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Reverse Mortgage Info

Reverse Mortgage Info

By Shawn Vaillancourt
Mortgage and Reverse Mortgage info
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Reverse Mortgage Income Requirements | Income Qualifications Explained
🔥Get Your Free Info Kit🔥 For More  Reverse Mortgage  info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704  🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://tinyurl.com/ReversedMtg In this episode we talk about the reverse mortgage income requirements. Reverse Mortgage are different than regular mortgages.  Regular mortgage have something called DTI / Debt to Income Ratios.  DTI is simply just your monthly expenses that show on your credit report  plus housing expenses (like property taxes, HOA dues, homeowner insurance, and mortgage payment).  They have to be half or less than half or your monthly gross income. FHA goes a little higher, but were here to talk about the reverse mortgage income requirements, not regular loans. For reverse, we don't have such tough debt to income ratio requirements.  In terms of the reverse mortgage income requirements all we really look at is something called residual income.  The amount of residual income required depends on where you live, whether your in the north, south, east or west.  It varies, but they are all about the same. The amount of residual income required also depends on the number of people permanently living in your home. The residual income requirement ranges from $529 per month to $589 per month in a 1 person household.  If you're married, the range is $886 to $998 in terms of residual income.  It changes a little bit if there are 3+ in your household, but not that much. The biggest jump is 1 person vs 2 people in the household. What is residual income?  It's basically your housing expenses (there's not mortgage payment with a reverse mortgage) like homeowner insurance, property taxes, and HOA dues, etc.  Plus whatever is on your credit report.  So, lets say you just have one credit card payment of $50.00 per month and then your property taxes and insurance are $400 per month.  Those two items together add up to $450 per month.  We also have to add on your estimated utilities payment.  FHA just has a formula that is used that is based on the living square footage of your home. On average, it add $150 - $200 but can be higher for larger homes.  In this case, lets say it's $150.00.  In this case, your expenses are $150 plus $50 plus $400 for a grand total of $600.  If you're in a one person household you have to have roughly $550 more in income than that $600 figure (so you'd need about $1100 in income).  If you're a two person household you'd need to have anywhere from $886-$998 more depending on where you live. Hence, the reverse mortgage income qualifications are not too hard to meet.  Not every retired person can pass the DTI requirements and certainly many more would meet the reverse mortgage income requirements.  The beautiful thing about a reverse loan is that there is no requirement monthly mortgage payment to the bank (but you can make a payment if you want to). 🔥Get Your Free Info Kit🔥 For More  Reverse Mortgage  info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 --> LifeSource Reverse Mortgage Broker #ReverseMortgageIncomeRequirements #ReverseMortgagesIn2022 #ReverseMortgageQualifications www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more.  Anyone that inquires and requests more information may be contacted by the owner or employee of this site.  LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.
04:19
May 13, 2022
2022 Reverse Mortgage Limits | HECM Max Claim Amount | Maximum Reverse Mortgage Loan Amount
🔥Get Your Free Info Kit🔥  For More  Reverse Mortgage  info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704   In this video we talk about 2022 reverse mortgage limits as well as the 2022 reverse mortgage max claim amount as well as how that translates into the max reverse mortgage loan amount in 2022.  Keep in mind that there are two types of reverse mortgages these days. I start out talking about the FHA reverse mortgage and then I'll touch on the jumbo reverse mortgage.  How the loan amounts work; FHFA announced the max conventional loan amounts throughout the country would be $647,200 and of course there are some areas / counties that are 1.5 x that amount or $970,800.    The way it works with reverse is that nationwide the max claim amount is set at $970,800.  Does that mean you can actually borrow that amount with an FHA reverse mortgage?  With the FHA reverse mortgage you can borrow a percentage of the value of your home.  Agewise, the point of entry for an FHA reverse mortage is 62.  For every age bucket, you can borrow a slightly higher percentage of your home value.   At age 62 you can borrow about 45% of your homes value (this changes weekly by the way) (not giving every age bucket in this video).  At age 69 you can borrow about 50% of your home's value. Whereas at  age 96 you can borrow about 75% of your home value.  What does that mean?  We'll use a 69 year old as an example since you can borrow 50% it makes the math really easy.  If your home is worth $100k you can borrow $50k.  If it's worth $200k, you can borrow $100k and on and on until your home is worth $970,800 (max claim amount AKA max appraised value FHA will let you use).  Homeowners at age 69 can borrow about $485k if their home is worth the max claim amount of $970,800 or more.   A 62 year old with a home worth $970,800 or more can borrow 45% or about $436k.  On the other side of the spectrum a 96 year old can borrow $728k.    If these loan amounts are not enough to pay off what you owe, perhaps a jumbo reverse mortgage might work for you.  What's the max loan amount for a jumbo reverse mortgage?  It's set a $4M and some investors will allow you to go to $6,000,000 on an exception basis.   🔥Get Your Free Info Kit🔥 For More  Reverse Mortgage  info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704    #2022ReverseMortgageLimits #HecmMaxClaimAmount #MaximumReverseMortgageLoanAmount www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more.  Anyone that inquires and requests more information may be contacted by the owner or employee of this site.  LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.
