Good Luck with that Jennifer:)). Not an Easy Task to resolve:((. Several things to take into consideration, One, is on Reverse mortgages the Individual Must reside in the Subject Property and maintain The House until there is a New Buyer willing to take Over the Property! And it can be difficult trying to Sell the Property while the current Owner is on the Property. It's always a challenge to market the Property, to say the least. You must remember that You the Realtor/Broker did not put The Client into this Scenario and they must follow Your Lead if the Hope to get Out of the Current situation!! It can be Obtainable as Long as they Follow Your Lead. "Good Luck" with this Situation!!
Yes, I had a client who needed to move into a property where he could obtain a reverse mortgage. He was in his mid 80's and not well. He lived in a very nice condominium in Studio City CA but it was not FHA approved and that is a requirement for a reverse mortgage.
I finally found him a suitable condominium that was FHA approved. He purchased it with a reverse mortgage and worked with a Reverse Mortgage Manager by the name of Kathy Burns. She is with OnQFinancial. Her cell # is xxx-xxx-xxxx. I would not hesitate to use her again and think she did a great job. She held my client's hand thru out the process. One thing to keep in mind and she will talk to you about this, is that the person who is obtaining the reverse mortgage will have to talk to a "counselor" on the phone to make sure he or she is completely aware of what they are doing and what a reverse mortgage is.
Just like a regular sale... If the $$ exceeds the amount owed on the reverse mortgage the balance goes to the Seller. If all your offers are below you need a bank approval to close below what they are owed.
PS: make sure there is enough buffer int helisting price to cover all closing costs, commissions, attorney fees, etc.
First of all. Dont try selling anything. Present the features and benefits of a reverse mortgage which is access to the equity in the property without having to make any monthly payments. Borrowers need to be minimum 62. The older the borrower the larger the loan can be. Borrower can stay in home till they die then the loan would have to be paid back within the next 12 months. Real estate taxes and home owners insurance still must be paid by borrower. What’s also good is the money borrowed is not subject to income taxes ( versus selling the house and being taxed with capital gains).
Its mortgage cash, free money they never have to pay back. Its handled after they pass. They can use it also to buy other properties LIKE an equity line of credit. They can ALSO Pay it off if they choose. Its really an excellent deal, just make sure all the "kids" know how it works. The family can choose to pay off the debt as well if they wish to keep the home in the end. I do not know the charges or fees related to a pay off, so I would ask about that.
Answers (1-8)
Good Luck with that Jennifer:)). Not an Easy Task to resolve:((. Several things to take into consideration, One, is on Reverse mortgages the Individual Must reside in the Subject Property and maintain The House until there is a New Buyer willing to take Over the Property! And it can be difficult trying to Sell the Property while the current Owner is on the Property. It's always a challenge to market the Property, to say the least. You must remember that You the Realtor/Broker did not put The Client into this Scenario and they must follow Your Lead if the Hope to get Out of the Current situation!! It can be Obtainable as Long as they Follow Your Lead. "Good Luck" with this Situation!!
Yes, I had a client who needed to move into a property where he could obtain a reverse mortgage. He was in his mid 80's and not well. He lived in a very nice condominium in Studio City CA but it was not FHA approved and that is a requirement for a reverse mortgage.
I finally found him a suitable condominium that was FHA approved. He purchased it with a reverse mortgage and worked with a Reverse Mortgage Manager by the name of Kathy Burns. She is with OnQFinancial. Her cell # is xxx-xxx-xxxx. I would not hesitate to use her again and think she did a great job. She held my client's hand thru out the process. One thing to keep in mind and she will talk to you about this, is that the person who is obtaining the reverse mortgage will have to talk to a "counselor" on the phone to make sure he or she is completely aware of what they are doing and what a reverse mortgage is.
This was a great product for my client.
Paul
Just like a regular sale... If the $$ exceeds the amount owed on the reverse mortgage the balance goes to the Seller. If all your offers are below you need a bank approval to close below what they are owed.
PS: make sure there is enough buffer int helisting price to cover all closing costs, commissions, attorney fees, etc.
First of all. Dont try selling anything. Present the features and benefits of a reverse mortgage which is access to the equity in the property without having to make any monthly payments. Borrowers need to be minimum 62. The older the borrower the larger the loan can be. Borrower can stay in home till they die then the loan would have to be paid back within the next 12 months. Real estate taxes and home owners insurance still must be paid by borrower. What’s also good is the money borrowed is not subject to income taxes ( versus selling the house and being taxed with capital gains).
Its mortgage cash, free money they never have to pay back. Its handled after they pass. They can use it also to buy other properties LIKE an equity line of credit. They can ALSO Pay it off if they choose. Its really an excellent deal, just make sure all the "kids" know how it works. The family can choose to pay off the debt as well if they wish to keep the home in the end. I do not know the charges or fees related to a pay off, so I would ask about that.
Do you hold a reverse mortgage that you would want to sell? What is the PV? Rate?
You don't sell a reverse mortgage. You to talk with the lender first.