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Reverse mortgage purchase loans

Reverse mortgage purchase loans

Reverse mortgages have traditionally been the method used by senior homeowners to access the equity in their homes without incurring a monthly mortgage payment. Payment of the debt created by a reverse mortgage is deferred until the property ceases to be the borrower’s primary residence. At Mortgage Depot, we offer senior borrowers the ability to use a reverse mortgage to purchase a home through our reverse mortgage purchase program.

Reasons a reverse mortgage purchase loan makes sense

The home a couple lived in while raising a family might not be the best option for retirement. Some of the reasons for selling the family home include:

  • Downsizing now that the children have moved out.
  • Reducing repairs and maintenance costs with a newer home or condominium.
  • Accommodating physical limitations.

Reverse mortgage loans give seniors the chance to buy a new home without adding a monthly payment.

Features of our reverse mortgage purchase loans

Among the features of a reverse mortgage purchase loan are the following:

  • Loans are available for the purchase of existing single-family homes and properties with up to four units.
  • Borrowers must take occupancy as a primary residence within 60 days following the closing.
  • Amount borrowed is determined by the age of the borrower, interest rate on the loan and appraised value of the property.

The difference between the amount borrowed and the purchase price of the home usually comes from the equity from the sale of the borrower’s current residence, but it could also come from other sources, including savings and retirement accounts. Funds making up the difference between the reverse mortgage purchase loan and the cost of the property cannot come from refinancing a second home or investment property.

Contact us today

Speak to one of our loan officers about a reverse mortgage purchase loan today. 

Contact us today at 800-535-0270 for more information or email us here.

Meet Yury Gokhberg

Meet Yury Gokhberg

Yury Gokhberg is a Mortgage Loan Originator here at MortgageDepot and also a licensed Real Estate agent. Yury has over 25 years of experience. He spent thirteen years with Chase Manhattan Bank as their first Russian speaking loan officer. Before joining the staff here at MortgageDepot, Yury was formerly a loan originator at Coldwell Banker and Citizens Bank.

“I have a flexible work schedule as I make my hours. This flexibility also allows me to work across various time zones Internationally as well. What interests me the most about working in the mortgage industry is the ability to help other people. Working here at MortgageDepot allows me to work with clients in ways that traditional banks do not.”

“Good client service looks like asking critical questions about their future goals, offering the very best interest rate, and helping them to accomplish their ultimate goal of homeownership. As far as the changes I’ve witnessed from the beginning of my career as a mortgage loan originator, it’s completely different than when I started my career. It has become highly selective to become approved for a mortgage because of government oversight.”

“If there’s a change that I’d like to see, it would be the creation of a guaranteed low-interest-rate government program that offers a product with a 25-30% down payment.

To view Yury’s personal page, follow this link. Contact Yury for any or all of your financing needs.

Meet Lawrence Harounoff

Meet Lawrence Harounoff

“I’d describe my role here at MortgageDepot as the Lead Generation Processor. It’s not an official title, but it aptly describes my daily duties. I predominantly process leads for commercial, no income investment products. Occasionally I do handle some residential inquiries, but those are few and far between. Before joining the firm two and a half years ago, I was an account executive for a luxury high-end jewelry company.

My average day consists of checking my email continuously for leads and following up via email and by phone. My efforts build business for my colleagues daily. And since I’m a numbers person and I enjoy sales, this position is an excellent fit for me.

Excellent customer service requires building a rapport and trust with any potential client while gaining their confidence about the process of securing a non-conforming loan. I haven’t seen ay dramatic changes that impact the role that I play in the industry. The change that I’d like to see would be that no-income investment products could have coverage in all states or where interest rates could drop off a bit for non-conforming loans.”

See Lawrence’s page here

Meet Orlando Segundo Jarrin

Meet Orlando Segundo Jarrin

“My role here at MortgageDepot is that as a Loan Officer. Before joining the staff here thirteen years ago, I worked for another firm called Olympic Mortgage. I just happened to fall into the mortgage industry by chance. I was very young, and I intended to buy a used car, but I kept seeing open house signs in the vicinity where I was shopping, and on a whim, I also decided to attend the open house. Instead of the car, I purchased my first property!

This one purchase opened my eyes to a possible career in real estate. I’m excited about each workday as I was during my first real estate purchase. I don’t sell my clients rates. I try to be as versatile as possible and offer them an excellent product; I pride myself on being a savings expert for my clients. And my clients are extremely pleased with the service that I provide to them! They consistently make new business referrals, send thank you gifts and make phone calls thanking me, and they leave glowing reviews on my webpage regularly.

When the financial crisis of 2000-2006 happened, it was the result of insufficient income verifications for people seeking mortgages. The best thing to change in the mortgage industry has been the introduction of new mortgage programs offering flexibility to borrowers. If I could wish for one big thing, I’d like to see legislation that permits the hard-working young people designated as DACA, be afforded the privilege of homeownership.”

Zara Admin Assistant

Zara Admin Assistant

I have a dual role here at MortgageDepot, while I provide essential administrative assistance, I’m also a licensed real estate agent. So my days are a mix of both depending on what is the priority on my to-do list. Before joining the staff here at MD four…

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