Private Reverse Mortgage or proprietary or private insurance products will soon hit different markets with different options and qualifications.
We represent all of the large lenders, and we will try to keep you posted on what is being released. These are being released state by state.
Don’t think that its not FHA insurance and that’s a problem, Back in the late 2000s, the industry didn’t think FHA was allowing enough choices and we had dozens of these interesting proprietary products come out. The current FHA lending Limit is capped at a homes value being no higher than $725,500.
Homeowners with a low-rate mortgage in place can use the HomeSafe to tap their equity without incurring a monthly payment. According to FAR, borrowers can “maintain their equity position and protect against interest rate volatility with the product’s fixed-rate, non-recourse features.”
The HomeSafe Second is available for properties valued up to $10 million, offering loan proceeds as high as $4 million.
Like the other HomeSafe products – the Standard and the FLEX – the Second is a non-recourse loan, has no prepayment penalties and no mortgage insurance premiums.
HomeSafe Second is available now through its retail and wholesale channels to borrowers in California, Florida and Texas, and that it will be available in more states soon.
The company believes home equity is a critical piece of a retirement planning strategy, it also understands that reverse mortgages may not be the first tool people over 62 reach for when creating their wealth management plans.
With the new product, Sieffert said the lender aims to make equity access more appealing for these borrowers.
“People will have the flexibility of access to additional funds and the protection of a reverse mortgage without giving up the choice to leave existing financing with low rates in place,” she said.
“We hope that the availability of this product will broaden the reverse mortgage conversation to people who aren’t participating in it today – including both people planning for retirement and forward mortgage loan originators who may be talking to their clients about HELOC products,” Sieffert added.
This year, the reverse mortgage industry has seen a wave of proprietary reverse mortgage products come to market as lenders work to find ways to help homeowners who want to access their equity but are shut out of the federally insured HECM program.
It launched its HomeSafe product in 2014, and after confirming real investor interest, it was able to release the HomeSafe FLEX earlier this year.
The HomeSafe Second is the next phase of strategy to help reverse mortgages seep into the mainstream.
The proprietary products I’ve mentioned here are the frosting on the cake; there are many more to come and on this page I will keep you posted.
Reverse Mortgages on Condominiums. Yes we can get your approved or we have a lender that doesn’t require it on condos valued a $350,000 or more.
What Are The Advantages Of Condominiums with an FHA Approval? In the past we have not been able to get s condominiums complex approved before to get a Reverse Mortgage for the owner or it was so time consuming we didn’t want to do it anymore. We have now found a way to get condominiums approved in a month for a minimum amount of effort or cost.
The Advantages Of Condominiums with an FHA Approval:
- Increased Pool of Buyers. A significant percentage of homebuyers of condominiums are using FHA-insured loans. The credit score of these buyers is approaching 700, similar to buyers using conventional loans. Condominiums on the FHA approved list increases the value of its units by increasing the pool of purchasers for units that are for sale. It is simply supply and demand.
- Refinance Opportunities for Unit Owners. Condominiums unit owners desiring to refinance or do a reverse mortgage at today’s historically low interest rates using an FHA-insured mortgage will only be able to do so if the condominiums are approved.
- More Owner-Purchasers. Approved condominiums will attract a greater percentage of homeowners as opposed to investors; a higher percentage of conventional loans are investors who can afford the 20% down payment.
- Demonstrated HOA Stability. FHA-approved condominiums are viewed as stable communities because they have been reviewed and confirmed to have normal owner to rental ratios and HOAs that operate on a budget with solid reserves. This is attractive to potential homebuyers, no matter the source of mortgage financing they plan to use.
If your lender wont cooperate there are several companies that will take over getting condo approval of any value learn how to get condominiums approved so you can benefit from a Reverse Mortgage. If you are looking to find out if a condo can qualify for FHA financing for a traditional or Reverse Mortgage, call be and I can check to see if you are already approved in about 5 minutes.
Or with a condo with a $350,000 or higher value condo we can use a privately insured proprietary product.
Maybe you don’t want to wait until you are 62, a new Proprietary product is coming that will let a single person or couple age 60 complete a Reverse Mortgage.We have loan officers with NMLS license in Florida, Tennessee, Georgia, Mississippi. These products have been released, but some only other states.
Please call Reverse Mortgage Alabama at (205) 908-2993 or (256) 677-9767, or email at email@example.com to learn more.