Using a Reverse Mortgage to Purchase a Home - How It Works
🎞️ · 01.12.2023 · 21:11:27 ··· Freitag ⭐ 7 🎬 177
📺 Reverse Mortgage Group
🎬 · 01.12.2023 · 21:11:27 ··· Freitag
😎 · 04.07.2024 · 02:58:43 ··· Donnerstag
* There are 75 million baby boomers in America.
* 2/3's of seniors to not qualify for a conventional mortgage.
* 62% of seniors do not have enough money to retire on.
* 4 out of 10 seventy year olds plan to downsize or rightsize.
* 83% of peoples wealth at retirement is tied up in home equity.
This is a huge segment of our population right now, and a majority of them cannot qualify for a standard conventional mortgage, which leads to the assumption they will need to pay all cash for their next home purchase. Very few people realize they can use a Reverse Mortgage to purchase a home if they are 62 or older...and still NOT have a mortgage payment!
And with home equity being at historic highs, many seniors have large amounts of cash to work with on their next purchase.
Combine all of this with the easier qualification threshold of a Reverse Mortgage:
*No FICO score requirements *No DTI requirements *No reserves *And very little income requirements, and that spells opportunity to help more people.
Even better, since 2013, the FED stepped in to create guidelines and safeguards that protect this segment. The Reverse Mortgages of the past were downright risky and shady...not any more!
So how does the math work? It's based on complex calculation of the borrowers age, home value, county loan limits, and so on. The 'so on' means we let the software program figure it out. Here's what a typical scenario could look like.
Let's assume the client is 72 years old and is purchasing a home for $700,000. Through the same calculations of age and home value, the maximum principal limit, or ‘reverse mortgage loan amount’ would be $313,700, which leaves a down payment requirement of $386,300. Then we add the standard closing costs along with the upfront FHA mortgage insurance and have a total of $404,330 cash to close requirement. So think of it this way, instead of your buyer having to come up with 100% of the purchase price, they’re only coming in with between 50-60% of the purchase price and the reverse mortgage covers the rest. To a senior on a fixed income, that is HUGE! In this scenario, your buyer is getting into the home they want and putting $295,670 in the bank…and still not having mortgage payment!
#reversemortgage #seniorhomeloans #homeloans #reversemortgagegroup #reverseforpurchase #homeloansforseniors #homeequity #buyingahome #nomortgage #nomortgagepayment #mortgage #loan #fha #reversemortgagecompanies #bestreversemortgage #downsizing #seniorhomeloans #retirement #retirementstrategies
· 01.12.2023 · 21:11:27 ··· Freitag
U
U
L
L
T
* 1701461487
* 1701461487
X 177
Y 7
P
C 147302
B 7
V 54
* · 24.03.2023 · 00:00:00 ···
2 · 09.05.2023 · 02:28:47 ···
L · 04.07.2024 · 02:58:39 ···
C · 04.07.2024 · 02:58:44 ···
💘 🖱️ * · 01.01.1970 · 01:00:00 ···
* · 01.01.1970 · 01:00:00 ···
· 01.01.1970 · 01:00:00 ···
**##
*** · 01.01.1970 · 01:00:00 ··· ::
*2* · 01.01.1970 · 01:00:00 ··· ::
*L* · 01.01.1970 · 01:00:00 ··· ::
*C* · 01.01.1970 · 01:00:00 ··· ::
********
