Great News For Florida's REALTORS,
Developers,
Sellers and Senior HomeBuyers!
NOW, HomeBuyers 55 years of age or older can PURCHASE a House or CONDO
as Primary Residence in Florida up to a Maximum Loan of $4,000,000 with
Reverse Mortgage Financing.
Both FHA and Proprietary Programs Reverse Mortgages Available.
To be Owner Occupied Properties: SFR, 2-4 RIN, Townhouses, and CONDOS*
Borrowers DO NOT make any Principal & Interest payments after closing, as long as one of them lives it as primary residence, pay taxes, insurance, and any property charges.
Examples based on Age of Youngest Buyer/Borrower
Purchase Price* | $200,000
HECM CMT
| $300,000
HECM CMT
| $500,000
HECM CMT | $700,000
HECM CMT
| $1,000,000
Equity Elite Zero | $3,000,000
Equity Elite Zero | Monthly P&I
Payment | |
Age | NET Cash Required To Close (Including Closing Costs)* | $0.00 | |
62 | $115,731 | $170,856 | $280,022 | $388,277 | $519,126 | $1,599,135 | |
70
| $105,647 | $155,772 | $255,022 | $353,272 | $422,678 | $1,396,465 | |
Note: if your 70 years old Buyer has:
1) $700,000 to buy All Cash, Buyer could buy a $1,000,000 home with $422,678
2) $500,000 to buy All Cash, Buyer could buy a $700,000 home with $353,272
3) $200,000 to buy All Cash, Buyer could buy a $300,000 home with $155,772
INCLUDING Closing Costs! Do your Real Estate Math!
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* Equity Elite Reverse Mortgage Minimum Age is 55 years. HECM Minimum Age is 62 years. Estimates Based on age of youngest buyer-borrower, at HECM: CMT Expected Annual Adjutable Rate of 3,120%, or Equity Elite: ZERO Fixed Annual Rate 7.115% 7.335% APR.* Lesser of Purchase Price or Appraised Value or FHA Lending Limit of $822,375 for 2021. Or Equity Elite Maximum Loan Amount of $4,000,000. Subject to Financial Assessment and other conditions. Pre-Paids not included in Closing Costs. Equity Elite Condo Proceeds Lower than SFR (shown here), Condos Project approval by Equity Elite Lender required. Individual Condo Units approval by FHA required. Subject to errors and omissions and Interest and Program changes without prior notice. Sept 2021 |
There is a rapidly growing market of Seniors and Baby Boomers buying properties in Florida. You can provide a valuable service for Buyers and Sellers and increase your real estate earnings.
As a Loan Originator, a Senior and a Reverse Mortgage Mortgagor (I 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.
REQUEST A FREE, NO OBLIGATION ESTIMATE OF THE FUNDS YOUR BUYERS WOULD NEED TO BRING TO THE CLOSING TABLE WITH REVERSE MORTGAGE FINANCING
As a former REALTOR,
I understand YOU.
As a Reverse Mortgage
Borrower,
I understand
your BUYER |
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FL Licensed Sales Associate Lic 0635518, By Referral Only Realty