“This Senior wants to Buy Using a Reverse Mortgage”

“This Senior wants to Buy Using a Reverse Mortgage”

 

 

My name is Mary Ellen XXXXXX, did a reverse mortgage for my sister Cathy when she purchased her current home in Cape Cod, I was not even aware that was possible. Just so you know she couldn’t be happier. I am in a similar situation, as I am in the process of selling my current home that is in South Windsor and will net just under $200,000 and want to purchase a home in Florida which is selling for $395,000. My goal is the same as Cathy’s was, no mortgage payment.

 

The agent that I am working with was attempting to tell me that I can’t purchase a home with a reverse mortgage, as she never heard of such a thing, I explained what you did for my sister.  By the way, I gave her your business card that my sister had given me, you will most likely hear from her.

 

Sorry for long winded email, but what do you need from me to get the process started?

 

It always surprises me when someone is not aware that a home can be purchased using a reverse mortgage, of course they would need to be at least 62 and there is some math that needs to work. A reverse mortgage isn’t for everyone for sure but in situations like this, it might be a good solution.

 

Image courtesy of StuartMiles/freedigitalphotos.net

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 16 commentsJoe Petrowsky • August 29 2016 07:15AM

Comments

Joe: It looks like you are well on your way to assisting another client. This senior needs to find a new agent who understands the options available.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) 8 months ago

Good morning Joe. Knowledge is power when you can explain the options! Enjoy your day1

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 8 months ago

I wasn't aware this was an option.  Glad you can help her and maybe have another referral source from the agent.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) 8 months ago

Joe, For the right situation, a reverse mortgage can allow a buyer to upgrade their price point and still avoid having a mortgage payment on their new home. Looks like someone's agent needs to get some education on the pros and cons of reverse mortgages.

Posted by Liz and Bill Spear, RE/MAX Elite Warren County OH (Cincinnati/Dayton) (RE/MAX Elite 513.520.5305 www.LizTour.com) 8 months ago

Joe,

I'll be calling you too to find out who qualifies for this and when to suggest it as an alternative.

 

Posted by Lee Marlin, ATL Metro 404.384.2274 - Luxury/Divorce/ShortSales (First United Realty of Georgia) 8 months ago

Good morning Joe Petrowsky,

I'm with Liz and Bill Spear "Looks like someones agent needs to get some education on the pros and cons of reverse mortgages!" Reverse mortgages are not for every situation but for this one your client came to the right lender for the best possible service!

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) 8 months ago

Joe, reverse mortgages are the victim of really, really bad marketing from the firms that offer them.  I've found it virtually impossible to get any kind of information online that I can use to educate my buyers on the pros and cons of this way to purchase a home.  

Posted by Patricia Kennedy, For Your Home in the Capital (Evers & Company Real Estate, Inc.) 8 months ago

Good morning, Joe Petrowsky well, she was not the only one who did not realize that.... I did not know it...

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) 8 months ago

Good morning Joe. This is interesting. I certainly know about a reverse mortgage but am surprised it is the best selection here.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 8 months ago

Well Joe Petrowsky If the client is happy with the higher interest rate of a HECM loan, then go for it.

The agent involved needs to get up to speed or get out of the business.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) 8 months ago

Good Morning Joe - thanks for sharing the information.  There is much people don't know about reverse mortgages.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 8 months ago

Reverse mortgages can be life savers ... or life sucks, Joe Petrowsky.  Working with an LO that is knowledgeable and has expertise specific to Reverse lending is key to which you will end-up with.    Your clients are in great hands ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) 8 months ago

Perfect advice Joe Petrowsky as always...no mortgage is a one size fits all, but there are many options.  The first step is working with a professional like you!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek & Associates LLC Team) 8 months ago

Joe I am sure if it is possible for her to purchase with a reverse mortgage you will find it.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 8 months ago

Joe,

She is in great hands with you!  You are a wealth of knowledge and I learn so much from reading your posts.

Posted by Diana White-Pettis, GRI, CDPE, CNE, Upper Marlboro Homes for Sale (Exit Bennett Realty ) 8 months ago

Joe  You are a wiz  if ever a wiz there was

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 8 months ago

Participate