LifeSourceMortgage

🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 Jumbo Reverse Mortgage Loan to Value Week of 07/25/23 In this video I talk about the HECM reverse mortgage loan to value. It changes weekly on Tuesday and whether it goes up or down is dependent on the interest rates. As interest rates rise, your borrowing power decreases and vice versa. This week a 55 year old can borrow about 29.5% This week a 67 year old can borrow about 38.2% This week a 80 year old can borrow about 47.7% This week a 92 year old can borrow about 51%. 🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/ #HecmNonBorrowingSpouse #CanIdoAReverseMortgageIfMySpouseIsNot62 #ReverseMortgageInfo www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 HECM Reverse Mortgage Loan to Value | Reverse Mortgage LTV Week of 07/25/23 In this video I talk about the HECM reverse mortgage loan to value. It changes weekly on Tuesday and whether it goes up or down is dependent on the interest rates. As interest rates rise, your borrowing power decreases and vice versa. This week a 62 year old can borrow about 34.5% This week a 72 year old can borrow about 40.5% This week a 82 year old can borrow about 50.1% This week a 92 year old can borrow about 64.3% 🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/ #HecmNonBorrowingSpouse #CanIdoAReverseMortgageIfMySpouseIsNot62 #ReverseMortgageInfo www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 In this video I talk about the question; reverse Mortgage If My Spouse is Not Age 62 Plus? 🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/ #HecmNonBorrowingSpouse #CanIdoAReverseMortgageIfMySpouseIsNot62 #ReverseMortgageInfo www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

2023 Reverse Mortgage Maximum Loan Amount | HECM Max Claim Amount | Reverse Mortgage Limits 🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 In this video I talk about the 2023 Reverse Mortgage Maximum Loan Amount. 🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/ #2023ReverseMortgageLoanLimits #2023HECMLoanLimits #2023HecmMaxClaimAmount www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

New 2023 Conventional Loan Limits Announced | 2023 Conforming Loan Limits 🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 Video Transcript: Hi there, thanks for stopping by the Channel. My name is Shawn and this is the LifeSource Mortgage YouTube Channel. Today I'll be talking briefly about the new 2023 Conventional Loan Limits that were just announced about a week or two ago by some of the major lenders that we work with. With that said, let's go ahead and dive in. I'll go ahead and explain how it works. So, first and foremost it's important to note that FHFA is actually who announces the official conventional loan limits and they announce it yearly in November for the year to come. And, the way they calculate that is they base it on home appreciation from the 3rd quarter compared to the 3rd quarter last year. Now, we're not done with the 3rd quarter yet. It's only September 22nd when I'm filming this, but we're close and that data will be out soon BUT as of now the 2nd quarter national home appreciation was about 17.7% on average. What some of the lenders have done (some of the big players we work with) is they went ahead and announced the new lending limits for conventional loans in 2023 at $715,000 which is only about 10.5% higher than the loan limits set for 2022 (which are $647,200) and then in high cost areas they can be as high as $970,800 for a 1 unit single family home. That's just 1.5 times the actual loan limit. That's sorta how that works. So, for now, a few of the lenders that we work with (not all) are offering new conventional loans as high as $715,000 which means that you can get access to lower rates compared to jumbo loans. It's a little bit easier to qualify compared to jumbo loans, etc. With that said, for next year, the formula in terms of determining the high cost areas is again just 1.5 times the actual conventional loan limits set for the country. And, so if you do the math on that, it means that the likely high cost loan limit for conventional loans next year in 2023 will be $1,072,500 which is just 1.5 times the actual loan limit. These lenders played it a little bit conservative since home appreciation was around 17.7% in the second quarter. They only bumped it up 10.5%, so there is a good chance that we'll actually see higher conventional loan limits for 2023. So, check us out because I'll make another video when we have the official 2023 loan limits which get announced in November, but again, we can actually get you approved to purchase a home now with these new loan limits up to $715,000. And, we can actually get them funded as well, so that's excellent news. Thanks for stopping by the channel. Please drop a "like", "subscribe" and if you want to get any information about any kind of loan our contact information is down in the description below. Take care! 