Stated/Retired

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nexttimeblue

15 Posts

Posted - 05/20/2008 : 07:29:12 AM

Anyone have a home for:

Stated/Retired
794 mid
60% LTV
210,000 LA
2-4 Unit
O/O
Illinois

If so let me know!
Thanks.

hmorales007

303 Posts

Posted - 05/20/2008 : 07:47:12 AM

If he owns another home - hard turn down as OO.

Cliff_Auerswald

454 Posts

Posted - 05/20/2008 : 08:33:16 AM

why not a reverse mortgage?

blainoj

59 Posts

Posted - 05/20/2008 : 08:36:24 AM

If your borrower has a lot of assets (over 200k) check out Everbank. They will use the assets and divide them by ten years to give you credit for monthly income and qualify the borrower as full doc. Hope this helps.

nexttimeblue

15 Posts

Posted - 05/20/2008 : 08:38:31 AM

This borrower doesn't want a reverse, although I might have to push the issue. Thanks

nexttimeblue

15 Posts

Posted - 05/20/2008 : 08:40:17 AM

Blaino that was really helpful. Does Everbank have an age requirement for that program or can it be done with anyone?

WorldWideWayne

2548 Posts

Posted - 05/20/2008 : 09:24:45 AM

quote:
Originally posted by nexttimeblue

This borrower doesn't want a reverse, although I might have to push the issue. Thanks

Does your borrower understand all about a reverse mortgage and the benefits it can hold for them. They are not for everyone, but I have found that when a borrower tells me "oh, I don't want one of those" they really don't know much about them. Most of the info people have on reverse is wrong.

Take the time to educate them about reverse...it still may not be right for them, but at least it is an educated decision.

blainoj

59 Posts

Posted - 05/20/2008 : 10:04:26 AM

The borrower only has to be of retirement age. I think they consider 59 the minimum age. Good luck.

dcreed

82 Posts

Posted - 05/20/2008 : 10:24:51 AM

Whacovia

Layne Jones

1478 Posts

Posted - 05/20/2008 : 12:14:07 PM

Are you set up with us? We can do 3-4 units up to 75%LTV SIVA with a 720 score.