Tampa Florida Reverse Mortgage Banker Educates Realtors on the Reverse Mortgage Purchase

Aug. 1, 2012 - PRLog -- The FHA Federally Insured Reverse Mortgage for purchase was  approved during the Housing and Economic Recovery Act of 2008 and rolled out in 2009 as the "HECM for Purchase" program but has had a slow start as many still  lacked understanding of the simplicity of the loan programs and its benefits. Recently with current economic conditions the pendulum is swinging in a positive direction.
“With the reverse mortgage as popular as it is right now, Tampa Florida Real Estate Agents have an opportunity to capitalize and sell more homes, at higher prices with an easy qualifying process” says Chris Beard a Tampa Florida based reverse mortgage consultant. “By getting ahead of the curve you can show buyers how to take advantage of an underutilized financing resource that allows them to keep a nest egg and avoid future mortgage payments on a new home. Real Estate Agents can have a great additional arrow in their quiver to selling real estate to the senior market today.”
Chris Beard references these benefits to Realtors and their clients:
•   Buyers can buy higher home values
•    Help seniors downsize or find more accommodating home  when income is an issue
•   Potential buyers can purchase a home with no future mortgage payments
•   I can help seniors when credit score and income requirements are an issue (Reverse does not underwrite that way)
•   Buy a new home with reverse and keep prior home as a rental income property
•   A Reverse Refinance Program can fund 2nd Homes, Vacation Homes and Rental home purchases and fund LTC, in home health care and retirement Income for Life.
•   A Reverse Mortgage can fund repairs and renovations to Homes for seniors (roofs, pools, elevators, safety ramps, and bathroom safety bars to make a potential home a sold home.

Here's how a typical FHA HECM for Purchase would work.

Nell and Raymond Fike, both 70, want to buy a more accommodating single-story home near their grandchildren in Sarasota Florida. They work with a real estate agent to sell their current two-story home in Tampa. In a separate transaction, they look into buying a new single-story home in a housing development being built in Sarasota FL by Ryland Homes. The Fikes meet with the realtor Susan and look at several homes priced at $300,000. Susan introduces the Fik’s to Chris Beard, a reverse mortgage consultant with First Bank Mortgage. Chris shows the Fikes how the reverse mortgage loan for purchase could provide the additional funds they’ll need:

New Home Purchase Price $300,000
Reverse Mortgage Proceeds $200,000
Cash Required To Close $99,691

The Fikes combine the $99,691 from the sale of their departure home with the $200,309 reverse mortgage loan to purchase a new home for $300,000 without the required monthly mortgage payments of a traditional mortgage. Susan handles two real estate transactions for the Fikes.

http://youtu.be/pVHA_1dM3hI




Tampa, Florida based reverse mortgage expert Chris Beard specializes in providing reverse mortgage information to Florida realtors and residents that allows them to make informed decisions about their reverse mortgage options and learn the inside details of a great financing tool that can simplify the retirement years.
Chris Beard is available for interviews and speaking engagements lunch and learns fast proposals and preapproval letters for purchase reverse mortgages and will welcome all your reverse mortgage related questions.
Call {Chris Beard at 866.684.7868 for a Free No-Obligation Consultation or visit  http://www.GoLocalReverseMortgage.com  for Quick Quotes and Proposals Online