05:23
May 12, 2022
Reverse Mortgage Explained Simply
Reverse Mortgage Explained Simply  🔥Get Your Free Info Kit🔥 contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704  🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage  In this video we talk about the reverse mortgage, explained simply.  Some people think the reverse mortgage is something weird or mystical.....a scam even. Well, it's really not.  A reverse mortgage is just a regular loan that's insured by FHA.    Many people have had a regular mortgage loan in the past.  A reverse mortgage works just like a regular mortgage, but there three tiny, key differences.   1. There is an age requirement. You have to be age 62 or older to qualify for the FHA reverse mortgage. If you happen to be talking about the proprietary reverse mortgage, the age requirement is 55.  In some states it's a little bit different, but for the most part it's 55.   2.  The second difference is that there is an equity requirement.  With the FHA reverse mortgage you can borrow anywhere from 45% to 75% of the value of your home.  It just depends on the age.  If you're 62 you can borrow about 45% (and that can potentially change based on interest rates). At age 95 you can borrow about 75% of your homes value. Beginning at age 62, the percent you can borrow increases just a little bit with each passing year.   3. The third difference is that there is an no monthly payment due to the bank for as long as you live or for as long as you live in your home.  You still own the home when you do a reverse mortgage so you'll need to pay taxes and insurance still.   It really is that simple.  It a loan that allows you to access a portion of the equity in your home and convert it to usable funds....but, there is no monthly payment.    www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more.  Anyone that inquires and requests more information may be contacted by the owner or employee of this site.  LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.
02:42
May 12, 2022
Reverse Mortgage After Death
🔥Get Your Free Info Kit🔥 email us at --> info@ReverseMortgageLoanAdvisors.com Or, call us at (714) 271-8524 In this podcast we talk about "reverse mortgage after death".  When someone owns a home it can either be free and clear with no loans or it may have a conventional loan or any other type of mortgage loan like a reverse mortgage.  The homeowner decides what they want to happen to their home after they pass away.   Typically, they'll create a will, life estate, trust, etc. that dictates what happens to their home after they pass away.    Most of the time the home gets left to the homeowner's kids.  When someone inherits a home with a reverse mortgage on it, they just need to inform the loan servicer of the maturity event (death of last borrower) and that the home is theirs now.  They should initiate this communication within 30 days.    Naturally, they can pay the loan balance with cash, but most people don't have that kind of money laying around.  Usually, there are 1 of 2 things that will happen:  1.  They want to keep the home they inherited to live in or use a 2nd home or investment property.  In that case, they'd need to refinance the loan into their name.  They have 90 days to get that done and can get one 90 day extension.  In essence, they have 6 months if they are refinancing the loan into their name.   2. They want to sell the home to get the equity.  If that's the case, they have 90 days, but can get three extensions.  Basically, they have up to a year to get it done.    Remember, it's all about communication.  I've seen it take MORE than a year to sell certain high end homes.  Everything worked out ok, but the new homeowners that inherited the home just maintained excellent communication with the servicer. 🔥Get Your Free Info Kit🔥 (714) 271-8524 You can get more info from the Lifesource Reverse Mortgage page.  LifeSource Mortgage Brokers Loans in California, Colorado, & Idaho. www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead. #ReverseMortgageAfterDeath #ReversedTV #ReverseMortgages  CopyRight; Reverse Mortgage Loan Advisors
04:50
May 10, 2022
Reverse Mortgage Information - Get the HECM Basics
