Purchase MoneyPurchase Money Reverse MortgagesReverse Mortgages

Purchase MoneyPurchase Money Reverse MortgagesReverse Mortgages

NOTNOT the old HECM loans the old HECM loans

you have been hearing aboutyou have been hearing about

STAR MARIE DARDENSTAR MARIE DARDEN

www.reversemortgagestar.comwww.reversemortgagestar.com

619 892 5626619 892 5626

C2 FINANCIAL CORPORATION C2 FINANCIAL CORPORATION

Myths & MisconceptionsMyths & Misconceptions

R/M’s are too expensiveR/M’s are too expensiveNothing will be left for my heirsNothing will be left for my heirsI could lose my homeI could lose my homeI don’t want to risk my Medicare or Soc. Sec.I don’t want to risk my Medicare or Soc. Sec.My kids will not approveMy kids will not approveI don’t think I can qualifyI don’t think I can qualifyIf I pass away, what happens to my spouseIf I pass away, what happens to my spouseI don’t think I can qualify to buy a more lifestyle I don’t think I can qualify to buy a more lifestyle appropriate homeappropriate home

How does it work ? Overview…How does it work ? Overview…

Get homeowner pre-approved for NEW Get homeowner pre-approved for NEW PURCHASE Reverse MortgagePURCHASE Reverse MortgageList and sell current propertyList and sell current propertyLocate new propertyLocate new propertyUse equity from sale of former home or other Use equity from sale of former home or other liquid assets for down payment on new propertyliquid assets for down payment on new propertyUse NEW PURCHASE Reverse Mortgage to Use NEW PURCHASE Reverse Mortgage to close on new homeclose on new homeMove into new owner occupied home with NO Move into new owner occupied home with NO monthly mortgage payments duemonthly mortgage payments due

Why sell or purchase ?Why sell or purchase ?

Current home is too large Current home is too large Property is too unmanageableProperty is too unmanageableNo amenities No amenities (pool, spa, weight room, handicap access)(pool, spa, weight room, handicap access)

Home is in undesirable locationHome is in undesirable location (Neighborhood has gone down, too far away from other family, grandkids)(Neighborhood has gone down, too far away from other family, grandkids)

Cash flow of NO payments is attractiveCash flow of NO payments is attractiveCurrent equity in existing residence or Current equity in existing residence or strong liquid assets makes a move possiblestrong liquid assets makes a move possible

Pre-approval is easy Pre-approval is easy (Counseling required)(Counseling required)

NO income, credit or employment qualificationsNO income, credit or employment qualifications

..(as of now…regulations may be changing)..(as of now…regulations may be changing)

Knowing the amount of the RM ( knowing how Knowing the amount of the RM ( knowing how much cash is needed to close) may help them much cash is needed to close) may help them accept offers more easilyaccept offers more easily

Competitive price on their home gives borrower Competitive price on their home gives borrower parameters within which to shop for new home.parameters within which to shop for new home.

Can add more cash to buy more expensive new Can add more cash to buy more expensive new homehome

How does it work ? Details…How does it work ? Details…

Details continued….Details continued….

FeatureFeatureYoungest borrower must be Youngest borrower must be 62 years or older62 years or olderNon-recourse loanNon-recourse loanHome must be up to FHA Home must be up to FHA standards.standards.Closing costs factored into Closing costs factored into loanloanAppraisal and credit are Appraisal and credit are upfront costsupfront costsPre-approval good for 60 Pre-approval good for 60 daysdays

Advantage / BenefitAdvantage / BenefitNo upper age limit.No upper age limit.Never owe more than home is worthNever owe more than home is worth Sale can be closed preserving liquid or Sale can be closed preserving liquid or other retirement assetsother retirement assetsBuyer knows loan approved. Can shop for Buyer knows loan approved. Can shop for new home with confidencenew home with confidenceSeller knows loan approved subject to Seller knows loan approved subject to items related to the property and appraisalitems related to the property and appraisal

What is the first step to find these deals ?What is the first step to find these deals ?

Identify empty nesters / boomers and elder Identify empty nesters / boomers and elder move up prospects in your farm areamove up prospects in your farm areaGet with , Star Marie, your Reverse Mortgage Get with , Star Marie, your Reverse Mortgage Specialist to obtain possible scenarios for your Specialist to obtain possible scenarios for your prospectsprospectsArrange meeting with prospects and Star Marie Arrange meeting with prospects and Star Marie to explain optionsto explain optionsFollow up with prospects to see which option Follow up with prospects to see which option they wish to exercisethey wish to exerciseContact Star Marie to get prospects pre-Contact Star Marie to get prospects pre-approved and through mandatory counselingapproved and through mandatory counseling

Equity from sale of previous home and/or liquid assets + Equity from sale of previous home and/or liquid assets + R/M amount senior is approved for = Price of new homeR/M amount senior is approved for = Price of new home

1. IDENTIFY 62+ HOME OWNERS OR BUYERS1. IDENTIFY 62+ HOME OWNERS OR BUYERS2. CALL STAR TO QUICKLY QUALIFY CLIENTS2. CALL STAR TO QUICKLY QUALIFY CLIENTS3 LIST THE SENIORS’ HOME3 LIST THE SENIORS’ HOME4. SELL THEIR HOME4. SELL THEIR HOME5. SELL THEM A NEW PROPERTY( maybe able to buy new 5. SELL THEM A NEW PROPERTY( maybe able to buy new owner occupied with out selling current home… depending on owner occupied with out selling current home… depending on their assets.)their assets.)

It really is quite simpleIt really is quite simple

Call Star Now 619-892-5626Call Star Now 619-892-5626