How a 62 Year Old Senior from Wayne County with Lousy Credit and a Fixed Income was Able to buy a $125,000 Home with No House Payment


Gerald Morgan had been living in the 1 bedroom apartment in downtown Detroit for the past 7 years. The 62 year old semi-retired truck driver was making ends meet but the apartment wasn't where he wanted to live and relax when he officially retired and got off the road next year. Looking out his apartment window to the vacant building across the street wasn't his idea of a room with a view. Constantly hearing other tenants in his building flushing toilets and slamming doors, he knew he wanted someplace better to live. But what could he afford on his part-time income other than where he was? he frequently asked himself.

Gerald dreamed of owning a home. He was never in a good position financially to ever afford a home of his own. Plus, being gone on the road trucking for days didn't make it feasible for many years. But those days were now behind him and he really wanted something better for himself, something he could call his own when he retired.

One day recently Gerald was reading an article from AARP. The article went on to mention a fantastic mortgage program subsidized by the government for seniors called a reverse mortgage. The article talked about the Michigan real estate doldrums and how this program was really a benefit to seniors in Michigan's Wayne, Macomb and Oakland counties who always wanted to own a home but never had an opportunity to do so before. Now they could. The more Gerald read the more excited he got. He could get into a home with lots of built-in equity that he'd never have to make a house payment on for as long as he lived in the home, and, he could use that equity to supplement his income anytime he wanted and all he ever had to do was be able to afford to pay the taxes and insurance on the house every year. He could even use some of that money to take a vacation to Arizona every winter to visit his kids and grandkids.

Gerald picked up the phone and called the number at the end of the article. He was told that one of the requirements was he had to first meet with a certified HUD counselor as a formality, he had to be at least 62 years old, and his credit wasn't an issue because the Mortgage Company isn't looking to get payments on the home. The loan is based on the equity in the home, which must be a single family residence (up to a four-unit) and be the primary residence of the senior homeowner.

Gerald was told it takes roughly 60-90 days to close the deal once he finds a home he likes. The home must meet HUD's minimum standards, of course, and he was told he was already pre-qualified for a reverse mortgage that was guaranteed by the Federal Housing Administration and funded by Fannie May.

His day couldn't get any better. At 62, Gerald's hopes and dreams were becoming a reality before he even hung up the phone that day. The representative on the phone told him the same thing he read in the AARP article. He confirmed there were no out-of-pocket expenses, no house payments, no loan payments, and no income requirements. His Social Security and Medicaid benefits wouldn't be affected either. All the benefits of a reverse mortgage were becoming clear to Gerald now and why he read they were becoming one of the fastest growing financial products in the country. All his questions were answered and he was now a man with a new purpose in life. No more paying rent, no more feeling sorry for himself for his past credit mistakes. It no longer mattered. With this reverse mortgage program for seniors over 62 he was finally able to buy a house after years of struggling just to pay the rent.

He fell in love with a remodeled 3 bedroom, fenced in yard with his own garage in a quiet neighborhood on a tree-lined street. The best part is it came with over $50,000 in built-in equity that Gerald can tap into whenever he wants, for whatever he wants, and he never has to worry about paying anything back.
Next winter Gerald has made plans to spend 2 months in Arizona, something that would never have been an option for him living in his tiny apartment just a few short months ago, thanks to the relatively new reverse mortgage program for seniors over 62 guaranteed by the FHA, HUD and Fannie May.

This article was written by Glenn Clawson and Mark Maupin. Find out more about reverse mortgages at http://seniorsuhaverights.blogspot.com/

Contact Mark Maupin
Maupin.mark@gmail.com
248-939-6232

Search the following for more information about this Government program for seniors:

Reverse mortgage, HECM, HECM reverse mortgage, reverse mortgage for seniors, mortgage reverse, mortgage reverse senior, mortgage reverse taxes, lender mortgage reverse, calculator mortgage reverse, lender reverse mortgage, lender mortgage reverse, Michigan reverse mortgage, mortgage reverse Michigan, home mortgage reverse, aarp mortgage reverse, hud mortgage reverse, seller financing, private mortgage, seniors in foreclosure

Greetings!

Has anyone figured out a good way to move properties profitably in our current market here in Michigan?

There are a lot of opinions out there, but are they actually working? And who’s really benefiting in the long run, the investor or the homeowner?

How about a program that actually benefits both parties?

