Reverse Mortgages are growing in popularity and it may be a great market for you to tap into. Here are some highlights of the program that would benefit your clients and yourself.

For Your Clients:

• The minimum age for borrowers is 62.
• There are no monthly mortgage payments.
• Borrowers retain ownership of their home.
• There are no credit checks, no income verification
• All proceeds are tax free.
• Payouts can be in one lump sum, line of credit, monthly disbursement or any combination of these.
• If the property is sold, all remaining equity after repayment of the Reverse Mortgage remains with the borrowers and/or their heirs.
• These loans are now insured by FHA and salable to Fannie Mae
• There is no negative amortization should their be a loss in value of the property. This loan is insuredby Fannie Mae or Hud.

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For You As A Loan Officer:

• You submit a loan summary to the lender who is providing the Reverse Mortgage. You don’t have to take a full application or provide any disclosures.
• The lender will process, underwrite and close the loan.
• These loans usually close quickly.
• This is also a great referral source. Once you do a loan for someone…they will let their friends in on this great program.
• With the baby-boomer generation getting older by the minute, there are plenty of clients out there!

If you’re not already signed up with a lender or two that do Reverse Mortgages, do it as soon as you can. They are great sources for instruction in this type of loan.

Want more info? Reverse Mortgages are covered in Chapter 7 of Managing the Mortgage Maze.

©2005, Jeannine Doyle, D&S Publications. All rights reserved. Jeannine Doyle has turned her 25+ years experience into manuals and CDs that explain the complexities of lending in plain language for loan officers, real estate agents, students, and those considering a career in lending. This article is from Managing the Mortgage Maze Ezine. For more about Jeannine’s comprehensive manuals, visit www.MortgageMazes.com. Jeannine is a member of the National Advisory Council for GoGetLoan.com. Visit her page here.