Weichert Reverse Mortgage

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Presentation on Reverse Mortgages

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  • Be the trusted Associate that knows the best solutions for their client and their families!
  • Give Sellers funds they need to renovate home for sale
  • Weichert Reverse Mortgage

    1. 1. What is a Reverse Mortgage?
    2. 2. • Federally insured mortgage, convert home equity into cash! • You do NOT give up title to the home! A Reverse Mortgage is…
    3. 3. • No monthly payments as long as you live in the home! • Youngest person on title must be 62 years or older.
    4. 4. • No Income or Credit Requirements. • Borrower must maintain the home, pay the taxes and pay the homeowner insurance.
    5. 5. • Closing Costs. • FHA Insured • 3rd party Counseling by HUD approved counselors.
    6. 6. • Borrower does not pay taxes on money they receive • Borrower does not deduct interest from their taxes
    7. 7. What types of payment plans are available? There are five different payment plans Line of Credit: Borrower draws cash (up to maximum benefit) in the amounts of their choosing. Tenure: Borrower receives equal monthly payments for as long as home is occupied as their principle residence. Term: Borrower receives equal payments for the fixed period of time that they select.
    8. 8. Why should I know about Reverse Mortgages?
    9. 9. Boomers & Seniors! • The largest and fastest growing demographic in America! • Don’t turn away business! You need to learn about Senior Issues!
    10. 10. Boomers & Seniors! 38,000,000 Senior Citizens in the USA! 78,000,00 Baby Boomers started to turn 62 last year!
    11. 11. Boomers & Seniors! • 1 Baby Boomer turns 50 every 10 seconds! • That’s 12,000 each day! • That’s 4,ooo,ooo each year…for a decade!
    12. 12. Boomers & Seniors! • By 2030 the 60 & over market will grow by 81% • Ages 18 – 59 will only grow by 7% • Projected population of people 60 and older in 2030 is 73,000,000! • Projected to be 21% of the population!
    13. 13. Be the trusted Associate with the best solutions, who cares about their clients and their families!
    14. 14. Purchases! Reverse Mortgages are now available for Purchases!
    15. 15. Purchases! • What do Seniors do now? • 1-Sell home & Move in with Family • 2-Sell home & move to Subsidized Housing • 3-Sell home & buy cash
    16. 16. Example! Buyer sells current home and nets: $350,000 New Home Purchase Price $300,000
    17. 17. Example! Cash Buyer • Net from sale of current home = $350,000 • Cash to Close on new home = $300,000 • Borrower lives on $ 50,000
    18. 18. Example! Reverse Mortgage for Purchase! • Purchase Price on New Home = $300,000 • Proceeds from Reverse Mortgage = $180,000 • Cash to Close on new Purchase = $120,000
    19. 19. Cash in Hand! • Net from Sale of current home = $350,000 • Cash to Close on new home = $120,000 • Borrower keeps Cash to live on = $230,000
    20. 20. Listings! • Many consumers who inquire about a Reverse Mortgage do not take one! • As Borrowers move or pass away, those families call you to list the home or refinance!
    21. 21. Example: • 15% were turned into Applications • 25% are likely to sell their home, due to financial stress • 60% will neither sell or apply for a Reverse Mortgage….YET!
    22. 22. A few scenarios!  Give Sellers funds to renovate or upgrade curb appeal for the sale of their home!  Funds to relocate while you market the home! Down Payment assistance to your First Time Homebuyers!
    23. 23. Refinances! • Many of these Consumers just need a Home Equity Line or a Cash Out Refi. • Transfer Title to parents-save family home with Quit Claim Deed! • Save Tax Sales and Foreclosures.
    24. 24. I know someone who may need to learn about Reverse Mortgages, who do I contact? Contact your Office GSM!!

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