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whyhecm (member since 5/18/2009)

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0 Questions and 19 Answers

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I hear Florida is a great state to retire in. I am partial to Texas though:) Just an fyi, you can no... (Show entire answer)

I hear Florida is a great state to retire in. I am partial to Texas though:) Just an fyi, you can now use an FHA reverse mortgage to purchase a home in any state but Texas for now. A HECM purchase would allow you to keep more of your savings in your saving account and less tied up in your home. Best Regards, Anthony Limon Branch Manager 866-640-5722 ext. 126 anthony@whyhecm.com

If you are 62 yrs or older you can use an FHA reverse mortgage to purchase a new home. We make the r... (Show entire answer)

If you are 62 yrs or older you can use an FHA reverse mortgage to purchase a new home. We make the reverse mortgage process easy for those we help. Feel free to email or call to discuss. Best Regards, Anthony Limon Branch Manager 866-640-5722 ext. 126 anthony@whyhecm.com

Hello nonnie12, You should be getting a monthly statement that would tell you how much you can dr... (Show entire answer)

Hello nonnie12, You should be getting a monthly statement that would tell you how much you can draw out of your reverse mortgage line of credit. Or you can call the servicing dept with your lender and they should be able to give you the information you need. Have you looked into refinancing your HECM reverse mortgage? With fixed rates as low as 5.56% right now and the lending limit higher you may qualify for additional funds from a reverse mortgage. Anthony Limon Branch Manager 866-640-5722 ext. 126 anthony@whyhecm.com

I believe the answer to this question is yes, but would advise you to contact a tax planner in your ... (Show entire answer)

I believe the answer to this question is yes, but would advise you to contact a tax planner in your area to confirm this. Anthony Limon Branch Manager 866-640-5722 ext. 127 anthony@whyhecm.com

Your husband will have up to 1 yr. to pay off the reverse mortgage. He will have no payments during ... (Show entire answer)

Your husband will have up to 1 yr. to pay off the reverse mortgage. He will have no payments during this time period but may consider making payments toward the reverse mortgage to reduce interest charges if his goal is to remain in the home should you pass away before him. His options will be as follows: He can either refinance the reverse mortgage during this time. His age, loan balance, home value & interest rates will determine how much he qualifies for. He can sell the home and pay off the reverse mortgage. A better option might be to look into refinancing your reverse mortgage now while rates are low. We currently have a 5.56% fixed for life rate in most of the country. By refinancing your reverse mortgage now you can be assured there will be no issues should you pass before him. Also FHA Reverse Mortgage lending limits have been raised so this may allow you to access more proceeds through a reverse mortgage. Best Regards, Anthony Limon Branch Manager 866-640-5722 ext. 127 anthony@whyhecm.com

Another option maybe to consider selling your condo and purchasing something else with the HECM Purc... (Show entire answer)

Another option maybe to consider selling your condo and purchasing something else with the HECM Purchase product. You can now use a reverse mortgage to purchase a home. Contact me for more details or for a free analysis to see how much your estimated down payment would need to be on a HECM purchase. Anthony L Reverse Mortgage Specialist 866-640-5722 ext. 126 anthony@whyhecm.com

Hello Vee, Actually you can get a reverse mortgage right now with your husband as the only borrow... (Show entire answer)

Hello Vee, Actually you can get a reverse mortgage right now with your husband as the only borrower. By doing this you would have to have a contingency plan if something happened to your husband. If he passed away before you, you would need to either pay off the mortgage, pay down the mortgage and get a reverse mortgage, sell the home or refinance the home to a regular mortgage. Reverse Mortgage rates are fixed for life at 5.56% right now which would in my opinion would be much better than your 11.95% rate. What a few of my clients have done is contacted there own personal insurance agent to get quotes on what it would cost for a life insurance policy to be able to pay down mortgage should the older spouse pass away before the younger (note you would not have to payoff mortgage completely to be able to qualify for a reverse mortgage should that happen). Personally, I think paying down your home in the market could be like throwing money down the toilet. As equity is a questionable asset at this point and we don't know how much worse our real estate market will get. I think there are better places to put your money than into your home that could very well lose more equity. Feel free to contact me with any questions. Anthony L anthony@whyhecm.com 866-640-5722 ext 126

Whomever you leave your home to (in your case your trustee) would simply list the home for sale and ... (Show entire answer)

Whomever you leave your home to (in your case your trustee) would simply list the home for sale and pay the reverse mortgage off with the proceeds from the sale of your home. Feel free to contact me for additional information or questions. Best Regards, Anthony Reverse Mortgage Specialist 866-640-5722 ext. 126

Hello Sir, If your asking if you can refinance a reverse mortgage, the answer is, possibly. Depe... (Show entire answer)

Hello Sir, If your asking if you can refinance a reverse mortgage, the answer is, possibly. Depending on what you owe, your estimated home value, and other factors of your current reverse mortgage. Feel free to contact me for a free no obligation analysis to determine if refinancing your reverse mortgage is a possibility. Sincere Regards, Anthony L 866-640-5722 ext. 126

I would be glad to review this for you. Feel free and contact me. Anthony Limon www.whyhecm.com ... (Show entire answer)

I would be glad to review this for you. Feel free and contact me. Anthony Limon www.whyhecm.com 866-640-5722 ext.126 anthony@whyhecm.com

Leased land may be ok depending on the details. Feel free and contact me to discuss details. Anth... (Show entire answer)

Leased land may be ok depending on the details. Feel free and contact me to discuss details. Anthony Limon www.whyhecm.com 866-640-5722 ext. 126 anthony@whyhecm.com

Refinancing your FHA Reverse Mortgage is an option depending on your current situation. We have a re... (Show entire answer)

Refinancing your FHA Reverse Mortgage is an option depending on your current situation. We have a reduced fixed rate of 5.56% for a limited time which will help also. Feel free to contact me with any questions. Anthony Limon www.whyhecm.com anthony@whyhecm.com 866-640-5722 ext. 126

Actually if your HOA allows for a 99yr lease we maybe able to help. Please contact us. Anthony... (Show entire answer)

Actually if your HOA allows for a 99yr lease we maybe able to help. Please contact us. Anthony Limon www.whyhecm.com 866-640-5722 ext. 126

Hi there, I am not sure if you have been able to sell your home but an option you may consider as... (Show entire answer)

Hi there, I am not sure if you have been able to sell your home but an option you may consider as someone already posted would be to use in home care. You could use an FHA reverse mortgage to help with the cost, it would allow you to access about 50% or so of the equity in the home. Then you wouldn't have to sell for a huge price reduction. There is no prepayment penalty on a FHA reverse mortgage so you can still sell your home at any time. Feel free to contact me with any questions. Anthony L www.whyhecm.com 866-640-5722 ext. 126

Hello, I am not aware of non-FHA reverse mortgages at this time. I can tell you from years of doi... (Show entire answer)

Hello, I am not aware of non-FHA reverse mortgages at this time. I can tell you from years of doing reverse mortgages that even though you may not have been approved with one lender, this does not mean another may not approve you. I have worked with private roads before, and alot of it has to do with the title company and lender you use. Feel free to contact me. Anthony Limon Branch Manager www.whyhecm.com 866-640-5722 ext. 126 anthony@whyhecm.com

Hello, We would need additional information to tell if you qualify. Please feel free to contact ... (Show entire answer)

Hello, We would need additional information to tell if you qualify. Please feel free to contact me. Anthony Limon www.whyhecm.com Branch Manager 866-640-5722 ext. 126

Your mobile home can only be moved once. From the dealer to the 1st location. If it has been moved t... (Show entire answer)

Your mobile home can only be moved once. From the dealer to the 1st location. If it has been moved twice, it wont qualify. Please let me know if I can answer any additional questions. Anthony anthony@whyhecm.com

I had been told by a client that there local bank gave them a 2nd mortgage after the FHA reverse mor... (Show entire answer)

I had been told by a client that there local bank gave them a 2nd mortgage after the FHA reverse mortgage. So yes its possible with the right bank. You may consider using the HECM reverse mortgage purchase program to downsize and buy a new home. You would have to sell your current home to be able to use the HECM purchase program. If done correctly you could still have money remaining after the sale of your home and be able to live in your new home with no payments. Feel free and contact me at anthony@whyhecm.com for more details.

Margins have been on the increase for the last month on reverse mortgage and this is probably why th... (Show entire answer)

Margins have been on the increase for the last month on reverse mortgage and this is probably why the broker is doing this. This is one of the reasons we strive for quick closing (2 weeks) so that we don't lose a lock. You could have been locked with the broker and it could have expired or they could have just been slow about it and when rates went up they were caught being lazy. Not sure. If you talk with your broker, and let him know you are going to cancel, he may consider not raising the origination fee. Feel free to contact me at anthony@whyhecm.com and I would be glad to answer any additional questions for you.

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