Buying a House Using a Reverse Mortgage

By
Mortgage and Lending with Group One Mortgage NMLS# 317641

With all the changes in today’s lending guidelines, we are seeing more borrowers inquire about Reverse Mortgages. This product can be a very effective tool when dealing with seniors who qualify. The challenge is that most people are unaware that the product even exists.

The majority of the loans I have done using this product, are from borrowers that applied for a more traditional loan. At first, most borrowers are skeptical. It seems unbelievable that you can get a loan buying a house that never needs to be paid back during your lifetime. But, after usually 45 minutes of bewilderment, most every borrower can’t wait to sign up. Here are some characteristics of likely candidates;

 

 • Anyone 62 and older

• Seniors that have income that doesn’t meet today’s lending guidelines

• Seniors that have credit challenges (mortgage lates, pending foreclosure, credit scores under 620, etc…..)

• LTV’s 65% and under • Buyer’s that have ratio’s above 43%

 

 I was once very skeptical of this product, but once I investigated, I have become one of its biggest advocates!! Visit  Group One Mortgages Reverse Mortgage website to request an Evaluation today.

Comments (4)

Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

Excellent and eye opening information to share with folks that may be able to benefit from learning about this very cool product!

Feb 04, 2014 08:19 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I hope that we will soon be seeing your current blogs.

Follow the blogs of Joe Petrowsky for some excellent advice on networking and building a referral base.

Oct 07, 2015 12:24 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Mark. Well done, lots of really important information. We have done many reverse mortgage purchases over the years.

Oct 07, 2015 01:50 AM
Mark Daly
Group One Mortgage - Jupiter, FL

Thanks Joe, the word is spreading that reverse mortgages can be used to buy homes.

Oct 07, 2015 02:53 AM