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Learn more about: Reverse MortgageLandAmerica Southland Title has recently introduced a Reverse Mortgage Department where we have specific Title unti and Escrow officers that will help assist the Reverse mortgage lenders in Southern California. Along with this new development we realize the increasing need for professional marketing tools for Reverse Mortgages and these have been posted on NoWaitArt and WebUSmail. A Helpful hint to kick start your marketing for your New reverse mortgage department as a Lender, take your existing database and do an email blast or a mail campaign with a in-depth press release about your new loan you will be offering. Most of the individuals I spoke with said they had an average age of 35-50 in their database, so you may ask why is this marketing beneficial? Becasue the majority of this database will have parents of age which is 62+ that will be interested in consulting with you about your new reverse mortgage department. There are several types of Reverse mortgage types of products available to the homeowners which are a Home Equity Conversion Mortgage(HECM), Fanny-Mae Home Keeper, and the Financial Freedom Cash Account. The most popular and most commonly used is the HUD Sponosored HECM. THhis product has been available to homeowners at the age of 62+ since 1989. The HECM's are insured by the Federal Government through the Federal Housing Administration (FHA) part of the US department of Housing and Urban development. A homeowner at the age of 62+ can convert their equity from their home into monthly income and or a line of credit to be repaid when they no longer occupy the home. Your traditional home equity loans require you to make a monthly payment along with pay-off when selling the home. The HECM loan does not require payment as long as the home is the borrower's principal residence. Lenders recover their principal plus interest when the home is sold. The difference from the loan to the home's sold price would go to his/her survivors. The homeowners could never owe more than the home's value and can continue to live in the home without repayment indefinitely so long as the home is maintained in good repair and all taxes are paid and current. If the sale proceeds are insufficient to the amount owed to the Lender HUD will pay the Lender the amount of the short fall. If you would like to learn more about Reverse Mortgage terms, programs and marketing or interview a Escrow officer or Title officer on staff please contact me. Borrowers requirements:
Reverse Mortgages have been the talk for the last couple of months in the Temecula Lender Community along with Hemet Lenders and surrounding areas. I have hosted through LandAmerica Southland Title Reverse Mortgage seminars and introduced our Reverse Mortgage specialist. Hemet Real Estate is a huge demographic for Reverse mortgages due to the growing number of baby boomers to the Hemet area. Murrieta Real Estate has also seen this growth due to Senior Communities with a tremendous amount of ammenities such as golf courses and bingo halls that have been established for years. |
