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As your reverse mortgage professional, I take a hands on approach in educating my clients on the benefits of a reverse mortgage and how it can become an important part of your retirement strategy. Whether you use the reverse mortgage to increase your monthly income, help preserve your existing retirement portfolio, lower your taxable income or use it to purchase a new home – the New Reverse Mortgage can significantly change your lifestyle and I would like to assist you through this process and help you to achieve your retirement goals.
Get to Know Victor Quaranta
HECM for Purchase allows seniors, age 62 and older, to purchase a new principal residence using loan proceeds from the reverse mortgage.
The program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing.
Existing one-to-four unit properties where construction has been completed and the property is habitable. See ML 2007-06.
Yes. If the property will be used as collateral for the HECM and the mortgage will be held in fee simple, or on a leasehold under a lease for not less than 99 years which is renewable, or under a lease having the remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest mortgagor.
More Reverse Mortgage Questions
NOT TRUE - This is just a mortgage loan and you retain ownership for as long as you live. Then your estate determines its fate.
NOT TRUE - While you must have equity in your home, we can pay off the current mortgage with the reverse mtg. We do this frequently.
NOT TRUE - When it comes time for you or your heirs to pay off your loan, it can be paid in full, refinance or sell – it's your choice.
NOT TRUE - I personally work with a lot of Financial Planners to increase financial stability in different ways. Many senior are concerned about outliving their assets, using their home equity will help preserve their liquid assets which is critical in our current economic environment.
NOT TRUE - These are considered loan proceeds and not income, so they do not affect your benefits. It's tax free income.
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© 2017 V.I.P. Mortgage, Inc. does Business in Accordance with Federal Fair Lending Laws. NMLS ID 145502. AZ: Mortgage Banker License No. BK-0909074. CA: BRE Real Estate Corporation License Endorsement 01866775 | DBO Residential Mortgage Lending Act License 4131324 D.B.A. V.I.P. Independent Mortgage, Inc. | 41DBO-58745. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. CO: Mortgage Company Registration 145502. Regulated by the CO Division of Real Estate. FL: Mortgage Lender License MLD1399; MLDB4970. HI: Mortgage Loan Originator Company License HI-145502. IL: Illinois Residential Mortgage Licensee MB.6760990. IN: DFI First Lien Mortgage Lending License 21573; DFI Subordinate Lien Mortgage Lending License 21574. MI: First Mortgage Broker/Lender License FL0017723; Second Mortgage Broker/Lender Registrant License SR0017724. MN: Residential Mortgage Originator License MN-MO-145502, Minnesota Residential Servicer License MN-MS-145502. NE: Mortgage Banker License 2032 | Banker License 1081833. NM: MLC 397200 | MLC 3769 | MLC 834012 | MLC 1081833 | MLC 336964. OR: ML-5444-3 | ML-5444-2 | ML-5444-1 | ML-5444. TX: SML Mortgage Banker Registration. N.A. D.B.A. V.I.P. Independent Mortgage, Inc. UT: DRE Mortgage Entity License No: MLCO-7233522 | DRE-8993850. WA: Master Business License No. 602 774 478, Consumer Loan Company License No. CL-145502 | CL-172492 | CL-336964 | CL-1252401 | CL-1355178. WI: Mortgage Banker License No. 145502BA | 172492BA , WI- Mortgage Broker License No. 145502BR | 172492BA. V.I.P. Mortgage, Inc. does Business in Accordance With Federal Fair Lending Laws. V.I.P. Mortgage Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. V.I.P. Mortgage Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage Inc. are not coming directly from HUD or FHA.