For those who know me well, every day is a happy day. But today is an especially happy one. The young-at-heart couple I was helping to get a reverse purchase loan, are moving into their first home, as homeowners. It was not exactly their American dream. When Margarita, now 72 and Igor, 81, came to the United States 17 years ago, they never imagined that they would be able to buy a home. Over the last 12 years, they were renting a house, where they thought they would spend the rest of their lives. After all, with a yearly income between social security and a small pension of $20,000.00 a year, even renting could be problematic. They were referred to me after finding out that the home they’ve been renting, was about to go on the market. I wondered, “Is there a miracle I can pull out this time?” In a flash, I remembered about purchase reverse mortgages. This would be the first circumstance in my career to obtain one for my clients, and besides, our government, who offers the
HECM (Home Equity Conversion Mortgage) loans through the
FHA (Federal Housing Administration) programs, just changed the rules. Previously, practically anyone at the age of 62 could get a reverse mortgage, now borrowers need to be qualified. Luckily, before they retired, the couple saved money, and had $175,000+ to their name. The size of the loan depends on two basic factors: the age of the youngest person and the estimated value of the subject, as well as the zip code. The couple started looking in the East Bay and their real estate agent
Dina Bruk (you can contact her at 925-360-1827) found them a few properties in
Pittsburg, CA. Following number of unsuccessful attempts, they offered $375,000.00 for a property listed for $325,000.00. After a month of the underwriting process and dealing with the minute conditions, to my relief, the loan was approved.
