Maggie's Reverse Mortgage Blog : June 2011

Why Real Estate Agents Need to Know Reverse Mortgage Purchase Guidelines

I see it all the time, a buyer tells their agent they want to make an offer on a home and they plan to use a reverse mortgage for the financing.  The agent writes the offer as usual without considering the special requirements for the reverse mortgage. In this most recent example, six weeks went by before the buyer came to me for help.  They were working with a national reverse mortgage lender who didn't even know the guidelines!  What he learned was, their as-is offer would never work!  Six weeks waisted! 

 

The reverse mortgage purchase program allows senior homeowners to purchase a new home with minimal income or credit qualifications.  When they get in their new home there are no mortgage payments to make. Many real estate agents are finding they can increase their pool of potential buyers just by being educated on this unique program. 

 

 

Comment balloon 2 commentsMaggie O'Connell • June 02 2011 09:20AM
Why Real Estate Agents Need to Know Reverse Mortgage Purchase…
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I see it all the time, a buyer tells their agent they want to make an offer on a home and they plan to use a reverse mortgage for the financing. The agent writes the offer as usual without considering the special requirements for the reverse… more