Why the HECM should I sign this?

By
Real Estate Agent with Prado Real Estate South UT DRE# 6541633-SA00

Why the HECM should I sign this?

 

Sellers unfamiliar with the Home Equity Conversion Mortgage loan may question the lender required paperwork to be signed. To avoid impeding the process due to a lack of understanding, contact an FHA approved lender for answers.

 

Pertinent information gained will set the expectation, helping the process move forward. A seller wants to avoid being the person to quash the transaction due to ignorance. The other party can or may sue for damages and rightfully so. 

 

The FHA Amendatory Clause protects buyers from low appraisals and some home owners may be reluctant to sign because the transaction could fail. It is, however, a Federal Housing Administration requirement.

 

The Home Equity Conversion Mortgage (HECM) qualifications for home buyers are:

  • Must be age 62 or older 
  • Have sufficient equity in home or
  • Enough cash on hand to qualify for a purchase

 

Become educated rather than refusing to respond. There are no hidden agenda's with the reverse mortgage and the majority of responsibility to perform lies on the buyer's side, rather than the seller's.

 

When all parties in a transaction have the necessary knowledge and are confident, it is WIN-WIN! Can I get a HECM yeah?!

 

 

Have questions about St. George or the southern Utah area? Please contact me at 435.632.9374 or wanda@buynsellutah.com. Glad to help with your residential real estate needs because Wanda Can!

Posted by

Looking for an experienced real estate professional in southern Utah? Click here.

 

To discover sunny southern Utah for yourself, go to: www.buynsellutah.com

 

Wanda Kubat-Nerdin REALTOR Southern Utah www.buynsellutah.com

 

 

Member of the St. George Area Chamber of Commerce

I, Wanda Kubat-Nerdin at PK Real Estate Utah am responsible for my opinions expressed in this blog. Information herein is deemed to be reliable but not guaranteed and may change due to market conditions. Please do not take my pictures or artwork and use them as your own, they are my property,  Copyright ©

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Utah Washington County
Groups:
Agents who want REFERRALS!
Selling Soulfully
Dedicated Bloggers
Diary of a Realtor
Be The Best In Your Field
Tags:
reverse mortgages
fha approved lenders
home equity conversion mortgage hecm
informed decisions
education and information
best business decisions
helping guide clients to success

Spam prevention
Show All Comments
Rainmaker
690,631
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

HECM use will grow as those whom they may benefit grows in their knowledge of the product.

At the same time, those who may benefit from a HECM are also growing in number.

Aug 04, 2019 02:55 PM #1
Ambassador
2,225,195
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

It is a financially good decision for so many John Juarez and very popular here in southern Utah. 

Aug 05, 2019 01:58 PM #2
Rainmaker
2,558,827
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I have an HECM on my own home, and it has made a significant difference in my comfort level.  They are beneficial to many.

Aug 05, 2019 04:26 PM #3
Ambassador
2,225,195
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

They are ideal for people who want to be free of the financial burden of a mortgage payment Myrl Jeffcoat. Glad it is working for you! 

Aug 05, 2019 06:40 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
2,225,195

Wanda Kubat-Nerdin - Wanda Can!

So Utah Residential, Referral & Relocation REALTOR
Is southern Utah calling you home? I can help because Wanda Can!
*
*
*
*
Spam prevention

Additional Information