Reverse Mortgages are a retirement product first and a mortgage product second. This isn’t about product structure; it is about implementation and-- more importantly-- mindset. When the mentality of the client and the loan officer mortgage first and retirement second, reverse mortgages get misused. Let's look at the mortgage mindset. Mortgages are not difficult to understand; they are simply a way to finance a large purchase and make it more affordable. At their core purpose, they are no different than any other financing product, such as an auto loan. Of course, we like mortgages because they are for an asset that historically does not depreciate and provides a more stable affordability than renting might. However, we can acknowledge that many use mortgages for purposes outside of purchasing a home. Cash-out refinances are used to consolidate debt, invest in a business, finance a boat, etc. Reverse mortgages however are vastly different. The purpose of a reverse mortgage is not to make the home more affordable. The primary purpose of a reverse mortgage is to help the sustainability, efficiency, and probability of success in retirement. But if the product is the same, you might think it doesn’t make a difference, but it changes everything. Having a mortgage mindset towards reverse is what leads people to use it as a temporary band-aid or to get through a short-term problem. A reverse is a long-term play. It is about a sustainable solution to make the whole retirement picture look better. A reverse is best for solving retirement issues, like losing social security income from the death of a spouse, having a backup bucket for long-term care, or even tax optimizing their spend-down. The reverse mortgage is there to help access a retiree's largest asset and incorporate it into the retirement plan. It is not there to “finance” a short-term desire or need. The hardest part about this discussion is that the uses are not actually wrong or right. Someone could buy a car with their reverse mortgage, and it could be a reasonable utilization of the product, while for others it would be a complete misuse. Is the client doing the reverse because they want to kick the can down the road rather than face facts and downsize their lifestyle, or are they strategically adding liquidity in a responsible manner? When considering whether a reverse mortgage is right for someone we must approach it from a retirement first, mortgage second, perspective. It all comes down to mindset. 

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HERE TO HELP LOAN OFFICERS UNDERSTAND REVERSE MORTGAGES!!🤙🏻 Here’s my best simplified breakdown- spoken in traditional mortgage language. If the homeowner has a mortgage, the reverse is similar to a cash out refi. The main difference is the monthly interest is deferred on the backside of the loan- paid back once they sell or pass. If the homeowner is free and clear, the reverse is similar to a HELOC. The main difference is the monthly interest is deferred on the backside of the loan- paid back once they sell or pass. (There are loan terms like paying taxes, insurance, and living in the property- but it’s all pretty basic stuff) Problem that the reverse solves.. 1. Helps the homeowner access funds. 2. Abundance of equity in the home is covering the cost of the loan for them- as opposed to their limited income. Biggest misconception- The bank takes the home. When the homeowner passes, whatever equity is left in the home, still go to heirs. They either sell, pay it off and keep the equity. Or they refi, get a new loan and keep the home. Reverse can be a game changer.. Just this week we’ve had several folks share that this was the answer to their prayers. Pretty cool. At the same time, reverse isn’t meant for every situation. Accurate information should be for everyone! Hope you have an abundant August! Let’s gooo!

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Get ready for a shift in the housing market! We're expecting interest rates and mortgage rates to drop by the 4th quarter and stay low through 2025. Meanwhile, home values are projected to keep climbing. What does this mean for you? It's likely to fuel buyer demand, sparking bidding wars and causing home prices to skyrocket even faster. If you've been thinking about buying a home, now is the time to act. You can always refinance later and tap into your home's growing equity. Let's connect and explore your financing options before the market heats up!

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🏠 What is the DSCR Mortgage Program? The DSCR loan program is designed for investors and focuses on rental income from the property in question rather than personal income. Who is the DSCR Program Suitable For? - Individuals with savings looking to invest in real estate in the USA. - Individuals with uncertain or variable personal income. Advantages: 1. Focus on rental income from the property rather than personal income. 2. Faster and simpler approval process. 3. Greater flexibility for investors. Disadvantages: 1. Higher interest rates compared to traditional loans. 2. The property must generate reasonable rental income to cover monthly loan payments. 3. This program is only for investment properties, not for owner-occupied homes. 4. Higher down payment required. Conclusion: The DSCR loan is suitable for investors seeking a mortgage to purchase rental properties without wanting their personal income scrutinized. It helps them obtain a loan based on the rental income of the property and the amount of their down payment. --- www.loanusa.us

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Pop quiz! Are FHA loans only for first-time homebuyers? ❌ Nope! They're for anyone who qualifies and wants a change. 🏡💬 🐺🐺🐺🐺 #Loanwolflending #Mortgagebroker #Homeloanswithabite #Abetterbreedofhomeloans #RealEstate #HomeBuying #FirstTimeHomeBuyer #HouseHunting #FloridaRealEstate

