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hoangad
2929 Posts |
 Posted - 08/19/2008 : 2:24:25 PM
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balance: $540,000
value: $950,000
57% LTV
age: 70
california
los angeles county
sfr
can this one be done? |
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jpar994
864 Posts |
Posted - 08/19/2008 : 2:39:36 PM
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| I dont think You will be able to get this one done, Since the HECM limits are only 417k. You will have to do a jumbo HECM and I dont know who will do a Jumbo at 57% ltv at the age of 70 |
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hoangad
2929 Posts |
Posted - 08/19/2008 : 2:48:37 PM
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| help |
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Coronasteve
1496 Posts |
Posted - 08/19/2008 : 4:09:21 PM
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| I have helped some of my Dad's friends get these done and even on a proprietary product, you are going to have a tough time. With a 70 year old borrower, even on the old Financial Freedom "jumbo" programs there is no room there for a 70 y/o with an existing $540,000 lien. he has a shortfall of $180,000 +/- |
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rainmand
3805 Posts |
Posted - 08/19/2008 : 5:01:08 PM
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| The shortfall is $162,595.00. They'll be able to eliminate their existing lien of $540,000.00 if they're able to contribute the shortfall. |
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Coronasteve
1496 Posts |
Posted - 08/19/2008 : 5:06:54 PM
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Wow, I was pretty close guessing at $180,000 just backing into it using my Dad's old paperwork.
Hey Raymond, there is another thread about a guy speculating if it would be a good idea to take a reverse and pay off or pay down some social security. It is a wacky proposition. Go see if you can set it straight.
quote:
Originally posted by rainmand
The shortfall is $162,595.00. They'll be able to eliminate their existing lien of $540,000.00 if they're able to contribute the shortfall.
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hoangad
2929 Posts |
Posted - 08/19/2008 : 6:11:54 PM
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| =( |
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hoangad
2929 Posts |
Posted - 08/19/2008 : 6:12:39 PM
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| what if the value comes in more? does that mean he has to come in with less? |
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rmcinturff
371 Posts |
Posted - 08/19/2008 : 6:43:12 PM
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The value would have to come in close to $1,350,000 to pay off the $540,000 loan. At 70, they'll get close to 40 LTV, thats it.
The issue though lately is that they subtract a declining value amount right out of the gate, so even if it comes in higher, you have to take what they give you. Unless these folks have a spare $160K sitting around, this isn't a reverse mortgage candidate unless they go short sale after some hardship and the lender comes down on amount owed.
866-751-9246
rmcinturff@libertyreverse.com |
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fundid
160 Posts |
Posted - 08/19/2008 : 11:22:22 PM
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| Probably not gonna happen, but if the homeowner is behind on payments, maybe you could try a shortsale? I have heard of them being done on RM's. |
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hoangad
2929 Posts |
Posted - 08/20/2008 : 07:13:43 AM
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| too much equity for the bank to do anything. |
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rainmand
3805 Posts |
Posted - 08/20/2008 : 08:03:42 AM
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>>I have heard of them being done on RM's.
It'd have to be a loan modification, not a shortsale, because a shortsale means the lender will take less then what's owed if the homeowner agrees to move out. With a loan modification the lender agrees to take less then what's owed and the homeowner gets to stay. I met a guy a couple years ago who used to negotiate loan modifications on the behalf of seniors who had a minor shortfall, but he couldn't do anything if the shortfall was larger. |
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fundid
160 Posts |
Posted - 08/20/2008 : 08:07:27 AM
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quote:
Originally posted by rainmand
>>I have heard of them being done on RM's.
It'd have to be a loan modification, not a shortsale, because a shortsale means the lender will take less then what's owed if the homeowner agrees to move out. With a loan modification the lender agrees to take less then what's owed and the homeowner gets to stay. I met a couple years ago who used to negotiate loan modifications on the behalf of seniors who had a minor shortfall, but he couldn't do anything if the shortfall was larger.
Thanks for the input, now I know. |
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hoangad
2929 Posts |
Posted - 08/26/2008 : 4:20:09 PM
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| CAN ANYONE RECOMMEND A HARD MONEY SECOND? |
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hoangad
2929 Posts |
Posted - 08/26/2008 : 4:25:53 PM
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I NEED A $160,000 LOAN TO GET A REVERSE FOR MY CLIENt.
WHERE CAN I GET IT? |
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rainmand
3805 Posts |
Posted - 08/26/2008 : 5:19:15 PM
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| I'd be able to originate one reverse mortgage every day if I could find somebody that'd provide a second to cover a shortfall. And I wouldn't need any commission for the second, the investor could keep it. |
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fundid
160 Posts |
Posted - 08/26/2008 : 6:53:26 PM
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quote:
Originally posted by rainmand
I'd be able to originate one reverse mortgage every day if I could find somebody that'd provide a second to cover a shortfall. And I wouldn't need any commission for the second, the investor could keep it.
Same hear, but the investor would have to be in what, 3rd lien position behind FHA. I have looked into this, I am not sure the lender or FHA would allow from what I have gathered. It would be great if there was an option.
I wonder if an equity key could be tied in some how? Any feedback? |
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windyctymktg
569 Posts |
Posted - 08/26/2008 : 7:39:01 PM
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| Has anyone else heard back from equitynow yet? |
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fundid
160 Posts |
Posted - 08/26/2008 : 7:43:32 PM
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quote:
Originally posted by windyctymktg
Has anyone else heard back from equitynow yet?
They called me today, said they were sending an email, but it hasn't come yet. They also said they are updating there payout and it wouldn't be ready for a week or so. |
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stanshaw
41 Posts |
Posted - 08/26/2008 : 8:07:46 PM
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Hi Everyone
Stan from Equity now here.
We had a great webinar last night discussing the versatility of the program.
Our programs were not created to replace reverse mortgages , but to offer alternatives.
We are seeing more and more brokers with senior clients owing more snd more on there properties.
although many seniors would like to retire there mortgage as they retire it is not nessasary with our program to pay off the current mortgage. so its a great tool to add to your current practice.
We are in the process of revising the pay outs in different states to offer more participation.
any one who would like to recieve info on our program should email me at equitynowllc@verizon.net and we will email you some info and invite you to our next webinar!
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rainmand
3805 Posts |
Posted - 08/27/2008 : 07:42:27 AM
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>>the investor would have to be in what, 3rd lien position behind FHA. I have looked into this, I am not sure the lender or FHA would allow
FHA won't allow it, but Jumbo lenders will. FHA only allows subordinations if a lien previously existed ... it can't be a new lien. |
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