An elderly couple, (he is 84 and she is 73 years old), were referred to me by a Real Estate Agent. After renting a home for 17 years, they were told that on August 1st, they would have to move out from their first and only home since immigrating to America. Their combined income from Social Security and pensions were about $20,000/year.
Could Pacific Bay Financial help them? This was like a test since I am supposed to find a solution for every mortgage program.
Suddenly, I remembered that Reverse Mortgage could be used not only for refinancing, but for purchases as well. After calculating their eligibility, the computer program gave me a loan amount. Their real estate agent found them a very nice single family home in Pittsburg, CA, for which they will only have to pay property tax and hazard insurance, or about $4,500/year. The house will stay in their possession until the last person has passed away or moved out. Afterwards, the property will have to be sold or refinanced to pay off the loan plus accrued interest.
Please be advised:
All clients’ documents should be ready and prepared to submit to Lender ASAP! Any interest rate information published in this message is subject to change without notice and does not constitute a commitment to make any loan at any specific rate. Please contact Pacific Bay Financial for more information.
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