Thanks for watching and don't forget to like and subscribe! 😀- If you want a FREE Reverse Mortgage Guide go to this link right here - linktr.ee/emmettmortgage
I have a family member who has a reverse mortgage. My husband and I want to buy the house. What is the best way to proceed. The payoff letter states is 140,000. We have some DP money. However, we need the most cost effective way because the house is in need of repairs.
Thank you, awosome video-please I want to bid on a foreclosed property that has a reverse mortgage on it from an auction website-If the winning bid is less than the reverse mortgage amount; is the purchaser responsible for the difference-
Can you elaborate on the interest rate differences (fixed vs variable) and possibly qualifying requirements? I am actually IN this process and could REALLY use some outside advice! I'm just not sure what is being offered to me is the BEST option? I tried to find where to setup a call with you and couldn't find the "link"? Thank you!! PS I am closing on my current house May 8th 2024 😬😳
I'm really researching this and everything I've read says the Reverse Mortgage is for people 62 and older. It's called a HECM right? I don't see anything that says 57 years of age. Is your program a HECM or something else?
I need help fast, closing May 7th and cannot decide what to do!! I have been approved for the Reverse Mortgage for Purchase, but I am concerned should I need to move/sell due to health reasons. I understand I or my POA's can potentially sell the house. My question is, is there a guaranteed amount/percentage they could receive by selling to pay this mortgage? I'm told the loan will NEVER exceed the property value, but will they simply break even? I'd just like an idea how much they might get by selling, and I know that's determined by the market but, how would I or my beneficiaries know? I'm sorry this sounds confusing, even to me and hope I'm missing something 😂. Could you give me an example situation? Thank you
The way to know how much your beneficiaries would receive is to keep track of your mortgage balance (it increase each month) and subtract it from the current market value of your home. Your beneficiaries can purchase your home for 95% of the appraised value. This assumes of course, that you home appreciates more than the loan value inceases every year. We purchased a new home 7 years ago using the HECM purchase program in SC for $250,000. Our mortgage balance has increased to about $220,000 but the house has appreciated to about $425,000! In the unlikely event that your mortgage balance exceeds the appraised value when you pass away, your beneficiaries can simple walk away becuase an HECM loan is a non-recourse loan! We sleep very well knowing that we'll never have a mortgage payment and that our kids will someday recevie our homes equity or purchase it for rental income.😀
Thanks for watching and don't forget to like and subscribe! 😀- If you want a FREE Reverse Mortgage Guide go to this link right here - linktr.ee/emmettmortgage
I have a family member who has a reverse mortgage. My husband and I want to buy the house. What is the best way to proceed.
The payoff letter states is 140,000. We have some DP money. However, we need the most cost effective way because the house is in need of repairs.
A lot of questions that need to be answered. We can book a call to talk about it.
calendly.com/emmett-5/mortgage-discovery-youtube
Thank you, awosome video-please I want to bid on a foreclosed property that has a reverse mortgage on it from an auction website-If the winning bid is less than the reverse mortgage amount; is the purchaser responsible for the difference-
Depends on the state and the foreclosure laws. What state?
Can you elaborate on the interest rate differences (fixed vs variable) and possibly qualifying requirements? I am actually IN this process and could REALLY use some outside advice! I'm just not sure what is being offered to me is the BEST option? I tried to find where to setup a call with you and couldn't find the "link"? Thank you!! PS I am closing on my current house May 8th 2024 😬😳
Sorry its in my Channel header.
Here is the link - calendly.com/emmett-5/mortgage-discovery-youtube
nice presentation!
Thank you
Awesome info thank you
You're welcome and thanks for watching!
Can you further explain the program for someone who is 57?
Generally its for 62 or older but for jumbo loan amounts you can do at 57. Book a call at the link and we can talk further.
What's your contact information?
So you're saying jumbo loans are available for people 57 and older?
Rewatch this video and go to time stamp 9:29 that goes over a jumbo example@@Foshizelmydizzle
I'm really researching this and everything I've read says the Reverse Mortgage is for people 62 and older. It's called a HECM right? I don't see anything that says 57 years of age. Is your program a HECM or something else?
I need help fast, closing May 7th and cannot decide what to do!! I have been approved for the Reverse Mortgage for Purchase, but I am concerned should I need to move/sell due to health reasons. I understand I or my POA's can potentially sell the house. My question is, is there a guaranteed amount/percentage they could receive by selling to pay this mortgage? I'm told the loan will NEVER exceed the property value, but will they simply break even? I'd just like an idea how much they might get by selling, and I know that's determined by the market but, how would I or my beneficiaries know? I'm sorry this sounds confusing, even to me and hope I'm missing something 😂. Could you give me an example situation? Thank you
Thanks for the comment! What state are you buying a home in with the Reverse?
@@emmettmortgage Alabama
@@vickiemassengill8277 I am not licensed there. These are questions your LO and/or the HUD Counselor should have addressed no?
The way to know how much your beneficiaries would receive is to keep track of your mortgage balance (it increase each month) and subtract it from the current market value of your home. Your beneficiaries can purchase your home for 95% of the appraised value. This assumes of course, that you home appreciates more than the loan value inceases every year. We purchased a new home 7 years ago using the HECM purchase program in SC for $250,000. Our mortgage balance has increased to about $220,000 but the house has appreciated to about $425,000! In the unlikely event that your mortgage balance exceeds the appraised value when you pass away, your beneficiaries can simple walk away becuase an HECM loan is a non-recourse loan! We sleep very well knowing that we'll never have a mortgage payment and that our kids will someday recevie our homes equity or purchase it for rental income.😀