If you're a senior citizen over the age of 62 and you live in the Tri-County area, you can now get into a new home with zero out-of-pocket expense and zero house payments for as long as you're living in the house.

This program works anywhere nationwide but for the benefit of this article we're concentrating on the Tri-County area.

The program is a federally-insured mortgage loan backed by the government called a Home Equity Conversion Mortgage, or HECM for short. It is the ONLY reverse mortgage insured by the federal government and the FHA, which is part of HUD.

Who is eligible for this program you ask?

Anyone 62 years old or older is elibible. The house must be the individual's primary residence, it must meet HUD's minimum property standards and all they have to do is discuss the HECM loan program with a HUD approved counselor. That's it!

Do you think there is an opportunity here? Absolutely.

This is a fantastic way to get seniors into a house with no out of pocket expense and no house payments for as long as they reside in the house.

What are the benefits to the 62 and up homeowner?

Let me give you a simple example: We purchase a property at a steep discount on the NW side of town in a nice area. The ARV is $100k. We rehab the property. One of our clients, Joe Homeowner, aged 63, was introduced to the program and instantly became interested. He just happens to want to live on the NW side of town next to his grand-kids. We show him the property and he wants it. Our selling price is $65k.

That's $35k in built-in equity right off the bat for those of you keeping score at home.

HUD has already approved the property as meeting their minimum standards so that's no problem.

All Joe Homeowner has to do is discuss the program options with a HUD counselor and he's approved. No down payment, no out-of-pocket expenses, and no house payments for as long as it remains his principal residence.

He has $35k he now has access to anytime he wants, for anything he wants, as a 1) single lump sum. 2) for cash withdrawls set up as a "creditline" or 3) as a monthly cash advance for a specific period of time. Or any combination of the three cash advances.

And he never has to pay it back as long as he continues to live in the house!

That $35k will come in very handy in his golden years. Of course, he can only get as much as the house is appraised for.
But if property values go up eventually, so will his loan advances.

If the property appraises for $110k 2 years later, his $35k equity just turned into $45k that he can tap into whenever he needs to at whatever amount suits him.

No loan payments, no house payments. Ever.

The only stipulation to all this, and that's part of your HUD counselor discussion, is Joe Homeowner pays only the taxes and insurance on the property every year – that's it!

The counselors will make sure Mr. Joe Homeowner is able to afford the property taxes and insurance long before he closes on the house of his dreams. If that isn't going to be a problem, he's golden.

Obviously HUD and the government don't want to place people in homes they can't afford the taxes and insurance on; then nobody wins.

Are there any disadvantages to a reverse mortgage? Sure, there are pros and cons to every situation. We'll touch on those in the next email.

But in this real estate market right here right now in Michigan, this program is hands down a winner for seniors over 62 and for investors sitting on empty properties they can't move, now they have a great option.

If you have senior clients over 62 that you weren't sure what to do with before, now you know you can with a HECM reverse mortgage.

If you're a senior reading this article and are in the Tri-County area of Detroit, send us an email or give us a call and we'll be more than happy to walk you through the steps of the process.

You're under no obligation, but we can educate you on how a reverse mortgage can work to your advantage so your dream of owning your own home can become a reality no matter what your income is or how poor your credit currently is.

We can help you! Contact me below and I'll be more than happy to assist you with any questions or concerns you might have regarding a reverse mortgage.

In my next article I'll discuss the basic loan features of a reverse mortgage and how to make it work for you.

Glenn J. Clawson
GCCPropertySolutions@yahoo.com

Hello Fellow Investors!

With the Michigan real estate market being as dismal as it is right now, believe it or not, I have some great news to pass on to you about a new program I recently became introduced to.

If you've never been ahead of the curve before, I'm not kidding when I say you now have an opportunity to make that happen.

If you're a realtor, or, investor who works the short sale market, or wholesale, or any number of other strategies, you're going to want to sit up and pay attention to what I have to tell you in this email.

We all have homeowners we've run across that there is just nothing we can do to help them out of their situation. They either have bad credit, lost job, can't get qualified….any number of reasons why we can't help them out. Especially seniors.

How many of you have worked with seniors and have faced that dilema?

Well, I want to tell you right now I have found a way to erase that problem here in Michigan in the current real estate market. Yes, it is legal. Actually, it is even backed by HUD and Fanny Mae so it's federally insured and it's available in all 50 states, not just Michigan.

