Carlsbad Homes – Purchase Reverse Mortage

February 8, 2011 By

Maybe you have retired and no longer have an income.  Maybe have lost your job.  Perhaps your credit score is a little too low for a regular loan.  A purchase reverse mortage could be a way for you to get a loan to buy that Carlsbad home.   Below are some of the benefits of a purchase reverse moretgage.

FHA Purchase Reverse Mortgage Benefits 

     -No income required                    
     -No minimum credit score
     -No Income to Debt ratio             
     -Down payment can be a Gift
     -No Mortgage payment for life       
     -No minimum or maximum sales price
     -Can own other properties 
     

You need to be 62 years old to qualify for a purchase reverse mortgage.  A Reverse Mortgage will cover as much as 77% of the price of the home!  A Purchase Reverse Mortgage can eliminate the need for a Carlsbad homebuyer to make a house payment. All that is needed is the down payment and closing costs the Reverse Mortgage will cover the remaining balance!

The age of the youngest buyer and the value of the Carlsbad home are what determine how much money is needed to close.

Use the table below to see what you could expect with an appraised home value of $309,000.   Contact Gary Harmon, your San Diego North County Senior Realtor, for different purchase (appraised) values up to $625,000. have included the Down Payment and estimated closing costs.

purchase reverse mortgage

See Gary’s other articles relating to purchase reverse mortgages:

Reverse Mortgages – Frequently Ask Questions

Reverse Purchase Mortgage – Ocean Hills Homes

Purchase Reverse Mortgage Examples – Oceanside Homes for Sale

Reverse mortgages for San Diego home purchases

Reverse Mortgage – Purchase Ocean Hills

Now is the Time to Buy Ocean Hills Real Estate

Purchase Your San Diego Home with a Reverse Mortgage

Home Services Lending, one of Gary Harmon’s Winning Team, can customize a reverse mortgage to fit your situation.  Contact Gary Harmon, Prudential California Realty, for your best move ever!

Filed Under: Buyers, Over 55 Tagged With: , , , , ,

Purchase Reverse Mortgage Examples – Oceanside Homes for Sale

October 6, 2010 By

Two examples of how a purchase reverse mortgage (HECM) can work for you when buying Oceanside homes for sale.

Purchase reverse mortgage(HEMC)  example 1 – Oceanside clients ages 65 & 64 who are just retiring want to downsize to a Ocean Hills Country Club single story home with all the amenities of their existing home and use the proceeds from the sale to pay cash.  Their goal is to have no future payments on their Ocean Hills Country Club home. 

I estimate that the net proceeds from the sale of their current San Diego North County home to only be around $200,000.
 
I suggested that my Ocean Hills buyer take a look at the Reverse Mortgage Purchase offered by HomeServices Lending, an affiliate of Wells Fargo bank.      
 
The clients really want a Ocean Hills home that is a great deal at $450k  (3 yrs ago $600k).  We all sit down and run the numbers on this Ocean Hills home using a Reverse Mortgage Purchase.   Here is what we came up with:

Purchase Price                         $450,000
Reverse Mortgage Funds        $262,800                         

Cash Required to Close           $187,200

The clients takes $187,200 of the $200,000 from the sale of their old home combined with the
$262,000 reverse mortgage proceeds from their HomeServices Lending loan through Wells Fargo to purchase the new home for $450,000.  And they will be achieving their goal of  never having any monthly mortgage payments as long as they live in the home! 

To sum up, many Ocean Hills Country Club home buyers pay cash.  In this case that would have been $450,000.  In our case they invested only $187,200 of their money and have no payments for life.  Several years ago, the selling price of this home would have been over $600,000 and no reverse purchase mortages were available.  Good deals are available now.

Purchase reverse mortgage (HEMC) example 2 – Marge and John, both 74, want to buy a one story manufactured home in Emereal Lake Village in Oceanside, CA.   They are currently selling their Carlsbad, CA two story home.  They feel a single story home will be better suited health wise for the rest of their life. 

Marge and John look at several homes in Emerald Lake Village for around $300,000.  All of Emerald Lake Village is one story detached homes with reasonable homeowners fees.  Marge and John meet with a reverse purchase mortgage specialist at Home Services Lending. 

They make an offer and get it accepted at $300,000. 

Purchase price of  $300,000,   reverse mortgage proceeds of $177,213,  leaves an investment of $122,787 needed.  Marge and John have no more payments for live.  

To find out more about purchase reverse mortgages read my other blogs:

Reverse mortgages for San Diego home purchases

Reverse Mortgages – Frequently Ask Questions

Reverse Mortgage – Purchase Ocean Hills

Purchase Your San Diego Home with a Reverse Mortgage.

Also, contact Gary Harmon, and I will put you in touch with my reverse purchase mortgage specialist at HomeServices Lending.

* Ever effort to make these examples correct have been take, but rates constantly change.  The amount that you have to put down on a reverse purchase mortgage changes with your age.  See my table for purchase reverse mortgage   for a general idea. 

 

 

 

Filed Under: Over 55 Tagged With: , , , ,

Reverse Mortgages – Frequently Ask Questions

October 5, 2010 By

Senior purchasers for North County for over 55 should understand how a reverse purchase mortgage can be used to buy their retirment home.  Reverse purchase mortgages can be used anywhere to buy San Diego North County homes, but work especially well in Ocean Hills Country Club, Emerald Lake Village, Oceana, Oaks North, and Seven Oaks. A purchase reverse mortgage will let you put down a fraction of the purchase price and have no more payments for life.  This frees up money you may have used for later need.

Below are some of the fequently ask questions reguarding using a reverse purchase mortgage for your home.