Reverse Mortgage Info - Reverse Mortgage & HECM Info   (714) 271-8524  🔥Get Your Free Reverse Mortgage Info Kit at:  info@ReverseMortgageLoanAdvisors.com  Video & podcast transcript: Thank you for stopping by.  This video is put on by RMLA.COM a reverse mortgage information website.  You probably landed here because you typed in the search engine Bing, Google, YouTube, you name it something like "reverse mortgage info" or "reverse mortgage basics".  I have a simple way to explain how a reverse mortgage works.  You probably have or maybe you have in the past had a regular mortgage, just a traditional home loan.  I bring that up because, a reverse mortgage, it works alot like a traditional mortgage, but there's 3 tiny, key differences.  The first difference is that there is an age requirement.  You have to be aged 62 or older to qualify (and this is for the FHA, the federally insured reverse mortgage program).  There is a new program out where you can do a reverse mortgage at age 60.  It's a private reverse mortgage.  The thing with that option is it's only available in a couple of states at the moment (and it's 2018 when we filmed this video).    The 2nd difference is that there is an equity requirement with a reverse mortgage.  At age 62 you can borrow roughly 40 percent of your homes value and on the other side of the age spectrum you can borrow roughly 70-75% but you have to be aged 90 or 95 to get to that amount and it just starts at roughly 40% and moves upward on a sliding scale with every passing year.  You'll want to connect with us for details in terms of how much you get based on  your exact date of birth.  Now, the 3rd and final difference is that there is no monthly payment on a reverse mortgage for as long as you live of for as long as you live in your home.  Now, the big question is; what were you hoping a reverse mortgage would do for you?  I invite you to get your free reverse mortgage info kit.  Click on the link or the email address either at the top of bottom of this video.  Shoot us an email asking for your free info kit.  Talk to you soon.  🔥Get Your Free Info Kit🔥  (714) 271-8524  You can get more info from the Lifesource Reverse Mortgage page.  LifeSource Mortgage Brokers Loans in California, Colorado, & Idaho. www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead. #ReverseMortgageInfo #ReversedTV #ReverseMortgages
02:48
December 15, 2021
Reverse Mortgage Maximum Loan Amount for 2022
Check out the following for more reverse mortgage info and California, Idaho, and Colorado's best reverse mortgage broker. In this podcast episode we talk about: 1. HECM Max Claim Amount and what it is. 2. ACTUAL maximum loan amounts for the FHA reverse mortgage. 3. Max loan amount at age 62 = $508,602.  Max Reverse Mortgage Loan amount at age 70 = $559,083.  Max loan amount at age 80 = $623,156.  and the max loan amount at age 92+ is $ 728,000.  All these numbers are assuming your home is worth the 2022 HECM Max Claim Amount of $970,800 or more.   4. For those that owe more than these numbers, there may be another jumbo option available.  You can borrow up to $4,000,000 and even as high as $6,000,000 on an exception basis. We also offer alot of other type of loans.  After all, we are California, Colorado, & Idaho's Best Mortgage Broker!
04:59
December 13, 2021
New Reverse Mortgage Program - Reverse Mortgage at age 58 & 59
🔥Get Your Free Info Kit🔥  info@ReverseMortgageLoanAdvisors.com  (714) 271-8524   More Mortgage info at our Reverse Mortgage Information site.  The Reverse Mortgage at Age 58 program is available in these states as of 08/19/2021; CA, CO, CT, DC, DE, FL, MD, NC, NJ, NV, NY, OR, PA, SC, TX, VA, & WA   🔥🔥🔥🔥Learn to Make Money on YouTube: https://bit.ly/2ZaayTk​  🔥🔥🔥🔥LEARN TO MAKE MONEY ONLINE With INSANE Training: https://bit.ly/3bG4Lb1​  🔴You can check out the best credit repair software of 2020 here: https://bit.ly/DiyCreditRepair  🔴If you prefer to use a professional service, this one is very good: https://bit.ly/ProCreditRepair  In this video and podcast I talk about a new reverse mortgage program that has a minimum age requirement of just 58.    Reverse Mortgage at Age 58 Program quick highlights (new update for 12/13/2021 - New Reverse Mortgage for 55 and Up): 1. Only 3 investor currently offers this program.  However, any lender or broker can do it if they chose to affiliate themselves with this investor.  My company does offer it. 2. Minimum loan amount is $150,000. 3. Maximum loan amount is $4,000,000.00, but you can get exceptions up to $6 MILLION. 4. Most all property types allowed EXCEPT no manufactured homes or coops. 5. No credit score requirements, BUT we do analyze your housing and installment pay history.   6. States available are noted above. 7. What percentage of your homes value can you borrow? - 29-41%  Contact us to find out more about this program.   🔥Get Your Free Info Kit🔥  info@ReverseMortgageLoanAdvisors.com (714) 271-8524   #ReverseMortgageAtAge58​ #ReverseMortgageAtAge59 #NewReverseMortgageProgram​ www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead.