🔥Get Your Free Info Kit🔥 For More Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/ #2023ConventionalLoanLimits #2023LoanLimits #ConformingLoanLimitsFor2023 www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Can A Reverse Mortgage Be Refinanced. 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage Video transcript Hey there, thanks for stopping by the LifeSource Mortgage YouTube channel. My name is Shawn and today I’ll be talking about reverse mortgage. More specifically, tackling the question “Can a Reverse Mortgage Be Refinanced?” Uh, I’ll also talk a little bit about some of the perks in doing so that pertain to the closing costs. With that said, let’s go ahead and dive in. So, the very first rule in terms of redoing a reverse mortgage is you can’t do it any more often than once every 12 months. So, let’s say you did a reverse mortgage 10 months ago. Well, you can’t redo it until another 2 months from now. You have to do it no more often than once every 12 months. Ok, that’s a basic rule. The next one (rule) is, they have rules in terms of how much money you get and the benefit, etc. The idea behind it is they don’t want people re-doing it if there is no tangible benefit to you as a homeowner. So, the first rule in terms of that tangible benefit is that you have to get access to at least 5% more than what you already have. So lets say you have a $95,000 loan balance and $5000 available on your line of credit. You basically have a $100,000 reverse mortgage now in that case. Well, ya have to be able to get at least $105,000 which would be 5% more than that hundred thousand. Would it be worth doing if for $5000? Maybe, maybe not. That’s for you to decide. This is just a real simple example. Ok, with that said, one of the other rules is that the amount of money you receive has to be 5 times more than the closing costs. Let’s just say the closing costs total, are $5000. Well, you have to be able to get access to at least $25,000 to make it work in terms of the net tangible benefit rule that FHA has on re-doing a reverse mortgage. One of the perks about redoing a reverse mortgage is that, uh, you probably remember when you first got it that one of the biggest fees if the FHA up front mortgage insurance premium. At this point in time it’s basically 2% of the appraised value. Well, they prorate that so you don’t have to pay the entire thing the second time around. So, let’s say the last time you did it, the house appraised for $300,000. Your up front FHA mortgage insurance premium would have been $6000 depending on when you did it (this does change periodically). So, you already paid that $6000. Now, lets say it’s worth $400,000. What would happen is instead of paying 2% of that (which would be $8000) . Instead, you’d only pay $2000 in this example because you already paid $6000 the first time around. Obviously, this make it beneficial for you to not have to pay that bigger fee again. I’d love to hear from you if you want to explore refinancing your reverse mortgage. My contact info is down below in the description. 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage #CanAreverseMortgageBeRefinanced #ReverseMortgage #HecmToHecm www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Can You Do an FHA Reverse Mortgage on A Manufactured Home? 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage Video transcript: Hi there, Thanks for stopping by the LifeSource Mortgage Youtube Channel. My name is Shawn and today I’ll be talking about the question, Can You Do An FHA Reverse Mortgage On a Manufactured Home? With that said, let’s just go ahead and dive in. I’m gonna go through some of the basic quaifications And in case I miss something, cuz there kinda is a long list, I’ll put them down in the description below. And of course, I’ll put my contact info in the description below. If you wanna get any information about a reverse mortgage, check it out. I’d love to hear from you. Ok. First and foremost, your home needs to be 400 square feet or more. Next, it has to be built July 15th 1976 or newer. It can be a single wide, double wide, or triple wide, but do note that not every lender does single wides. A lot of them just don’t like them. So, if talk to someone and they tell you “no”, It might be because the work for a lender that doesn’t do it. Your best bet might be to talk to a broker that’s aligned with several reverse mortgage lenders. Double wides are easier to do, same with triple wides. More places do double wides and triple wides than single wides. Next, the tongue and axle need to be removed. It has to be on a permanent foundation. It has to have permanent skirting and has to have permanent utilities hooked up. It has to be on the original site. So let’s say someone bought a new one whether it be you or a previous owner. It gets shipped to the site (and it has to be on land that you own), it can’t be moved from that original site. That would make it ineligible for an FHA reverse mortgage. It has to have the HUD tags and like I said, it has to be