Did you know that someone over the age of 55 can buy a home, and with a large down payment, have no monthly mortgage payments due on the balance of the loan? What if I told you this loan option can now handle a loan of up to $4 million, and features a low fee/closing cost option? It’s true and now available as of 2019 but no one seems to know about it.
The original FHA HECM R4P, reverse 4 (for) purchase, reverse mortgage home loan has been available since 2008. But high costs and lower loan amounts have hampered the usage.
Now there are low fee and higher loan amount alternatives but still features-no monthly mortgage payments.
This can take a renting senior citizen who has a lump sum of cash, who can’t qualify for a home loan under conventional or traditional FHA guidelines and turn them into a buyer-unbeknownst to them. Their buying power soars upward. It’s up to us to get the word out that this is available. It can improve and change people’s lives and…..create more Realtor transactions.
Issues with FHA condo approvals? It may not matter. These new reverse mortgage programs can do the loan anyway since they are not affiliated or mandated by FHA or HUD.
Do you know how these new loan options work? Are you aware new senior protections have been implemented on reverse mortgages making the loan safer than before? The media has not covered these new guidelines yet. I am doing presentations for Realtors and their offices, and they are catching on. You can be late to the dance but don’t be last to the party-learn these products.
Call me for a one on one, either in person or on a Zoom call or leave a question or comment below. Get a few colleagues around the PC and I’ll show you the ropes, I promise you’ll walk away with knowledge and a fresh outlook on how to help seniors buy a home and increase your business. Hope to hear from you soon and kind regards, Kevin Walton NMLS# 245923, DRE# 01453270.