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Reverse mortgages are used today as a financial vehicle for many seniors in retirement. In the past, this was frowned upon, as a reverse mortgages was considered an insecure, unstable financial instrument. Today, however, this instrument has become very popular to helping seniors be more comfortable financially in retirement.

Many options are available with reverse mortgages today. There is the traditional reverse mortgage, where seniors may use the equity built in their homes as a vehicle to finance their retirement. There’s the HECM Reverse Mortgage, which is a vehicle used where seniors are allowed to take the equity in their homes and purchase another property with the proceeds.   In other words, it’s a reverse mortgage for purchase. There’s a jumbo reverse mortgage where your property is above the $417,000 conventional level, classifying as a traditional jumbo property.

All above-mentioned vehicles, are strategic tools seniors may use in retirement in order to be able to finance their retirement. No risk is attached to a reverse mortgage. A retired individual, and their spouse, may live comfortably in their home while accessing the equity in their homes while in retirement.

Regardless of which type of reverse mortgage is chosen, certain conditions remain the same with which the retiree has to comply. Among these, of primary importance is that the retiree applicant be 62 years of age.

If you are interested in a reverse mortgage for yourself or your elderly parent, have a look at our online brochure here, where you can learn more about the facts surrounding reverse mortgages.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Strock and Tanner Loans  specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

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Just this past week, Mario Quintero and STC Loans helped a Senior couple from the Carolinas use the equity in their home to purchase a second property in Miami via a Home Equity Converson Mortgage (HECM).

 A Home Equity Conversion Mortgage for purchase (HECM), allows seniors to buy a new primary residence and obtain a Reverse Mortgage in one transaction. All HECM borrowers must be placed on the sales contract and each of these persons must also be an eligible HECM borrower (age 62 or older).

It is important to note some of the guidelines that may affect the process of acquiring a Reverse Mortgage HECM for purchase. Reverse Mortgage HECM purchase transactions are not accepted for 2-4 unit properties and a HECM purchase transaction may not occur within 12 months of a short sale or Deed in Lieu of Foreclosure. In a HECM for purchase transaction, the seller is responsible for all repair costs (property condition must meet the FHA’s minimum health and safety requirements). In order to close the HECM for purchase, the borrower must provide proof of funds required for the transaction to occur. A list of the documentation required to obtain this proof may be provided upon request. The buyer, or borrower, is expected to move into the property with 60 days of closing. The buyer is also expected, according to FHA guidelines, to retain the property (not resell) for at least 90 days.

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

If you’re anything like most Americans, your house is your greatest asset. So, whether you are buying or selling, you’re going to want to make sure you have all your I’s dotted and your t’s crossed with regards to selecting the right realtor for your sale or purchase.

The South Florida market is one of the most active markets in the country today. Since the decline of the market in late 2008, hitting lows later in 2009 and early 2010, the market has soared back to reach even higher highs?

Did you take advantage of this price appreciation?

Though we’re into the middle of 2016 already (where has the year gone), the South Florida market continues strong. There is talk of prices easing, but we’ve not seen such price declines, yet.

Are you looking to buy or sell?

I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami, Florida home consultant. Our office specializes in both residential and commercial real estate and financing programs. We help you secure conventional, jumbo, FHA and foreign national mortgage loans. We can also help your elderly parents secure a comfortable retirement with a reverse mortgage. Call me today at 305-598-1600.

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Retirees have the opportunity to use a reverse mortgage on their home for many financial challenges facing seniors today. Many well known sites such as Money Magazine, The Huffington Post, CNBC and CNN Financial news have all tooted the many benefits reverse mortgages afford to Seniors.

Let’s discuss a couple of the more prescient ones within the next few posts.

 

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Healthcare Expenses

Say for instance there is for a lump sum to pay in anticipated or unanticipated healthcare expenses. It is well known healthcare expenses pose a challenge for many Seniors.  As a Senior, you’ve hard your entire life. Upon retirement, though many of your expenses may lower, other expenses arise, such as health care costs. Why fret or worry? Safely tap the equity in your home, which you’ve worked hard to pay all your life, so that you may have that safety net to cushion you when unexpected costs arise.

You will not have to repay the monies taken for the reverse mortgage against your home until the time of your death. You will receive a lump sum payment from the reverse mortgage financing institution and neither you nor your heirs will be required to repay these monies until the time of your death.

Is this not something to allow you to breathe a sigh of relief?

Contact Mario Quintero of Strock and Tanner Loans, your Reverse Mortgage Specialist at 305-598-1600 for additional information along with a complementary consultation. He will explain all the benefits available to you with a reverse mortgage.

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A reverse mortgage utilizes actuarial tables similar as insurance coverage items and borrowers get more cash the older they are. Hence, the 62 year age requirement is met.

The senior experts and specialists at Strock and Tanner Mortgage Corporation Company are dedicated to assisting you with responding to all your concerns and if the reverse mortgage is right for you, we will assist you in the process easily and quickly. If it’s time for you to put your equity in reverse to keep your life progressing, then we are also here to assist you. Contact us now!U