on a permanent foundation. And then, in terms of the appraisal, there’s a lot of requirements. Basically, you have to have at least two comparable sales that are manufactured homes. More is better, but that’s the minimum requirement. And then, there are other requirements in terms of the distance the comparable sales have to be. Usually for, um, urban areas they need to be within 1-2 miles of your place. And then for rural areas, they can actually go as far out as 20 miles, But lenders do put what we call overlays above and beyond FHA rules. So, some lenders say, “we want them to be within 10 miles of your property.” And, some of them use FHA guidelines and the 20 mile number. So, you might wanna just talk about that if you’re in a rural area or if there’s not many sales So that the loan officer can do some research in terms of whether it looks like it’s a viable deal for you to get a reverse mortgage on your manufactured home. Just a quick note. There are proprietary reverse mortgages that are not FHA insured And pretty much none of them do reverse mortgages on manufactured homes. Alright, with that said, that pretty much covers the bulk of it. And again, I might have forgotten or missed something, but I’ll put a list of pretty much all the requirements down in the description below. Again, I’d love to hear from you. LifeSource Mortgage is licensed in CA, CO, and ID. However, I do know a bunch of reverse mortgage professionals. So if you’re not In those states, I might be able to connect you with someone that can help you. Take care! Guidelines at a glance: - 400 Plus square feet - constructed after July 15, 1976 - built and remain on perm. chassis - axles and tongue removed - permanent utilities - Perm. skirting - be on original site - own the land - have the HUD tags - at least 2 comparable sales need to be manufactured - foundation inspection - comparable need to be less than 20 miles in rural areas (some lenders want less than 10). - taxed as real estate 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage #ReverseMortgageOnAmanufacturedHome #ReverseMortgage #MobileHomeReverseMortgage www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Can A Reverse Mortgage Be Paid Back? 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage In this video we discuss the question Can A Reverse Mortgage Be Paid Back? . Video Transcript: 0:00 - Hey there, thanks for stopping by the channel. 0:07 - Today I'll be talking about reverse mortgage 0:09 - More specifically answering the question "can a reverse mortgage be paid back?" 0:14 - The Simple answer to that question is "yes", but I'll just explain further. 0:18 - With that said, let's go ahead and dive right in. 0:21 - Ok, so a reverse mortgage is just a mortgage like any other, 0:26 - but there's three differences. 0:28 - Number one, there's an age requirement. You have to be either 55 or 62 or older to qualify. 0:34 - There's an equity requirement. 0:36 - And the best part is you don't have to make a monthly mortgage payment 0:40 - for as long as you live or for as long as you live in your home. 0:46 - Now, in terms of making payments, you can make a partial payment, periodic payments 0:51 - You can make principal and interest payments. 0:54 - you can do whatever you want. And that's the beauty about a reverse mortgage 0:57 - Is that it puts financial freedom on you in terms of your monthly mortgage payment. 1:04 - Regular mortgages, you don't make a payment, they'll start sending you notices. 1:09 - Eventually they'll send a notice of default. 1:11 - Eventually they'll foreclose if you don't make a payment for long enough. 1:14 - That's not the case with a reverse mortgage. 1:16 - and you just simply don't have to make a mortgage payment 1:20 - again, for as long as you live or for as long as you live in the house. 1:23 - Now, if you're talking full repayment. 1:26 - There's no prepayment penalty with a reverse mortgage 1:30 - so you can certainly do that. 1:32 - However, let's say that you have a line of credit 1:35 - If you wanna keep it active so that you have access to it when you need money or want money 1:43 - for whatever reason, ya just have to NOT pay it back 100%. 1:48 - when you pay it back 100% it pretty much closes the line of credit 1:53 - and then you'd have to redo the reverse mortgage 1:57 - from the beginning like you did when you first got it. 1:59 - so, to avoid doing that, you would simply pay it down to 2:04 - (uh, it depends on the servicer) like $500 or $100. 2:08 - Leave that balance on there and you'd still have an active reverse mortgage 2:11 - life of credit so that you can tap into it whenever you want it or need it. 2:15 - I hope that answered any questions you might have pertaining to the subject 2:19 - I love reverse mortgages. We'd love to hear from you. 2:22 - If you have any questions about anything pertaining to reverse mortgage 2:27 - Our contact info is down below in the description 2:29 - and we'd love to give you a free information kit 2:30 - If you want more info about reverse mortgage loans. 