Reverse Mortgages Home Equity Conversion Mortgages (HECMs) or convert the equity in a senior's home to CASH.
The money received is not repaid until the home is sold or the seniors leave the home, at which point the proceeds from selling the home pay off the loan and the remainder of the proceeds got to the seniors or their heirs.
The approval process is the easiest out there and the money can be used to balance the budget, home improvement, uncovered medical expenses, extra life insurance, you name it.
When I talk to people thinking of purchasing their first home, they typically want to get into the home with little money down, get a great interest rate on a fixed mortgage and get a great price on the home. Now may be the best opportunity in decades to accomplish all of the above!
Banks are selling houses they have takn back at fire sale prices, in some cases. Sellers are discounting to compete. Interest rates are historically low.
The FHA is designed to help first time home buyers become home owners. FHA loans are typically 30 year fixed loans and only require 3% of the purchase price down, and that can be a gift! Even better news, the seller can contribute 6% of the purchase toward the buyer's closing cost. This generally works out to a very lucrative option for the buyer. If you are looking for an expert on FHA loans in Florida, I can help.
Mortgages and chattel loans are still available for manufactured or mobile homes. We also lend in 55+ park that may have co-op'ed land, which means the home is in a park and everyone owns a share of the whole park.
Today, 580+ credit scores are required on most loans, depending on the lender. Call me with your situation and I'm happy to help!
In Florida, call Randall at 863-229-1235
Seniors over age 62 can utilize a new tool to smooth out their finances. If there are some home improvements that need to be done, bills that need to get caught up or uncovered medical expenses, this should be a great thing to consider. Seniors can easily use the equity in their home's to receive monthly checks or a lump sum payment. What is very unique, is that the loan does not require repayment until the senior leaves the home. Again, no monthly bills!
Winter Haven has a lot of 55+ mobile home parks. They are beautiful, safe and full of ammenities like golf courses, pools, club houses and so on. But if you want to sell your home or use some of your equity, where can your buyer obtain loans these days?
Financing IS still available for these mobile homes without land. We also have co-op'ed land, which means the home is in a park and everyone owns a share of the whole park.
Today, a higher credit score (600+) is required in these types of loans, depending on the lender. And we can loan up to 76% of the homes value in most cases. Each situation is different and I'm happy to help!
In Polk County, call Randall at 863-229-1235
Specializing in helping Realtors increase their production by financing their client's dream home! I also help clients refinance their homes into LOW interest mortgages. CALL RANDALL - 863-604-0169
I started doing mortgages years ago by helping clients that were denied by their local bank. Sure, if you have excellent credit, stable employment, lots of money to put down, by all means see what your bank can do for you. If you are self-employed, credit score challenged, in need of 100% financing, working with a Mobile Home or any other in a list of things CALL RANDALL @ 863-604-0169.
As a great mortgage broker, you need to have a wide variety of options and experience to best help your clients. I have an extensive background in conventional, sub-prime, FHA, VA, commercial and hard money loans. Most of my peers are limited to one or two types of mortgages due to the complexities associated with such a wide range of lending options. I believe in giving my clients the mortgage that suits THEM best. If we can save $100 per month in mortgage insurance by doing an FHA insured mortgage, then let's do it. If I need to help a veteran get 100% financing on a single wide mobile home, let's do a VA loan. If a senior is falling behind on expenses, let's look at a reverse mortgage. My tool box is loaded!
No loan is too small, no problem is too big. Call the Super Broker @ 863-604-0169
Challenge me! I have performed miracles and closed loans that were denied a half dozen times elsewhere. If the loan "Makes Sense", then some lender will fund it - if it is presented properly. Obviously, I prefer to do EASY mortgages, just like everyone else, but the challenging loans are more interesting and add to my experience.
Wholesale Interest Rates: I'll let you in on a little secret! Most of the lenders that you are aware of accept wholesale loans from mortgage brokers like me. It is an easy way for them to get a lot of extra loans. Since they didn't have to meet with the client, pay their loan officer and all the other overhead costs associated with going directly to their bank, they give mortgage brokers DISCOUNTED interest rates! I've had cases where my client saved 1/2% off their interest rate, compared to going to THEIR own bank directly. 1/2% interest over a 30 year period is A LOT OF MONEY.
Manufactured / Mobile Homes: I am an expert when it comes to manufactured home financing. There are tons of nuances when it comes to this type loan; wind zones, DMV titles, HUD plates, VIN numbers, foundation inspections and so on. To do this type of loan you need a mortgage broker that knows about loans AND all of these other nuances. It took years to master this type of loan!
Reverse Mortgages: Seniors over 62 years of age can apply for a Reverse Mortgage. That's right Reverse, the bank makes monthly payments to the senior. This tool is an excellent option to consider when a senior's needs change or if some debt consolidation might increase the quality of life.
The Super Broker can do the immpossible! D. Shay, Dade City
Randall got our loan approved quickly after our own bank turned us down! - R. Quincy
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