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 mjensen907
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tgolden
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sara
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tgolden
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Posted: Mon Jan 22, 2007 6:27 am Post subject: RE: farm reverse mortgage
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Sorry, new to all of this and i forgot to login in on the last post
Hi Sara,
Nice to hear from you. I see your name on many postings.
There are many reverse mortgage programs out there. Some of them have a few hidden doors and need to be reviewed with great caution. The most commonly used today are the HECM (HUD), Homekeeper (Fannie Mae) and Cash advantage ( Financial Freedom). These are the programs we focus on when helping interested parties.
The main reason is for the favorable features offered. The reverse mortgage needs to be used more for financial planning or helping with a particular situation. We have assisted many people with reverse mortgages but only after we identify that there is no other solution to thier needs. The reason for this is due to a reverse being a growing and compounding debt. Used the wrong way it could be damaging but many times it resolves many growing concerns for people 62 or older. We can not view the reverse as we do forward mortgages to simply finance the cost of home purchases or refi with the veiw of the best rate, lowest payment.
The reverse solves concerns of living a better life for homeowners with equity in thier home. Ranging from foremost - lack of livable monthly cash flow, pay off current mortgage, home repairs, available cash security, long term care needs and many other reasons. Many people are reaching age 62 and and finding out that thier plans didn't work, costs of living have out paced thier source of income and in the situation of being house rich and cash flow poor.
I could go on for ever as this is one of the most misunderstood mortgage products and a passion of mine to make sure it serves it's proper purpose. There is a great need for reverses in todays industry. But as with all mortgage programs , must fit the right purpose.
To qualify, basically the home owner must be on the deed, 62 or older and have enough equity in thier home to offer an advantage to them. The way Reverse mortgages are designed, they only allow the homeowner to have a percentage of the available equity allowing the home to continue to appriciate at a higher pace then the growing debt.
Credit is pulled to review for debt or leins against the homes but actual scores do not completely matter. Many times we have utilized the program to help seniors that have fallen into financial debt due to health issues etc. but could not qualify for any other financing. Again the other benefit is that income does not matter either. There are somes factors that could effect ones quaifications but the program is very giving compared to what we see as forward mortgages.
I hope this helps and ask away. I have been researching Reverse Mortgages for the past 3 years. I will answer any question to my best knowledge or continue to research the unknown.
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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tgolden
Joined: 06 Jan 2007
Posts: 51
Location: South Carolina/ Nationwide
27.80 Dollars($)
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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