2:36 - our contact info, again, is down in the description. 2:39 - If you could please just drop a quick like 2:41 - subscribe, and if you have any comments 2:46 - go ahead and feel free to comment 2:47 - Enjoy the rest of your day 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage #CanAReverseMortgageBePaidBack #ReverseMortgage #HecmReverseMortgage www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Does a Reverse Mortgage Show on a Credit Report 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage In this video we discuss the question Does a Reverse Mortgage Show on a Credit Report. Video Transcript: 0:00 - Hello and thenk you for stopping by the Lifesource Mortgage YouTube Channel. 0:06 - My name is Shawn and today I'll be talking about a real topic / question and it's basically "Does a Reverse Mortgage Show on a Credit Report"? 0:15 - It's a very good question. We get asked that sometimes. At the end of the day, the answer to that question is "no". 0:24 - A reverse mortgage does not show on your credit report. 0:27 - Remember, your not making payments on a reverse mortgage for as long as you live or for as long as you live in your home that's attached to the reverse mortgage. 0:37 - With that said, if you're thinking about getting financing for another home, a second home, or an investment property or something like that there's no payment to be factored into the qualifications. 0:48 - However, you would have to (or the loan officer that's pre approving you or doing the loan for you) factor in the property taxes that you pay, the homeowner insurance, and any applicable HOA dues into your debt to income ratios. 1:03 - You still own the home when you do a reverse mortgage, so you're still supposed to pay taxes , homeowner insurance, and any applicable HOA dues. 1:13 - I told you it'd be a quick one. I hope you enjoyed and found the information useful. 1:17 - Please go ahead and like and subscribe. 1:20 - and if you want to connect regarding any loan scenarios (especially a reverse mortgage) I'd love to hear from you. 1:24 - Our contact info is in the description down below. Take care! 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage #DoesAReverseMortgageShowOnaCreditReport #ReverseMortgage #HecmReverseMortgage www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Can A Reverse Mortgage Be Used to Purchase A Home 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage In this video we discuss the question "Can A Reverse Mortgage Be Used to Purchase A Home?". The simple answer to that is "yes", but I'm going to explain further with a couple of examples. With a reverse mortgage, you can borrow a percentage of your home's value (or purchase price) and you don't have to make a monthly payment for as long as you live or for as long as you live in your home. The way that is works it at age 62 (which is the point of entry for an FHA reverse mortgage) you can borrow about 40% of your home's value or purchase price. Keep in mind that this does depend on the program, interest rates, and is subject to change weekly. Roughly, you can borrow 40-65% of the home value depending on your age. At age 62 you can borrow roughly 40%. So, if you buy a home for $800,000 then you can borrow about $320,000 leaving a down payment requirement of $480,000 plus closing costs. So, basically, you can get into an $800,000 with just a down payment of $480,000 plus closing costs. BUT, what does that get you? It gets you NO mortgage payment for as long as you live or for as long as you live in the house. Alot of people think about downsizing and selling their bigger or more costly home and then paying cash for the smaller or more economical home so that they don't have a mortgage payment. With a reverse mortgage, you can do the same thing (referring to not having a mortgage payment) except you don't have to part with as much cash. 2:07 2:14 As far as I'm concerned, not enough people take advantage of this program. 2:18 On the other side of the age spectrum, we have a 90 year old. Again, it depends on the program. There's a proprietary reverse mortgage and an FHA reverse mortgage. At this point in time a 90 year old can borrow about 64-65% of the purchase price. 2:35 So how does that work in terms of buying a home with a reverse mortgage at age 90? Since you can borrow about 64% of the purchase price, it means you can get about $512,000 with the reverse mortgage. Subtract $512,000 from the purchase price of $800,000 and that leaves you with a down payment of $288,000 plus closing costs. Again, that means you don't have a monthly mortgage payment for as long as you live or for as long as you live in your home. 3:12 A couple quick notes before I sign off. There are lower points of entry in terms of the reverse mortgage. In some states it can be done at age 55. Some states have different requirements, but you may be able to do a reverse mortgage as young as age 55. 