Reverse mortgages are quickly becoming an important part of the residential mortgage lending business. Reverse mortgages are more widely accepted by consumers, industry professionals and regulators today because of the successful track record they have achieved, specifically in the last few years. If you are a residential mortgage lender and you have not yet capitalized on this niche market or have not yet found a way to make the reverse mortgage program work for you, chances are, you will benefit by some of the services I offer to lenders who may be interested in entering the market and signing up for reverse mortgage sales training.
Reverse Mortgage Publications and Resources
Posted by Michael Manfredi on March 18th, 2010
Reverse Mortgage Information
Free Reverse Mortgage Publications are available from Reverse Mortgage Concepts by following these links. You can view and read or print the publications and distribute them to friends and family. If you have any questions, please call me to discuss, thank you! (800) 507-2080
NRMLA publications:
A Guide to Aging in Place
Answers to Common Questions About Reverse Mortgages
Using Reverse Mortgages for Health Care
Modifying Your Home Environment to Promote Greater Independence
AARP publication:
Home Made Money – A Consumer’s Guide to Reverse Mortgages
National Council on Aging publications:
Reverse Mortgage for Home Purchase
Posted by Michael Manfredi on March 11th, 2010
Reverse Mortgages have been used for home purchase for many years, however, the federally insured version, HECM, has recently become available for financing a home purchase as well. The advantages of the HECM loan are substantial, like low interest rates and FHA insurance but there are the usual drawbacks, like mortgage insurance fees and HUD property regulations.
Reverse Mortgages can be Refinanced
Posted by Michael Manfredi on March 10th, 2010
Image by gothopotam via Flickr
This article illustrates how a reverse mortgage can be used over and over again to release cash from your home’s equity and create liquidity for life.
Discount Reverse Mortgages
Posted by Michael Manfredi on February 2nd, 2010
If you are a home owner in the process of applying for a reverse mortgage, take my advice and ask the lender for a discount. I have been in the reverse mortgage business for almost ten years now and I’m still amazed to see customers being charged full retail lender fees. I have been repeatedly contacted by customers of Wells Fargo Bank and others who have decided to shop around before closing their loans. They are usually shocked to find that I can offer most customers SUBSTANTIAL discounts on fees. This is money that would end up being paid to the bank as an origination fee and then added to the customer’s loan balance at closing. My discounts go right into the customer’s pocket keeping the overall closing costs lower and the beginning loan balance lower as well.
Reverse Mortgage Chino Valley Arizona
Posted by Michael Manfredi on November 4th, 2009
- Image via Wikipedia
Reverse Mortgages are easy to come by in Chino Valley, AZ if you are working with an experienced Arizona reverse mortgage specialist like Michael Manfredi. Our most recent client funded a new reverse mortgage loan for a manufactured home on five acres of land in Chino Valley, AZ. The application did have its challenges, though. First of all, the loan was attempted by another reverse mortgage lender in Arizona who soon found out, not all loans are created equal. The truth is, the lender’s lack of experience, robbed the borrower of a precious four months with nothing to show for it except a whole lot of meaningless paperwork. The lender was attempting to do an adjustable rate loan with a low quality appraisal and the wrong loan criteria for the manufactured home property type that would have yielded $81,000 to the borrower.
Retirement Living TV talks Reverse Mortgages
Posted by Michael Manfredi on October 28th, 2009
Massachusetts Rep. Barney Frank supports Reverse Mortgages
Michael Manfredi is an Arizona Reverse Mortgage Specialist
7310 N 17th Street #315
Phoenix, AZ 85020
(800) 507-2080
Reverse Mortgage Phoenix, AZ
Posted by Michael Manfredi on October 20th, 2009
Michael Manfredi has closed another Arizona reverse mortgage for Mr. and Mrs. Phoenix, AZ. The property consists of a custom home located on 2.5 acres in a suburban part of Phoenix. Due to the current economic conditions, at $410,000 the appraised value of the home is actually less than the cost to build this home new. The borrowers are releasing some of their equity in this home to pay for another home purchase with the cash they will receive from the reverse mortgage. They are buying the new home for their granddaughter who requires special medical care.
Phoenix Reverse Mortgage
Posted by Michael Manfredi on October 19th, 2009
Spot Condo Approval Process
Mortgage Concepts, LLC, Reverse Mortgage Lenders Division, has closed another reverse mortgage with Mr. and Mrs. Phoenix, AZ. The reverse mortgage was for a non-FHA approved condominium in the Biltmore area of Phoenix. The condo was approved with a spot condo approval process and the borrowers received $100,000 net. The money was used to pay off taxes and HOA fees and the balance will help the couple recover from the financial devastation of the loss of other investments.
Reverse Mortgage Refinance
Posted by Michael Manfredi on August 25th, 2009
Ms. Phoenix, AZ has applied for a reverse mortgage refinance with Mortgage Concepts, LLC of Phoenix, Arizona. She will be receiving an additional $120,000 to add to her current $130,000 credit line. Her last reverse mortgage was done three years ago when the FHA lending limit was much lower than it is today, currently $625,000. Another benefit of her refinance is her ability to receive, well over five time the amount of her closing costs. Because of the nature of this application, the benefits to the borrower and the time elapsed since her last reverse mortgage, she can opt-0ut of the required reverse mortgage counseling.