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Loan Officers ‼️ Are you getting shopped on rates? Having to cut your hard-earned comp to win deals? Tired of battling all the corporate politics? Losing deals because some other lender had a more creative option to win the deal? If that's the case, then these next few seconds are going to change your career - just as they did mine. What if you could get: ⚡️Tier 1 rate sheets.. the best par rates in the industry ⚡️Freedom to run your own operation, without having to answer to upper management (yes, we're compliant, we just remove a lot of the red tape) ⚡️Video support at your fingertips ⚡️200+ lenders, all with their own variety of options. This is like being able to be an independent contractor and picking the best fit for each client.. and you get the widest variety of lending options. ⚡️Nexa💯 - where you get up to the full 275 bps on the deal... without any impact to your client's interest rates. This means you the LO make the full 100% comp... imagine what you could do with that kind of revenue per deal! As the #1 Loan Officer at NEXA - the #1 Mortgage Broker in the country - I can personally speak on how the NEXA platform has changed my entire career and now I'm wanting to also help fellow Loan Officers grow and scale their businesses on the same platform. I'm handing out the blueprint for whoever's ready to take advantage. I would love for you to join me in Michigan (flight and room will be FULLY COVERED) where I will answer all your questions in person and you’ll have access to the CEO himself! LIMITED SPOTS AVAILABLE! Send me a message and we’ll get this booked! ** Clients, Realtors, and other Referral Partners - don't worry, we're still all in on providing the best possible help when it comes to our day to day lending, which we've become known for. I've just been presented a pretty awesome opportunity to spread the love amongst my LO community and help my peers.. and in return it's opening up even more doors for us to continue to improve what my team and I do for our clients. **

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Unlock the key to savvy real estate investments with DSCR! Let's connect and start building YOUR empire!

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When searching for your dream home, it isn’t always love at first sight – or second or third or fourth even. No matter how many homes you’ve looked at, learning the latest home buyer and seller trends will help you be ready when you find the one http://spr.ly/6049e5AEz

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Builder confidence fell for the 4th straight month, and the prevalence of price cuts/sales incentives rose. But with average mortgage rates down 50 basis points in the last month, optimism for the future is rising. #homebuilder #newconstruction #mortgagemarketnews

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📈 Lower closing costs may mean a higher interest rate, so weigh the short-term savings against long-term costs when choosing a home loan. Yagnesh Mehta Sr. Mortgage Loan Officer Direct: 443-805-8763 NMLS 929463 #yagneshmehtamortgage #homeloanstips #closingcosts #interestrates #mortgagerates

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Realtors, real estate agents, and lenders! Confused about what to do with these buyer changes??? This class is for you, we will go over scripts and detail on how how to work with your buyers and lender partners starting now, before the changes take effect.

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Recent mortgage changes: 👉FHA 203k changes (Effective November 1st.): 1. 203K Limited has increased the max amount of repair cost from 35K to 75K. (This is a really big deal and long overdue) 2. Max repair time for the full 203K extended to 12 months. 👉MSHDA Changes (effective immediately): 1. Buyer Agent Commissions – MSHDA has announced that real estate commission, buyers or sellers, can be paid by the borrower using their own funds when obtaining a MSHDA loan. MSHDA down payment assistance funds may not be used to pay any portion of the realtors' commission or any fee to the realtor that is labeled as commission on the purchase agreement and/or closing disclosure. If your borrower agrees to pay any portion of the realtors' commission, or a realtor commission fee, they must do so out of their own funds or with an eligible gift. Commissions shown on the CD may count towards the borrower’s 1% requirement. 2. Appraisal Gap Guarantee- An appraisal guarantee is when a borrower agrees to pay the seller more than the appraised value of the home. If a borrower agrees to an appraisal guarantee, they must still pay this out of their own funds or with an eligible gift. MSHDA down payment assistance funds may not be used to pay any portion of the appraisal guarantee. MSHDA has updated their policy to allow the appraisal guarantee to count towards the borrower 1% requirement on a MSHDA down payment assistance loan.. 3. Gift of Equity-Borrower’s 1% Contribution - MSHDA has updated their policy to allow a gift of equity to count towards the borrower 1% requirement on a MSHDA down payment assistance loan. Please reach out to me with any question you may have. Mark Gelbman, Your Mortgage Advisor NMLS # 112342 248.705.8431 cell/text mgelbman@UHM.com #HomeBuyers #1stTimeHomeBuyers #MiRealEstate #DownPaymentAssistance #BuildingWealthWithRealEstate #MultiTaskYourMoney #NewConstructionLending #RenovationLending #MSHDA #VALoan

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