Great news! Recent changes make in the HECM program allow you include your underage spouse in the deferral. There are specific terms and conditions your disclosed spouse must follow but he or she will not be displaced after a life event. Be sure to bring this up when we speak.
Yes of course, your estate or designated heirs will be able to retain the property and satisfy the reverse mortgage debt by paying the lesser of the mortgage balance or 95% of the current appraised value of the home. Scott can explain this in detail when you call: 949-644-8500
Another great question. Scott makes refinancing your current reverse mortgage into a HECM painless and any MIP you paid the first time will be credited on the new loan. You pay no broker or lender fees with Scott!
YES you do, you are still on title and the home is yours. Think of a reverse mortgage like this; you sign a mortgage note just like any other loan only with a reverse the payments are deferred until you no longer live there for a period of time. The period of time ranges depending on the event. Here is the best part, you or your heirs will never owe more than the property is worth. Isn’t that great?
Many current Reverse Mortgages are being refinanced to take advantage of recent changes including, increased loan amounts, adding a spouse or eliminating the old 10% cap. Call Scott to discuss updates
Immediately, you can recapitalize by refinancing into a HECM reverse mortgage right after title is recorded in your name.
Another great question, the HECM to purchase program is highly regulated to protect you. That said, the fees the seller can pay are limited to agent commission. Seller concessions or lender credits are not allowed. Have your agent contact us before you write an offer.
Properties that are eligible for a HECM reverse mortgage include:
Contact Scott with questions
Yes you can. There is nothing better than a new home, there is one key element to know before the purchase agreement is signed. Contact us to learn more.
As a Broker we offer all the federally insured Home Equity Conversion Mortgage “HECM” products available
As a broker we have the flexibility to locate the product that fits your needs, not just whats available.
The 2013 Reverse Mortgage reform act has made the new Home Equity Conversion Mortgage “HECM” very attractive for current Reverse Mortgage holders to refinance. Seniors that are currently in a Reverse Mortgage can now Re-Rev their mortgage into a better federally insured product. Top three reasons to refinance your old reverse mortgage: Adding a spouseRead more →
Effective August 4, 2014. Another BIG step towards a better HECM loan. Effective 8/04/2014. Underage spouses will now be covered in deferral if disclosed at time of application. Upon a life event, the disclosed spouse will have the option of staying in the home. This change only covers the spouse at time of application. There areRead more →