Reverse Mortgages for purchases

By
Mortgage and Lending with Fairway Independent Mortgage Company 385907

you know i've said this before, but

you just don't know what you don't know

 

for Seniors a reverse mortgage for purchase is a truly dynamic tool, which in many cases may be the only way to qualify for the home they want, not what they may have to settle for, and still have no required payments.

remember they may always make payments, if and when they so choose to limit the balance growth, but they don't have to.

my favorites;

HECM

this would be the FHA, insured reverse mortgage, with no required monthly payments. As such there are no income considerations for the mortgage, and no credit score, but

you must show sufficient income, and a willingness to pay your taxes, insurance, and the maintenance on the property.

Propietary Reverse

this is not an FHA insured mortgage, and as such you do not pay any FHA insurance. It is condo friendly, and can support jumbo loans, and purchases

both loans are non recourse, meaning the payoff will never exceed the value of the balance regardless of the value.

want more info just give me a jingle @ 561-400-3981

 

 

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Topic:
Lending / Financial
Location:
Florida Palm Beach County
Groups:
All Things Florida
Localism Brainstorming
Florida Realtor® Network
Posts to Localism
Florida Luxury Real Estate
Tags:
reverse mortgages
ft lauderdale
miami dade county
palm beach county
hecm
mortgage lender broward county

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Rainmaker
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Jay Beckingham

Seniors ROCK!
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