What sources are allowed for the cash required to close?

  •  The sale of the departure home you just sold
  •  The sale of the senior homebuyer’s other assets
  •  A homebuyer’s savings accounts
  • Gift money from parties not involved in the transaction

What sources cannot be used for the cash required to close?!

  •  Seller financing of any kind or seller concessions
  • Cash withdrawn from your credit cards
  • Bridge loans of any type
  • Any subordinate financing

What property types are eligible? 

  • Single family San Diego homes. Can be one story, two story, attached or detached
  • HUD-approved condos
  • Planned unit developments (PUDs).  Many San Diego homes are Planned Unit Developments.
  • Two- to four-unit San Diego properties (one must be owner-occupied)
  • Manufactured North County homes (like those in Emerald Lake Village) built after June /3, /754

What requirements must the new North County home meet?

  • Must become the buyer’s primary residence

Which San Diego North County home is the purchase reverse mortgage for?

  • Must be occupied by the senior buyer within 4 days from closing date
  • Construction must be complete, the property habitable, and a certificate of occupancy or its equivalent issued prior to the loan application.
  • The reverse mortgage is placed on the new San Diego home. If the cash required to close comes from the sale of the departure home, that sale is a transaction separate from the HECM for Purchase transaction.

You can make this opportunity yours.  Work with HomeServices Lending, affiliated with Wells Fargo Home Mortgage, the nation’s leading retail originator of reverse mortgages. Need more information on how to make a reverse mortgage work for you, contact Gary Harmon, your Senior North County Realtor.

Filed Under: Over 55 Tagged With: , , , ,

Reverse mortgages for San Diego home purchases

October 3, 2010 By

Retire in a home that’s right for you

Now, if you’re a San Diego North County home buyer age 62 or older, there’s a program that can help you purchase your ideal
retirement home. The following information will help you understand the benefits and details of the reverse
mortgage for purchase program.

What is the home equity reverse mortgage (HECM) for purchase?

  • An FHA-insured reverse mortgage
  • Enables senior homebuyers, age 62 or older, to purchase a new primary San Diego residence and obtain a reverse mortgage in simultaneous transactions with no monthly mortgage payments
  • Allows buyers to combine reverse mortgage proceeds with a down payment from their current home sale or other assets, to purchase a new North County home

How can this program help you?

  •  Purchase a new North County home without taking on a new monthly mortgage payment
  • Purchase a primary San Diego residence, maybe a one story, suitable for your current needs
  • Purchase a Oceanside home in a senior housing community like Ocean Hills Country Club
  • Move into a new home that’s easily accessible with modern amenities
  • Downsize to a smaller, easier-to-maintain one level home
  • Relocate closer to friends and family members

To recap, you can use a purchase reverse mortgage to buy your North County over 55 dream home.  There are no credit or income requirements. You can now afford to look at Ocean Hills Country Club homes, Emerald Lake Village homes, Oceana homes, Rancho Carlsbad homes, or other San Diego North County homes and retire in a home that’s right for you.  Read more information at Reverse Mortgage – Purchase Ocean Hills.

To look at Ocean Hills Country Club homes or other San Diego real estate, contact Gary Harmon, your Senior North County Realtor. 

Information in this blog was furnished by Wells Fargo Bank and HomeServices Lending, one of Gary’s Winning Team.

Filed Under: Ocean Hills Tagged With: , , , , , ,

Purchase Your San Diego Home with a Reverse Mortgage

July 20, 2010 By

Never make mortgage payments again on your San Diego North County home.

Using a purchase reverse mortgage you can buy your North County over 55 dream home.  There are no credit or income requirements.  You can now afford to look at Ocean Hills Country Club homes, Emerald Lake Village homes, Oceana homes, Rancho Carlsbad homes, or other San Diego North County homes and retire in a home that’s right for you.  Use the table below to see what you could expect with an appraised home value of $309,000.   Contact Gary Harmon, your San Diego North County Senior Realtor, for different purchase (appraised) values up to $625,000. 

purchase reverse mortgageIf you are a San Diego North County home buyer, age 62 or older, there is a new way you can purchase that North County property without taking on a new monthly mortgage payment.  That’s righ, make no payments the rest of your life (unless you live past 150).  If you are ready to sell your current San Diego North County home and purchase a better retirement home, a purchase reverse mortgage may be just the right thing for you.  You could combine the proceeds from the sale of your current North County property  or just use available cash with your reverse mortgage proceeds to purchase the new home. 

Answer to questions if you are 62 or older and looking to buy.

  • With a purchase reverse mortgage you do not need to put up the entire purchase amount to buy a new San Diego North County home over 55 home or other home.
  • You do not need to make any more monthly house payments for the rest of your life.
  • You do not have to settle for less of a North County home than the one you really want.   
  • You do not need to pay all cash.  See the table above for an example of how much you would have to put down.
  • You could use the purchase reverse mortgage to pick up that perfect vacation home.  For example, you may be able to take out a reverse mortgage on your primary residence and use the proceeds for the down payment on the second home.
  • Purchase reverse mortgages can be used on most  types of San Diego North County homes. Single family detached, attached, condos, and even manufactured homes are just some examples.

I would like to invite you to contact me, Gary Harmon, with your questions.  I work with HomeServices Lending, the nation’s leading retail originator of reverse mortgages.  We’re here for you, and ready to help you realize the benefits of the new purchase reverse mortgage.  Again, if you are looking at Ocean Hills Country Club homes, Emerald Lake Village homes, Oceana homes, Rancho Carlsbad homes, or other North County homes, contact Gary Harmon, your Senior North County Realtor.

Filed Under: Over 55 Tagged With: , , , , , , ,