Huge Growth for Reverse Purchase and Refi Market

11/10/2017
 
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Huge growth for reverse mortgages, both refinance and purchase is upon the industry.  Over 10,000 people turn 65 a day in the US.

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Comments
  • SO excited about Liberty’s partnership with NREP (Go Bill!)–our team is sitting on go to answer your questions and get you up and running–and “get you FLUENT”, too. The senior community as a whole deserves our very best—and the HECM for Purchase has been a hidden gem for far too long. For example, same scenario; qualified borrower has $300K, wants to buy @ $300K…a HECM for Purchase also allows them the option of using a reverse mortgage to buy that home and keep WELL over $100K in their pocket, depending on margin/rate, etc. Liberty looks forward to working with all of you!

    Teresa Simmons November 10, 2017 5:41 am Reply
  • Please add me to your email distribution. I am a Realtor in Charleston, SC. Thanks guys!

    Dan Mykols November 10, 2017 11:54 am Reply
  • I’ve been doing Reverse Mortgages for 13 years. I’ve done a few reverse for purchase loans. The biggest drawback with the reverse for purchase is that the buyers must pay all closing costs and there are no seller or lender concessions allowed. So if you’re a real estate agent trying to put a reverse for purchase deal together, make sure you know the rules and guidelines when you are writing up your contract.

    Nannette LaDuca Boose November 12, 2017 8:45 am Reply
    • Hello Nannette, Good news-there were changes that went in effect on September 19, 2017 that now allow sellers to pay customary charges in their area. The title company/attorney would just have to indicate that the fee in question is typically paid by the seller (i.e., Owner’s Title Policy). The rule still applies regarding no seller/lender/builder credits, though.

      Mike Peerless November 13, 2017 7:27 am Reply

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