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ahochberg
151 Posts |
 Posted - 05/22/2008 : 12:14:15 PM
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| I have a borrower whom is 82 years old. He has a 780+ score. Owns a property sfr in the florida keys worth at least 1.2mil. He doesn't owe anything on the property. Property is owner occupied. He wants to do a cash out refi for 350k. He has 250k in liquid assets. However, he only receives $1500 a month in social security as his source of income. Is there a home for this loan based on the very loan LTV and the strength of his liquid assets? Please advise |
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PMFMike
223 Posts |
Posted - 05/22/2008 : 12:14:45 PM
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| Reverse Mortgage. |
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ahochberg
151 Posts |
Posted - 05/22/2008 : 12:46:15 PM
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| thank you...they don't want to pursue that avenue. |
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South Shore
453 Posts |
Posted - 05/22/2008 : 1:38:41 PM
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| try Emigrant |
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Cliff_Auerswald
454 Posts |
Posted - 05/22/2008 : 1:47:19 PM
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"he only receives $1500 a month in social security as his source of income"
so he rather use his only source of income paying for a monthly mortgage payment? How is he going to eat???!!!
Our Jumbo Reverse Mortgage provides up to $592,000 with No Income or Credit Score qualifications, and most importantly no payments required for LIFE. Rate is 6.14% today
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ahochberg
151 Posts |
Posted - 05/22/2008 : 5:31:10 PM
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| they are taking out at least 5 years payments and living expenses and placing the funds in a money market account. with that ltv they still have an enormous amount of salable equity 5 years down the road. |
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peter
4937 Posts |
Posted - 05/22/2008 : 8:12:25 PM
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Try Wells, as they have Asset Dissipation or Asset
Depletion underwriting guide in that if your borrower has
$250,000, this will be dissipated over a period of months
to arrive at a monthly income. So, you use this monthly
income from his asset dissipation (B of A has the same
guideline but called Asset Depletion and Wells calls it
a similar term) with his monthly social security income,
you should be able to qualify him under DU or LP even
as high as 55% D/R.
Since B of A is no longer in wholesale, Wells is the only
lender that has this underwriting feature.
Peter
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rsd317
160 Posts |
Posted - 05/23/2008 : 10:52:14 AM
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ahoch,
i have a solution that is not a loan/debt instrument and there are no income/credit qualifications.
email me to discuss furhter---this is answer to your clients needs |
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