Reverse For Purchase-An "Informed" Way of thinking about Your Retirement"

 

Often, "retirement" means "change"(particularly) when it comes to the conversation of "where to live"...Whether it's in a different home more suited to your new lifestyle in another neighborhood, or even another State or climate? The Home Equity Conversion Mortgage (HECM) for Purchase opens the doors of wonderful opportunities both in your present days and for the rest of your lives! This plan allows seniors at least 62+ years of age to purchase a home using the HECM. This can be a valuable option for seniors who need a new home that better meets their physical needs, or who wish to move closer to family members.

Since this is a reverse mortgage product, any monthly payments made by the Borrower are voluntary. Building a line of credit is one reason a Retired couple would make voluntary payments. The equity line of credit in the FHA HECM HELOC is guaranteed to add new equity at the mortgage interest rate for (up to) the next 150 years from the birth of the youngest borrower! It can never be canceled, suspended, or reduced at any time. Payments on the HELOC are also voluntary, and result in an immediate reduction in the debt, and an immediate increase in the volumn of new equity added daily.

Unlike the traditional reverse mortgage, HECM for purchase loans require a down payment, which may be met with your own cash.  Typically the down payment required is based on the borrower’s age.  The older the borrower is, the lower the down payment requirement will be. HECM for purchases are subject to the same guidelines as a standard HECM loan.

Typically, A Borrower needs to (down-size) to a smaller, newer, safer, or modified home, and sells their home, then uses the FHA HECM HELOC to purchase this new(er) residence.

WHAT ARE THE ADVANTAGES?

1. "Traditional" mortgages are FILLED with unnecessary risks for Seniors. Here's some examples: *Portfolio failures can make it difficult or problematic to make ongoing mortgage payments. *Borrowers may simply forget to meet financial obligations. *Family members may need financial help which may cause missed payments and trigger foreclosure and wreck credit. *Seniors may simply desire to "have a year sabbatical" from making mortgage payments. *This standard 1934 model of mortgage (commonly used) available today is front-loaded, costly, and inefficient. Simply stated, 30 YEARS is 360 chances to default and enter foreclosure. This program has no mandatory payments.

2. Because there are no mandatory payments, the Borrower's "Debt-to-Income" ratio falls to virtually ZERO. This means owning a great home, AND being able to enjoy other very nice retirement comforts that are more important. Like a nice(r) boat. Or, your favorite Country Club membership(s). Or, world travel. Or, a vacation home. Or, your "Legacy" ambitions. Think about that.

3. Using this plan means being able to save/invest your "mortgage payment" as a "principal" investment (instead of paying 75-80% of your payment into worthless mortgage interest) with your Retirement Planner and ultimately use the same payment to pay off your mortgage ENTIRELY in 7-12 years instead of 30. No extra payments. No double payments. No lump sum payments. This is a superior way to pay off a mortgage debt. EARN interest instead of PAYING interest!

4. There are MANY protections in this plan provided to the Borrowers that are impossible to find in any other loan program (including VA)! These benefits add to the value of a HECM HELOC to provide future benefits and values for the lives of the Senior Retiree.

5. We won't always be healthy. If a retiree requires extended long term care ? The investment portfolios may be liquidated and paid onto the reverse debt (DO NOT PAY OFF THE MORTGAGE-just simply PAY IT DOWN) and ALL of it becomes part of the growing line of credit and adds new equity at the mortgage rate. This means you may qualify for Medicaid immediately instead of after "going broke". When that Spouse passes on, or recovers, and comes back home to live? The Line of Credit sum may be used to help cover home health agency costs and/or repatriated back into investments, and allows them to continue where they left off!

6. The FHA HECM HELOC allows you to turn your home into a "fail-safe" Bank, and you have the rights to use your bank any way you want for the rest of your time living there! (residency is a rule).

Using the FHA HECM HELOC to acquire your retirement estate is the smarter way to live. Call me today!~808-464-5292 or, email me directly: dturner@genevafi.com

 

 

This is not a commitment to make a loan.  Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements for refinances, and final credit approval. Not all applicants will qualify. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions.  Geneva Financial LLC is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. Geneva Financial LLC is approved to participate in FHA programs but the products and services performed by Geneva Financial LLC are not coming directly from HUD or FHA.  Geneva Financial LLC NMLS #42056 is an Equal Opportunity Lender and Equal Housing Lender. 3155 S. Price Rd Chandler, AZ 85248. 1-888-889-0009. AZ BK #0910215

**These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.