a "right-sized" property; or, move to that resort area they have always desired; or, buy a newly constructed home and add those extras they didn't think they could afford; or, even "up-size" to a larger home.
If you want to know more I'll be happy to meet with you individually or in a group to discuss how the HECM for Purchase will attract new listings and sales.
* Assumes a 66 year old. Underwriting is to ensure that the borrower has sufficient cash flow from the HECM and/or assets to continue to pay property taxes, homeowner's insurance and to maintain the property. Down payments are based on current interest rates, appraised values and the age of the youngest borrower on title.”
Reverse Mortgage Consultant
NMLS ID 506543
MetLife Home Loans
Secure Fax: 518-953-1655
Dahlias in Kentlands IMG_0183
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs