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LOU SOQUI |
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... Doing Reverse Mortgages in all 50 states ...
VIDEO: A Reverse Mortgage Presentation can be seen by clicking here: ReverseAMortgageVideo.com
The Reverse Mortgage is the only national program to the 62 yr-old homeowner, or older, that provides access to part of the home equity without a monthly payment and the money is tax-free (check with your tax adviser) and there are no income or credit requirements to qualify.
If you want some equity out of your home and can afford to make the monthly payments, this program is not for you. If you want to access part of the equity in your home (it must be your primary residence, you must live there 183 days out of the year) and you don’t want to make monthly payments… this program is for you.
The majority of reverse mortgages are insured by FHA (FHA is an insurer and not a lender). The FHA program is the most popular because the FHA insurance is what makes this program win-win for the borrower and for the lender because it removes the risk and liability, which means the lender is willing to lend what ever amount FHA will insure. It is a totally non-recourse loan, which means that the balance can never exceed the property value. Let me show you the differences.
H.E.C.M. = Home Equity Conversion Mortgage… this is what the Federal Housing Administration (FHA) calls their Reverse Mortgage… almost all reverse mortgages are funded this way, because they have the lowest interest rate of all Reverse Mortgage programs. Homes in the Jumbo Category are more favorable in a non-FHA program, which I also offer. There are no income or credit requirements to qualify.
T.L.O.M.T.D. = THE LOAN OFFICER MAKES THE DIFFERENCE
You’re visiting this website for one of two reasons; you’re looking in to a reverse mortgage for yourself, a friend or relative and you’re still deciding how and what you’re going to do.
When you decide one factor you’ll need to seriously consider is the Loan Officer who you will go with. The Loan Officer makes the difference; EXAMPLES: A very large lender turned away an earth sheltered home in South Carolina because they didn’t feel it was possible to get a reverse mortgage on it…. I got it done! The same lender (they are in all 50 states) turned away a home in Pennsylvania that was built in 1820 because they didn’t feel it was possible to get a reverse mortgage on it…. I got it done! The loan officer does make the difference. When I moved to Utah to be close to my grandchildren, I decided to make a change in the company I was doing business with; I went to work for the company that turned away the two loans I just mentioned. I couldn’t work for them, the bureaucracy and controls they have on their loan officers do not allow the loan officer the freedom to do what I needed to do in order to get those loans closed. I have no limitations now.
The loan officer you choose needs to be with a company that has its own underwriters and closes their own loans and lets the loan officer do what is needed to get the reverse mortgage closed.
YOUR REVERSE MORTGAGE IS DONE WITH A HUD APPROVED AND LICENSED LENDER OFFERING ALL AVAILABLE REVERSE MORTGAGE PROGRAMS AND IS A MEMBER OF THE NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION (NRMLA) AND FOLLOW THEIR CODE OF CONDUCT AND BEST PRACTICES STANDARDS. ALL ANALYSES AND COMPARISONS MEET THE AARP’S MODEL SPECIFICATIONS.
I can normally close our loans in as little as 15 days from the day I receive your signed counseling certificate. The red-tape lenders can’t get it done that fast.
I’ve been doing only reverse mortgages since October 2001… I started my mortgage career in 1978. I love what the reverse mortgage does for people. Let me show you how a Reverse Mortgage can turn your dream home into your dream retirement. My toll free direct line is: (877) FHA-HECM or (877) 342-4326 or email me at: Lou@ReverseAMortgage.com
FHA sets the interest rate and controls the fees allowed to be charged. The origination fee is where the lender makes their profit and is controlled by FHA and is limited to a maximum of two per cent (2.0%) of the lending limit. Ask me what discount you may be entitled to; unless your property is valued less than $100,000, I’m never the most expensive. HECM Reverse Mortgage interest rates do not vary from one lender to another and are mandated by the U.S. Government. What does vary is the lender’s margin which ranges from .625% to 2.00%, which is important for you to know and understand so that you can determine which program is best for you. The rates can change every Tuesday when the Treasury comes out with the rates or when the LIBOR changes, so, the rate charged by every HECM Reverse Mortgage Lender can vary widely. Reverse Mortgage programs are available with a Fixed Interest Rate or an Adjustable Rate Mortgage (ARM). The interest rate is indexed to the One-year U.S. Treasury Securities or the London Inter Bank Offered Rate (LIBOR) plus a margin of five-eights per cent to two per cent (.625% to 2.00%). Lock-Ins are available for 120 days on the variable interest rate programs only, which means you are protected from rising rates and if rates are down at the time of closing your Reverse Mortgage, you get the lower rate; a great win-win benefit for you. The fixed rate program is locked in two days before your loan closes.
Call me to find out what the reverse mortgage can do for you. I will fully educate you in every aspect of Reverse Mortgages and will answer your questions and provide you the analyses and comparisons that meet AARP’s model specifications. I can do that on the internet, you will get your own personal live presentation seminar personally from me, you can even see me and if you have a webcam I can see you. We are committed to offer you the highest standard of consumer information. After you are educated I will send you your reverse mortgage application and I’ll give you the personal attention you deserve; I believe in doing business the old-fashion way. Call me on my direct line: (877) FHA-HECM or (877) 342-4326, or email me at: Lou@ReverseAMortgage.com
A Reverse Mortgage Counseling Certificate is required by FHA, they want to make sure that you are not getting into something you don’t understand. Your counseling can cost you one hundred and fifty dollars ($150.00). If I do your application I can arrange it so there is no charge to you for this service. You will be given a counseling certificate; which will need to be part of your reverse mortgage application. No lender can order any services until your signed counseling certificate is received. We will provide you with a list of five counselors for you to contact. I’m not allowed to make the call for you.
All processing of your Reverse Mortgage is in-house; you never need to go anywhere else to get a status on your application, we handle everything from start-to-finish, we are a one-stop-shop. When we finish the processing of your application it is submitted to our dedicated in-house underwriter for a clear-to-close your loan. We will then order the final closing documents for you to sign in the comfort of your home and we will get it done in as little as 15 days.
Following a federally mandated three-day-right of rescission, which is the three days after you sign your final closing documents, your loan will be funded and you will receive the distribution option you have chosen, you have four options:
- All Cash
- Monthly Income (Tax-Free, Check with your Tax Advisor)
- Credit Line
- A combination of all three, cash, income and credit line.
Your money will come to you in the form of a check or electronically deposited into the checking or savings account of your choice. If you select a credit line, you can access your account anytime and as many times as you wish, with no extra fees. All distributions become part of your reverse mortgage balance. You never make a payment on your reverse mortgage; you are only expected to pay your property taxes, hazard insurance and naturally, maintain your home.
I look forward to the opportunity of being of service to you.
LOU SOQUI
Reverse Mortgage Specialist
Direct Toll Free Line: (877) FHA HECM or (877) 342-4326
EMAIL: Lou@ReverseAMortgage.com
Web: ReverseAMortgage.com
••• Doing Reverse Mortgages in all 50 states •••
VIDEO: A Reverse Mortgage Presentation can be seen by
clicking here: ReverseAMortgageVideo.com
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