Reverse Mortgages For Builders
Builders: Exciting Home Financing Option That Can Help You Sell More Homes to the 79 million baby boomers*
The HECM (Home Equity Conversion Mortgage) for Purchase program enables borrowers over the age of 62 buy a new home, maybe their dream retirement home, with as little as 45-50% down payment, without ever having to make a mortgage payment.**
Instead of having to seek conventional financing and qualifying under those guidelines or having to bring in 100% cash, reverse mortgage buyers can conserve their liquid assets by utilizing a HECM for Purchase. This gives the buyer increased purchasing power to buy in new construction projects in a community environment they desire.
And since the Reverse Mortgage guidelines prohibit any 3rd party concessions of any kind, you will never be asked to provide a concession, credit or pay for any of the buyers fees.
HECM Home Purchase Example***
Learn how to open up this new opportunity with potential buyers for you resulting in more sales in YOUR project. Eligible property types include single-family house or townhome; FHA (Federal Housing Administration) approved condos; manufactured home that meets certain requirements.
* http://www.prb.org/Publications/Articles/2002/JustHowManyBabyBoomersAreThere.aspx ** Must continue to pay property taxes, insurance and maintain the home. *** This example is used for illustration purposes only and is not a guarantee of costs, loan amounts or terms. **** Loan amount calculated March 15, 2016.
Just some of our happy clients
"I am very grateful to have been able to work with you and your associates in obtaining a reverse mortgage. My financial planner said that I was the perfect candidate and recommended using you to expedite everything. It went very smoothly and my income stream provided a preservation of my portfolio which has eased my mind. Thank you so much."
"Thank you for taking care of this for my mom, this is just what she needed to give her some financial breathing room."
"We selected On Q Financial Services after a recommendation from our financial advisor. We received a thorough education in not only the process but the important nuances that should be considered before making a final decision. On Q respected our need for detailed communication and also provided an understanding and insight into the process. We look forwards to recommending On Q Financial Services to our professional and personal associates, not only for your firm’s expertise but more importantly, the terrific personnel with whom we dealt along the way."
"A few years ago I was living in a house that did not suit my needs. With the assistance of Samantha Alspaugh, I signed up for my first Reverse Mortgage line of credit. Using this relatively low interest loan for construction funds enabled me to build a new house appropriate for my stage in life.
When my new house was completed, I sold the prior house and paid off my first Reverse Mortgage. I moved into my new home and then contacted Samantha for my second Reverse Mortgage Line of credit. My new home has some title and ongoing quirks. In spite of these issues a determined Samantha stuck with it and ultimately arranged my second Reverse Mortgage Line of Credit.
I first used this loan as a bridge loan, then I paid it almost off (not quite zero to keep the loan open). Now thanks to the financial flexibility offered by a Reverse Mortgage Line of Credit, I live in my dream home debt free and watch the line of credit funds available to me increase on a regular basis. Most importantly, I have peace of mind knowing that I have emergency funds available to me anytime just a phone call away.
Life is good"
Reverse Mortgage News
On Q Gives Back… in Charlotte, North Carolina Settled in the beautiful town near Charlotte just southeast of Lake Norman is Huntersville. In the heart of this city lies the Carillon Assisted Living of Huntersville where On Q’s very own Barbara Buchacker volunteers. ...read more
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