I was introduced today to a new program being rolled out by our in house lender, Wells Fargo Home Mortgage. This type of mortgage which is FHA insured, is geared toward clients who are 62 years or older who are looking to purchase the perfect retirement home.
Some of the features of this mortgage are there is no monthly payments required, no prepayment penaltties, and the title will remain in the borrowers name. (Trusts are OK).
In addition, the person getting this mortgage will have no credit score requirements, no income requirements, and no debt to income ratio issues.
This is a great program for all the aging baby-boomers who may need to buy a home but do not want to deal with a large monthly mortgage payment and would want to buy in a senior housing community.
The qualifications for this type of mortgage include: the client must be 62 years or older, the home has to be the primary residence - and a significant downpayment, which is based on age and rates. The borrower will still be responsible for their own property taxes and homeowners insurance.
This program would work great for a couple who may want to downsize to a condominium, or move closer to family. I know we all have aging relatives who this may appeal to when they are on a fixed income.
What is needed to submit a application for this program is a HUD counseling session, a signed purchase agreement, and a $399 non - refundable deposit.
I know I will be getting calls to find out more information on how this mortgage works and I hope I can help someone you know, find a home.
Call or e-mail me anytime with your questions with regard to this program:
Chris Glahn - Realtor, Keller Williams Realty - Ann Arbor Market Center
734-730-3403 (direct)
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