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage #CanReverseMortgageBeUsedToPurchaseAhome #ReverseMortgagePurchase #HecmForPurchase www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Why Colorado Real Estate Agents Should Have a Reverse Mortgage Pro in Their Network 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage In this video we talk about Why Colorado Real Estate Agents Should Have a Reverse Mortgage Pro in Their Network. There's two or three good reasons really. 1. First and foremost, we have a our duty as an advisor (whether it be a mortgage advisor or licensed real estate agent / advisor) to best serve our clients needs. 2. Secondly, you can potentially get more customers for yourself and also maybe a bigger commission. As a real estate pro., you've probably stumbled across people that wanted to downsize homes either because their home is too big or they want something smaller or going from a 2 story home to a 1 story home. Maybe the current home is too much of a financial burden, so less home could help reduce that burden Often times that thought is "hey, let's take this big old home, sell it, then use the proceeds to pay cash for the smaller home. Then, we won't have a mortgage payment." The good news is, you can accomplish the same thing with a reverse mortgage except you don't have to part with as much money. Here's how it works. If someone is aged 62 which is the point of entry for the FHA reverse mortgage. This person would need to put down about 60% plus closing costs. The rest would be financed by the reverse mortgage. In turn, they won't have a monthly mortgage payment for as long as they live of for as long as they live in that home. The down payment decreases with each passing year. The older they are, the lower the down payment requirement. On the other side of the age spectrum, someone aged 90 plus would only need to put down 25 - 30%. This allows them to keep alot of their hard earned equity or cash. Again, this also allows them to live in the home for the rest of their lives without a monthly mortgage payment. They can if they want to though. It's just a regular loan, but doesn't have a monthly payment that is mandatory. They can still leave the home to whomever they want in the will. Their main responsibility is to maintain taxes and insurance because they DO still own the home like a regular loan. 🔥Get Your Free Info Kit🔥 For More Reverse Mortgage info, contact: Shawn@LifeSourceMortgage.com (949) 492-2252 x 704 🔥🔥🔥🔥More Info🔥🔥🔥🔥 https://lifesourcemortgage.com/reverse-mortgage #ColoradoRealEstate #ReverseMortgagePurchase #IncreaseRealEstateCommissions www.LifeSourceMortgage.com Is not a lender or bank nor are we part of HUD / FHA. We are however a licensed mortgage broker In California, Colorado, and Idaho that specializes in reverse mortgages, fast closing purchase loans, and more. Anyone that inquires and requests more information may be contacted by the owner or employee of this site. LifeSource Mortgage, CA BRE#01869699. NMLS#321759, ID MBL#2080321759.

Contact LifeSource Mortgage for more info on our "Lock and Shop" option or to get pre-approved, etc. (949) 492-2252 or at Info@LifeSourceMortgage.com Video Transcript: In this video we talk about an exciting "lock and shop" mortgage option. As you may have heard, interest rates have increased dramatically recently. The best time EVER for mortgage rates was around July of 2020 during COVID. They increased slowly for about 9 months and then went down for several month. However, during the last 6 months we've seen rates rise more (and faster than ever). Not that we're at all time highs, they've just never really increased so rapidly in recent years. With that said, historically, rates are AMAZING still. However, since inflation is at 41 year highs, there Feds are slated to increase rates several more times to correct the out of control inflation problem. If you're in the market to buy a new home in the next 6 months, LifeSource Mortgage's "Lock and Shop" option is just what you're looking for. You can lock your interest rate today for up to 6 months. You don't need to be in escrow. Further, you don't even have to have a property identified. Give us a call or shoot us an email and we'll discuss the details. (949) 492-2252 or Info@LifeSourceMortgage.com Why Lock and Shop? Here's a picture of what's happened with mortgage rates in the last six months along with the payments for $500,000 and $800,000 loans: Today’s average rate on a 30 year fixed rate is 5.09% (based on Freddie Mac's Mortgage Market Survey average rates for each week of the year), principal and interest payment on $500,000 is $2,711.68, payment on $800,000 is $4,338.68 Early April was 4.72%, principal and interest payment on $500,000 was $2,599.20, payment on $800,000 was $4,158.72 Early Jan was 3.22%, principal and interest payment on $500,000 was $2,167.81, payment on $800,000 was $3,468.49 Give us a call or shoot us an email and we'll discuss the details. (949) 492-2252 or Info@LifeSourceMortgage.com