Date

Looking into top tips that you should know about reverse mortgages? Well you’ve come to the right place!

Tip #1…
You have to sell your house to get a Reverse Mortgage.

Answer: How can your sell your house, and then go back and refinance your former house with a Reverse Mortgage? YOU CAN’T! IT’S NOT TRUE! IT’S A FEDERAL CRIME!
*This myth started because of sale leasebacks.

Tip #2
My house can go into foreclosure because of a Reverse Mortgage.          

*Can you go into foreclosure if your home is free of ANY mortgages?

Answer: Your house can go into foreclosure, even with NO mortgage….IF YOU DON’T PAY YOUR PROPERTY TAXES!

Tip #3
The Lender Owns My Home. NO!
The homeowner ALWAYS maintains total ownership of
their home, with a reverse mortgage, until they pass! ALWAYS!

Tip #4
The Lender ends up owning my home when I pass away. No, the bank doesn’t get ownership of your home when you pass! Your home is an asset to be included in your trust and you direct who receives your home when you pass.

Tip #5
My heirs will be responsible for any debt associated with a Reverse Mortgage, NO!
Answer: Reverse Mortgages are a non recourse mortgage that does not affect your estate or heirs.                                              (consultant your attorney for legal advice)

Any questions so far about myths and  misconceptions?                      

1)You don’t sell your home.(total ownership)                                   

2) Property taxes (nonpayment causes foreclosure)                                                             

3) Bank gets house at your passing. (Your trust dictates )                               

4)  Heirs are liable. (nonrecourse )

Two Types of Reverse Mortgages:

FHA “HECM”

(Condo/Townhouse require FHA approval)

1.  62+ YEARS OLD

2.FIRST T.D. ONLY

3.Monthly payment option

4.Complete refinance of existing mortgage(s)

5.Financeable properties, single family homes, FHA approved condos & townhomes. (some manufactured homes)

6.Non recourse

PROPRIETARY (JUMBO)

(No FHA approval needed for townhomes and condos)

1.60+ YEARS OLD

2.First or 2^nd T.D. ONLY

3.Loans to $4 million

4.3 Monthly payment options (DISPURSMENT)

5.No FHA approval needed for townhomes and condos

6.Non recourse

Options to receive any monies available to you:

1.  Lump Sum
2. Monthly Payments (term or tenure)
3. Line of Credit
These can be altered at the discretion of the borrower.

Up Front Cost:

•Counseling Session $125-$175

•Appraisal $550-$600*

•Be advised!  There is a 25% chance of FHA requiring a 2^nd appraisal at home owner’s expense.

Note & Reminders:

1.Property can not be vacated by owner and rented out.  Must be owner occupied at all times!

2.HECM programs do not have pre-payment penalties

3.It’s easier to get a Reverse Mortgage when employed

4.Home Equity Conversions (HECM) for purchase are now available

5.I encourage you to have a trusted advisor during the process

When do Benefits Stop? BENEFITS STOP ONLY WHEN THE FINAL BORROWER PASSES

Please feel free to contact me anytime to see if a reverse mortgage is a good fit you you & your family.

Recap of our Loan Products:

1. Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
2. Stated Income Loans (Great for business owners and self employed ) No tax returns!
3. 100% financing is available (we can cross collateralize other properties if there is enough equity)
4. Valor VA Home Loan 100% financing up to $1.5MM
5. Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage needed!
6. Flipper & Rehab Loans (Flip a property with one of our many options)
7. 2nd Position Loans up to $5mm
8. Raw Land & Lot Loans
9. Ground up Construction for spec homes, custom homes and commercial ground up.
10. Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
11. 10% down Jumbo’s with NO MI up to $1.5mm
12. Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
13. Acreage Properties
14. Commercial Loans up to $500mm
15. 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
16. Foreign Nationals Loans (no social security or residency required)

We also offer:

1. Conventional Conforming Loans (under $647,200)
2. High Balance Conforming (from $647,200-$970,800)
3. Jumbo Loan Financing to $10 Million / Super low rates! / 10% down Jumbo to $1.5mm
4. FHA, USDA
5. Reverse mortgages up to $1 Million Value
6. Cash Out Refinancing

**Rates and terms subject to change without notice**

We look forward to the opportunity to serve you!

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