Reverse Mortgages
May 17, 2007 by Richard Recuset
Because Coral Gables is a notable Reverse Mortgage Market, and is also becoming more popular throughout, I’de like to provide you a little bit more information on the subject.
Until recently Reverse Mortgages were not available for the purchase of homes.That’s changed.
Reverse Mortgages are now being offered for both new and resale properties. The only restriction is that the home must be owner occupied.
What is a Reverse Mortgage?
A reverse mortgage is a loan on a property. The loan does not require repayment so long as the home is owner occupied. After the owner’s death or removal from the home, the owner’s heirs have up to a year to refinance or sell the property. No payments need be made during this period.
Who can qualify for a Reverse Mortgage?
The owner and spouse must be at least 62 years of age and have equity in their property. There are no income or credit qualifications for a reverse mortgage.
How can a Reverse Mortgage help you?
Let’s take an imaginary scenario; your a buyer and a recent retiree from
New Jersey. I helped you sell your free and clear home and your now left with $400,000 profit from that sale to purchase your Florida retirement home.
- I can help you purchase a $400,000 home as a cash purchase. You then have no mortgage payment and nothing left in the bank.
- I can help you purchase a $400,000 home with a 10% down payment. You will then have a $360,000 mortgage and $360,000 in the bank. You will also have a $2500 monthly mortgage payment.
- I can help you purchase a $400,000 home. You put $200,000 down and take a reverse mortgage. You will still have $200,000 in the bank and NO mortgage payments.
- I can help you purchase that beautiful beachfront condo selling for $600,000. You put $300,000 down and take a reverse mortgage for $300,000. You now have a beautiful view, no mortgage payments and $100,000 in the bank!
And here’s the best part!I can qualify you right away.
That’s right!
Qualify NOT pre-qualify.
For professional advise on all aspects of buying or selling real estate, please contact me at 786-287-9272 or email:Richard@RichardRecuset.com
The Recuset Group. Richard Recuset-Multi-Million Dollar Producer
