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Monument Financial Real Estate and Mortgage Solutions

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Old 12-09-2013, 11:00 PM
Punisher's Avatar
Punisher Punisher is offline
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Join Date: Nov 2009
Location: Orange County, Tustin, CA 92780
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Default 35% down & never make a payment! Reverse Mtg Examples

Below are some examples where borrowers used a Reverse Mortgages as a financial tool, to achieve their intended goals. This tool is not right for everyone. However, here are some examples that worked for some:

1. Reverse mortgage for purchasing a property: How does putting 35%~ down on a property and never making another mortgage payment sound? My father, before his recent passing, loved this idea. He intended to sell his condo and use the newly created equity, as a down payment on a house in 55+ community in Sun City, Ca. With the equity being used as the ~35% down payment, he would get a Reverse Mortgage as a purchase loan for the balance, and with that, no more payments would be required. For him, trading the newly gained equity in his condo and it’s $2,000 per month mortgage, for a house, with no more mortgage expenses, was very attractive.

2. Reverse refinance: For borrowers who want to stay in their homes, but would like to remove the obligation to pay the mortgage, they can simply refinance their current loan with a fixed rate reverse mortgage. The new loan would pay off the old loan, and the payments would be optional.

3. Additional income: The tenure option, provides tax free monthly income to borrowers. Each borrower can choose how they want to spread the payments out. However, many borrowers have signed up for more than 15 years of $5,000 per month loan disbursements. This additional and reliable, $5,000 per month tax free income, is very attractive to some.

4. Investment purposes: Where can you borrow a fixed rate mortgage at 5% and not have to make a payment? A client loved this idea, put a Reverse mortgage on their house, and used the cash proceeds to purchase rental real estate. They collected the rental income and used a portion of it to pay the interest on the Reverse Mortgage, so their balance didn’t go up, and they now had three properties that appreciated in the recent market rise. The part they loved was that if the rental property had a vacancy or tenant issues, their cash flow and credit report would never suffer, because the reverse mortgage payments were optional. This would not have been the same case, had they obtained conventional loans for each investment property; if there was a vacancy, they’d be making the mortgage payment instead of the tenant. This client found it less daunting and risky when using the reverse mortgage for business endeavors.

To discuss loan options for yourself or a loved one, feel free to call Steve or PM "Punisher" to have a no pressure chat about your options. Steve can be reached toll free at 1-877-257-7520 or locally at 1-714-660-1239.





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