How an FHA Reverse Mortgage purchase loan changed one woman's life!

I recently helped a real estate agent generate an equity listing, an easy sale, and solve a problem for a client that was trapped in a living situation that she did not want to be in. Here is what happened. I work with a local builder and I educated their agents on the FHA Reverse Mortgage purchase loan. They referred me an agent that had a client that needed to buy a home, but could not because her credit was bad, she was retired on fixed income and she had $270 equity in her current condo in Anaheim.

Here is her story. This woman is 69 years old and lived in a condo in Anaheim. A few years ago she co-signed on a loan for her daughter to help buy her first home in Nevada. This year her daughter lost the home in foreclosure and moved in with my client. As a result of the foreclosure my client's credit was ruined and now she was living in a small condo with her daughter and grand children. They needed a bigger home. She had a problem. She is retired and her credit is poor. On top of that, she only had $270,000 of equity in her condo. Good luck trying to buy a bigger home in Orange County with $270,000 and she had no shot at a conventional loan. She was trapped.

Here is what we did for her. She got pre-approved for an FHA Reverse Mortgage purchase loan for a purchase price up to $600,000. She found a 4 bedroom and 3 bathroom home in Yorba Linda for $585,000. She was required to put down a total of $210,000 for down payment and fees. The end result is that she bought a brand new home, in a beautiful community with a pool and more space for her family. She also was able to put an extra $60,000 in the bank for savings. She never has to make another payment as long as she lives. And she can stay in the house until she dies if she chooses. Or she can sell it, move and do it all again. The FHA Reverse Mortgage changed her life.

The FHA Reverse Mortgage Purchase loan does not have any income or credit requirements. It is a fantastic tool for people over the age of 62. It also represents an untapped market for Real Estate agents that want to help people solve a problem and in doing so generate an equity listing and a well-qualified buyer with a large down payment. That is the definition of a win-win!!

Cheers,

Noah Burford
800-314-5626 ext. 111
949-278-9244 cell
noahb4@gmail.com