We have it!
Realtors, if you don't know about them, get to because this is a very special product! As the baby boomer generation begin to reach age 62 (age requirement for a reverse is age 62), this product will help them move to their next level (buying a home without spending all of their cash and without a mortgage payment EVER).
Some benefits of the Reverse Mortgage program include:
- NO income qualifying
- NO monthly mortgage payments
- NO limitations on use of funds
- Minimal credit requirements
- Loan proceeds may be tax free (consult tax professional)
- Homeowner stays on title
- Insured to never owe more than home is worth!
Reverse PURCHASE benefits also include:
- NO source of funding
- NO Mortgage Insurance Premiums
- NO Monthly mortgage payments
- Larger loan amounts than traditional reverse mortgages
The way to determine which option for the buyer is best is to run a customized evaluation of the individual situation.
This product is going to be a big part of the real estate markets for some time to come. A reverse mortgage takes various factors into account so it doesn't have cookie cutter one size fits all guidelines. It is customized and takes into account house value, clients age and desired loan to value for starters.
Just know it's a product that is out there and, if you have buyers age 62 and older, this may be a very beneficial product for you!