"Ya just don’t know what you don’t know!"

By
Mortgage and Lending with Visalia and surrounding communities NMLS ID# 582935

 

Talking with a broker sales manager for a big name real estate company and after our chat he told me.  Dang! “Ya just don’t know what ya don’t know!”  I had spent the last half hour going over the HECM For Purchase Program with him because one of my buyers saw his sign on a listing and wanted this broker to represent him in finding a home in that neighborhood.  The broker was concerned as he’d never heard of using a reverse mortgage for purchase and really never did like reverse mortgages.
 
I brought him some literature and proceeded to give him a mini presentation on the FHA HECM (Home Equity Conversion Mortgage) also known as a reverse mortgage.  I went over the down payment requirements (based upon age), the credit requirements (no minimum credit score required), the income requirements (none*) and the time required for processing the loan (30 to 45 days).  We also went over the type of supporting documents, lender requirements regarding concessions and repairs, and just everything he would need to know to put together an offer that a seller would love to get.  

The biggest obstacle we both saw was that many agents and brokers would be just like he was when we began our conversation, negative on the reverse mortgage.  That’s when he said, “Ya just don’t know what ya don’t know!”  Then he asked me to schedule a class for his agents on the HECM For Purchase, so that they can learn what they don’t know.
questions
Now this broker’s a convert and is even thinking about getting a reverse mortgage himself to payoff his own home so he can live there without payments, and keep the money he collects on his free and clear rental properties. He’s just moved his retirement up a couple of years!

*buyers who are retaining an existing home for rental or vacation property must prove sufficient income to cover the property taxes, insurance and maintenance on both homes.

 

Posted by

Jeri Carmicheal, Reverse Mortgage Consultant, Serving Fresno, Madera, Visalia and surrounding communities.

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Rainmaker
322,674
Jon Quist
LONG REALTY - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

It looks like you know one of your specialties better that the "normal" person out there in real estate land. I am fortunate to have two good local sources of knowledge available to me in case this comes up.

Apr 12, 2011 11:25 PM #1
Rainmaker
64,764
Raine Carraway
Lenoir, NC

Thanks for the head-up on this. I had never heard of it either, so now I have something new to learn about.

Apr 12, 2011 11:39 PM #2
Rainmaker
72,634
Stefan West
West Realty - Murrieta, CA
Temecula-Murrieta-Menifee CA Real Estate

Yeah, reverse mortgages had a bad rap but they can be good tools if a person can be disciplined.

Apr 12, 2011 11:39 PM #3
Rainer
15,909
Jeri Carmicheal
Visalia and surrounding communities - Fresno, CA
Fresno Reverse Mortgage, Consultant, for Fresno, M

Thanks  Jon, Raine and Stefan for the comments.  It is a useful product for older Americans wanting the improved cash flow that having no mortgage payments brings.  More purchase power for your money for those seniors looking to pay cash for their retirement home.

 

Apr 13, 2011 12:33 AM #4
Rainmaker
151,197
Jack Tenold, Reverse Mortgage Specialist Washington | Oregon | California - refinance & purchase
First Priority Financial NMLS 3257 - Spokane, WA

Welcome to AR Jeri.  You sound like a true professional and you have the credentials!  It is refreshing to meet someone who really understands the needs and opportunities for seniors.  I have met many wonderful people through my reverse mortgage business and I am sure you have too.  Best wishes. 

Apr 13, 2011 12:51 AM #5
Rainer
15,909
Jeri Carmicheal
Visalia and surrounding communities - Fresno, CA
Fresno Reverse Mortgage, Consultant, for Fresno, M

Thank you Jack! - It is a gratifying business to be in.

 

Apr 13, 2011 02:11 PM #6
Anonymous
Anonymous
Colette Gray

I just love the HECM for Purchase program, Jeri! In the Los Angeles area I'm helping a lot of seniors who need more functional housing make the jump using this very product.

People who thought they'd get buried by payments are moving into luxury retiree communities, finding more friends with similar interests and club-like surroundings on golf courses. I love it when they have enough left from the sale of their old home to not only trade in their lifestyle but fund a retirement as well!

I just love being a Senior Loan Officer & Reverse Mortgage Specialist!

Apr 19, 2011 05:59 PM #7
Rainer
15,909
Jeri Carmicheal
Visalia and surrounding communities - Fresno, CA
Fresno Reverse Mortgage, Consultant, for Fresno, M

You go Collette!

Apr 20, 2011 06:34 PM #8
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Rainer
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Jeri Carmicheal

Fresno Reverse Mortgage, Consultant, for Fresno, M
Do I qualify for a reverse mortgage in Fresno, CA
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