Reverse Mortgages?

Can you think of one single reason to get into the reverse mortgage business? I can think of 78 million of them.

No joke, that’s the number of baby boomers heading toward retirement. Did you know that foreclosure and bankruptcy is up among the senior population? They are seeing their investments spiral downward right before their eyes and they have expenses that some of us don’t think about like medication and medical expenses.

Reverse Mortgage marketing is not media hype. It’s very real. Don’t let this market and the opportunity it presents pass you by. The Federal Housing Administration Home Equity Conversion Mortgage lending limit is set at $625,500 for 2009.

Why would seniors be interested in reverse mortgages? With Lenders tightening up their lending guidelines today there is no where else they can get a loan with no income, credit or asset verification. The qualification is based on the equity in their home and the age of the borrower. There are no payments due as long as the senior lives in the home and they can have a line of credit that cannot be frozen. That alone is unheard of today! Reverse Mortgages are backed by FHA and includes a non-recourse clause so their heirs can’t be held responsible for the debt once the home is sold.

There is a new Reverse Mortgage product coming out April 1st! Stay tuned…