You may qualify for a
Reverse Mortgage.

Improve your

retirement

With a

reverse mortgage

Purchase with a Reverse Mortgage

62 years of age or older and want to purchase a new principal residence. A HECM (Home Equity Conversion Mortgage) enables seniors to within a single transition to purchase a home without the need for a second closing. The program also enables senior homeowners to relocate to be closer to family, downsize their home to meet physical needs. Such as ramps, one level properties, handrails, wider doorways, and so on. Eligible properties....

  1. existing one to four unit that are habitable
  2. foreclosures

Land Contracts can also be used to satisfy outstanding payment obligations. As long a the property will be used as collateral for the HECM and the mortgage will be held in a fee simple or under a renewable leasehold under 99 years or not less than 50 years beyond the date beyond the 100th birthday of the youngest registered mortgagor. Ineligible Properties....

  1. cooperative units
  2. boarding houses
  3. bed and breakfast
  4. properties without Certificate of Occupancy or equivalent
  5. manufactured homes built after June 15, 1976
  6. manufactured homes that lack permanent foundations

Tax and insurance as well as other set asides for the property are allowed. Gift down payments... are not allowed, however withdrawals from the savings or retirement accounts would be an acceptable funding source. Cash advances toward the required monetary investment or closing costs are not allowed. No seller concessions or financing allowed. All existing liens must be satisfied. No indebtedness or subordination behind the firs and second HECM liens. Mortgagor can not obtain a secured or non secured loan from any other asset. Mortgagor may not...

  1. participate in rent back / leasebacks
  2. flip the property.

60 day occupancy, prior to closing the mortgagor could agree to a physical date of occupancy and the lender should confirm occupancy prior to their submission to the case binder to the local HOC for endorsement.

TO MAKE IT SIMPLE THE BEST WAY TO IMPROVE YOUR RETIREMENT IS TO
UTILIZE A REVERSE MORTGAGE. THE REASONS ARE SIMPLE AND ARE AS FOLLOWS.

  • Stop Paying Your Monthly Mortgage Payment
  • No Medical Requirements
  • No Income Requirements
  • No Credit Requirements to Qualify
  • Stop Worrying About Mortgage Payment and Increase your Cash Flow
  • Title Remains in Your Name as Long as You Live in the Home
  • The Lender Pays the Homeowner TAX Free Payments "REVERSE MORTGAGE"
California Real Estate

Improve Retirement (949) 732-0342

Real Estate Message

© Improve Retirement