04:05
December 13, 2021
Conventional Mortgages on Manufactured Homes
🔥Get Your Free Info Kit🔥  info@ReverseMortgageLoanAdvisors.com (714) 271-8524   More Mortgage info at: https://ReverseMortgageLoanAdvisors.com  🔥🔥🔥🔥Learn to Make Money on YouTube: https://bit.ly/2ZaayTk​  🔥🔥🔥🔥LEARN TO MAKE MONEY ONLINE With INSANE Training: https://bit.ly/3bG4Lb1​ 🔴You can check out the best credit repair software of 2020 here: https://bit.ly/DiyCreditRepair  🔴If you prefer to use a professional service, this one is very good: https://bit.ly/ProCreditRepair In this video one of the Best California, Colorado, & Idaho Mortgage Brokers talk about getting conventional financing / conventional mortgages  on  a manufactured home.  Remember, you may have to check around because not every lender does conventional mortgages on these types of homes.  Further, if your home is a single wide, there's even less lenders that do it.  To get a conventional mortgage on a manufactured home:  1.  The home has to be a single wide, double wide, or triple wide manufactured home built after June of 1976.  2. You have to own the land.  The land cannot be leased or rented 3. Your home needs to be de-titled and taxed as real estate and not personal property. 4. The manufactured home must  be affixed to a permanent foundation.   5. Your home has to have the tongue and axle removed. 6. Foundation inspection after your loan is approved. 7. Home has to be 400 square feet or more. 8. Your manufactured home can't be in a flood zone. 9. Has to have permanent utilities hooked up to it. 10.  There needs to be comparable sales (other manufactured homes).  Again, not all lenders do it.  So, if you've been told "no", is it because your property specifically, or because the lender you spoke to doesn't do it.  Not every lender does VA mortgages on manufactured homes and even less will do them on single wide manufactured homes  Contact us if you need a mortgage to purchase a manufactured home or to do a refinance OR reverse mortgage info.   🔥Get Your Free Info Kit🔥 info@ReverseMortgageLoanAdvisors.com (714) 271-8524  #ConventionalMortgageOnManufacturedHome​ #ConformingManufacturedHomeLoans​ #ConventionalLoanMortgageManufacturedHome​ www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead.
03:25
December 13, 2021
2022 Reverse Mortgage Age Requirement in California & Colorado
🔥Get Your Free Info Kit🔥  info@ReverseMortgageLoanAdvisors.com, (714) 271-8524, or  at Reverse Mortgage Info  Currently, the reverse mortgage with new age requirements is available in about 20 states including California and Colorado.   🔥🔥🔥🔥Learn to Make Money on YouTube: https://bit.ly/2ZaayTk​  🔥🔥🔥🔥LEARN TO MAKE MONEY ONLINE With INSANE Training: https://bit.ly/3bG4Lb1​  🔴You can check out the best credit repair software of 2020 here: https://bit.ly/DiyCreditRepair  🔴If you prefer to use a professional service, this one is very good: https://bit.ly/ProCreditRepair  In this video we talk about a new age requirement for reverse mortgages in California in Colorado. There have been some changes in recent months in terms of the minimum age requirement for reverse mortgage.  It's now 55 in some states.  How much can you borrow?  Age 55 - 27.4% - 40.1% of the appraised value. Age 58 - 30% - 43% of the appraised value. Age 61 - 34% - 47% of the appraised value.  The amount gets a little bigger with every passing year.  The first thing that has to happen when you do a reverse mortgage is that your current loan is paid off.  This eliminates your mortgage payment.  Any additional funds can be used however you like (unless you don't pass the financial assessment, then you may need a tax and insurance escrow account).    If you want to learn more about a reverse mortgage, you can also check out California, Colorado, & Idaho's Best Reverse Mortgage Broker.
02:38
November 20, 2021
Reverse Mortgage for 55 Year Olds
🔥Get Your Free Info Kit🔥 email us at --> info@ReverseMortgageLoanAdvisors.com  Or, call us at (714) 271-8524    Or, visit us online at: https://bit.ly/3bU3SxW In this podcast we talk about a new program that allows 55 year olds to get a reverse mortgage if they have enough equity. Reverse Mortgage at Age 55 Program quick highlights:  1. Only 1 investor currently offers this program.  However, any lender or broker can do it if they chose to affiliate themselves with this investor.  My company does offer it.  2. Minimum loan amount is $100,000.  3. Maximum loan amount is $4,000,000.00.  ($6,000,000 on an exception basis). 4. Most all property types allowed EXCEPT no manufactured homes or coops.  5. No credit score requirements, BUT  if it's 619 or lower, you might need an escrow account.    6. What percentage of your homes value can you borrow at age: 55 - 27.4% - 40.1%  56 - 28.5% - 41.3%  57 - 29.6% - 42.3%  The amount gets a little bigger with every passing year.  Contact us to find out more about this program.  🔥Get Your Free Info Kit🔥 info@ReverseMortgageLoanAdvisors.com (714) 271-8524  Original Blogpost about the Reverse Mortgage for 55 Year Olds (and Older). Visit California's Best Mortgage Broker. (also licensed in Colorado and Idaho). www.ReverseMortgageLoanAdvisors.com and Reversed TV Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead.
03:19
November 10, 2021