Currently viewing the tag: "reverse mortgage refinance"
How low will they go? Live Well Financial is offfering the lowest fixed rate HECM option in the business at 4.99%. This comes one day after Financial Freedom announced a low ball 5.39%, cutting deeper into the industries recent 5.49% adjustment. For more information please email or call me.
08/03/2011 Update: Most lenders are offering rates as low as 4.50%
Michael Manfredi is an Arizona Reverse Mortgage Specialist
Reverse Mortgage Concepts
Phoenix, AZ 85020
(602) 456-0009
(888) 697-5556
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.
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.
Reverse Mortgages, for some, are not a one time proposition. There are many reasons why most consumers think a reverse mortgage is a one time, one shot deal. They are advertised and sold as a lifetime loan with illustrations that amortize out to age 100 and they use terms like “no payments for life” and while this is all true, it does not necessarily mean the home owners will have or should have the same reverse mortgage for the rest of their lifetimes. It makes a lot of sense, when planning for retirement, not to have a mortgage payment to worry about, so most of my customers use the bulk of their proceeds from a reverse mortgage to pay off an existing mortgage on their home. This benefit could be enough for the reverse mortgage to make sense to some. The amount of the mortgage payment they were making no longer comes out of the bottom line every month, leaving them with extra spendable income. If they don’t spend the extra money, it adds up to thousands of dollars in savings every year. This is why reverse mortgages are becoming so widely accepted.
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 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.