If you work with or know of anyone over the age of 62 years old, no matter how bad their credit is, I can help you put that senior into a home with built in equity, no out of pocket expenses or closing fees, and they'll NEVER have to make a house payment for as long as they live there.

It has to be a single-family residence up to a four-unit dwelling. No mobile homes or co-ops.

It's a win-win-win for everyone involved. It's an excellent strategy right now to seriously consider if you know of anyone 62 and older whose been renting, had a home and lost it in foreclosure, or has never owned a home before and would like to. Now they can.

You can help them out and help yourself out at the same time.

Contrary to what you've heard or been reading about the real estate market in the Great Lake State, all is not gloom and doom. There is a ray of sunshine on the horizon and I'll explain to you how everyone can benefit.

Look for future articles and I'll tell you more about who is eligible and what the criteria is to make this happen.

Have a Successful Week,
Glenn Clawson
GCCPropertySolutions@yahoo.com

Mark Maupin, Real Estate Investor and Wayne Community College Professor, is offering an Intro Event for a Joint Venture Opportunity

Learn how to be successful and profitable in today’s declining Michigan Real Estate Market

Southfield, MI—Mark Maupin understands today’s declining real estate market. “I first became involved in real estate in 1981, when my wife presented an idea, giving me a choice to attend a ballroom dance class or a real estate class. Of course, I chose the real estate class,” says Mark. Since then, Mark has made real estate his full time career, purchasing and selling over 3,500 single family and multi family homes by 1984. Mark is able to view real estate from a unique perspective, allowing him to identify and grasp the potential to develop new and creative techniques for being successful in building a profitable business, even in today’s market.

Mark is inviting anyone interested in learning about a joint venture program to attend an intro event to learn the details. He will discuss how to find buyers before purchasing properties, exit strategies for selling the property at top dollar, taking over foreclosures without financial risk, wholesaling real estate, reverse mortgages, and more. He will introduce a new tool to buyers, the advertisement agreement, designed to secure interest without ownership. He will also be explaining the sandwich option, a new technique to the Michigan Market.

Attend this event and see current examples where money has been made with these tools and techniques on February 19, 2008, from 7:00pm to 9:00pm. The event is free to attend and it will be at 24855 Southfield road, Southfield, MI 48075, on the west side of the street, just south of 10-Mile. Find out more about Mark at http://mrleaseoption.com/

Mark is looking forward to meeting with many people already signed up to attend this event from Wayne, Oakland, Macomb and Washenaw Counties, from Pontiac, Detroit, Southfield, Royal Oak, Ferndale, Farmington Hills, Livonia, Novi, Northville, Westland, Redford, Dearborn Heights, and Dearborn, Michigan.

Understanding FHA’s Reverse Mortgages for Seniors-HECM-Home Equity Conversion Mortgage

Federally Regulated and Government Insured Program Designed for Seniors age 62 and over

Reverse Mortgages are an excellent way to access the equity in your home to pay off your existing mortgage and enjoy the peace of mind with a financially secure retirement. You can also use your proceeds to make home improvements, consolidate debt, pay for medical expenses, or simply to add to your present retirement income.

Under a reverse mortgage, you continue to own your home, with no monthly payments. This program, guaranteed by the Federal Housing Administration and funded by Fanny May, is a safe solution for your needs. With this FHA regulated program you are entitled to receive free independent counseling.

Available Cash Based on Home Value

Home Value
$100,000
$250,000
$400,000
Your Age: 62
$43,027
$118,149
$174,637
70
$51,110
$137,811
$203,005
75
$56,602
$151,023
$222,021
80
$62,427
$164,864
$241,890
85
$68,242
$178,398
$261,228


Call Kendra Pack at 248-538-7474 to learn more reverse mortgages for seniors. Visit our website at http://www.realproperty-investors.com/


Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:

Oakland County: Farmington Hills, West Bloomfield, Ferndale, Royal Oak, Oak Park, Pontiac, Waterford, Highland, Holly, Walled Lake, Holly, Rochester and more

Wayne County: Detroit, Romulus, Garden City, Livonia, Taylor, Dearborn Heights, Inkster and more.

Macomb County: Chesterfield, Warren, Utica, Eastpointe, Fraser, Macomb Twp, Richmond and more.

Genesee County: Flint, Grand Blanc and more.

All loans subject to approval, certain restrictions may apply