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Great News For Florida's Realtors, Developers
and Their
Senior HomeBuyers!
Dear Realtor:
There is a great financing tool that you will find an interesting way help your Senior Homebuyers. At the same time it will help to increase your real estate commission income. Please read on.
HomeBuyers 62 years of age or older can PURCHASE a primary residence in Florida with FHA insured Reverse Mortgage financing.
Borrowers would NOT make any Principal & Interest payments after closing, as long as they live in the home.
The loan amount is determined based on: 1) Age of youngest buyer, 2) home value, 3) current interest rate. 4) FHA Lending Limit of $625,500. The older the Borrowers, the higher amount they receive.
However, there is NO limit on Purchase Price. Example: an $800,000 purchase price, the loan will be calculated using a maximum value of $625,500.
Please request estimate using form provided below
Properties that qualify: Single family dwelling, FHA approved Condos only, and Townhomes. Bank REO’s will be considered. Some Post 1976 manufactured homes may qualify. It can be New or previously owned. Owner of Record must have owned property 90 days or more.How many sales have you lost due to buyer not qualifying due to credit or income? With a Reverse Mortgage this would not be a problem for Senior Buyers!
All Buyers must be 62 years of age or older.
- US Citizens or Legal Residents (green card)
- Will occupy the property as primary residence within 60 days of closing.
- Has entire amount of Down Payment from own assets or sale of an existing home or other asset. Source of Funds will be verified.
- Gift from family or related party may be allowed.
- NOT ALLOWED: 2nd mortgages, loans of any type, sellers concessions, etc... (inquire)
Plans available: FHA Insured: 1) Fixed interest rate. 2) Monthly Variable LIBOR based interest rate.
Down Payment Required (Net of Closing Costs): Depending on age and value, Buyer will require 30% to 50% or more of the lesser of appraised value or purchase price. The higher the age, the lower the Down Payment required.
Two different scenarios:
Scenario 1) Senior Buyers wants to purchase their Florida primary home: 1) “All Cash” or 2) buy a costlier home than they could based on their credit & income. We have a Reverse Mortgage Plan that could finance the purchase and let them keep part of their savings in the bank. The higher the purchase price, the higher your real estate commission is.
Scenario 2) Senior Homeowners have a free and clear Florida primary home or with a low mortgage balance. They would like to invest in a second home or investment property. We have a Reverse Mortgage Plan that will enable them to cash in a portion of the equity on their primary home and eliminate their mortgage payments. They can use the extra money to buy a new property from you. You earn a higher real estate commission that you might not have earned otherwise.
I am sure that most of you already know a customer that could benefit from this powerful, unique financing tool. I can provide you with a free, no obligation estimate for your customers.
The Process takes from 45 to 60 calendar days (60 days min. on REO properties) after receiving the Required HUD Home Purchase Counseling Certificate and ALL documents required. Your Sales-Purchase Contract must consider enough time to close and have ALL required Riders and be FULLY executed. Copies must be readable and marked "Certified True Copy"
Act today. Don’t pass up the opportunity to increase your real estate income.
Call me for more information at 786-262-6486 or email me at RodKohly@Gmail.com or eFax: 786-345-0783
Sincerely,
Juan Luis Rodriguez-Kohly
Loan Originator * Your Trusted Reverse Mortgage Professional
786-262-6486
View or Download a Presentation
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I make Florida's Realtors, Developers and Their
Senior HomeBuyers
Very Happy! |
PS: As a Loan Originator, a Senior and a Reverse Mortgage Mortgagor (yes I do have a Reverse Mortgage on my own home), and former REALTOR, I can vouch for the fact that, for many, a Reverse Mortgage can be a blessing.
There is a rapidly growing market of Seniors and Baby Boomers buying properties in Florida. You can increase your real estate earnings while you provide a wonderful service to your Senior Buyers.
* Proceeds, Plans and Interest Rates subject to change and may vary periodically without prior notice.
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Read FHA Purchase with Reverse Mortgage Financing Guidelines 2009
Read Exhibits Required from Buyers and Sellers
View Sample Flyer Showing Reverse Mortgage Financing Alternative to give To Senior Buyers and Realtors at your Listings (large file, allow time)
Get a Free, No Obligation Estimate of the Funds Your Customer Could Receive
Fill Out the Form Below
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