Why work with Fairway?
- Professional Team Approach
- All Fairway Reverse Mortgage Planners Are Required Additional Training
- Potential Referral Partnership
- Opportunity To Work With More Senior Clients
- Joint Seminar Opportunities With You
Free Download: A New Look At Retirement Cash Flow
A reverse mortgage loan converts the wealth that homeowners own but can’t touch—home equity—into cash that they can use to improve retirement.
Builder/Realtor Case Study
For illustrative purposes only.
James and Mary, who are 62 and 59, want to move to a retirement community. They want to keep the same size of home they currently have but home values are more than double in the retirement spots they want. A Realtor® recommend to them that with a reverse mortgage for purchase, they could buy a house similar to the one that they currently have worth twice the price and be able to relocate to where they want.
James and Mary could continue to live in this $391,400 home.
The house and story is used for illustration purposes only. House may not be available for purchase.
They could move to a $600,000 home for $391,400 down with no monthly mortgage payments, except for taxes, insurance, and maintenance.
CLIENTS COULD SELL THEIR HOUSE FOR $391,400 AND PURCHASE A HOME FOR $600,000.
How a Home Equity Conversion Mortgage (HECM) for Purchase (H4P) Can Benefit You & Your Clients
According to the National Reverse Mortgage Lenders Association (NRMLA), More Than a Million Households Across the Nation Are Using a HECM Reverse Mortgage.*
Key Facts:
- Only One Loan Required
- Fixed- And Adjustable-Rate Options
- Homeowner Remains On Title As Long As He/She Lives In The Home As Primary Residence And Abides By All Other Loan Terms.
- FHA-Insured Home Financing
- Down Payment Of Between 30-70% Of Purchase Price Is Required, And Is Based On Several Factors, Including The Age Of The Youngest Borrower.
- Borrower Will Have No Monthly Mortgage Payments; Taxes, Insurance And Maintenance Are Always Required To Be Paid.
- No Repayment of Loan Until Borrower No Longer Lives In The Home and Continues To Abide By All Loan Terms.
- Pre-Qualification** Will Take Place Up Front With Pre-Qualification Letter Provided
- Application Can Be Completed On A New Build Prior To The Certificate Of Occupancy Being Finalized
BENEFITS FOR YOUR CUSTOMER
- Only 30-70% Down Payment
- No Monthly Payment Except For Taxes, Insurance, And Maintenance
- Increase In Client's Cash Flow
- Minimal Income And Credit Requirements
- Available In Fixed- Or Adjustable-Rate Options
- Potential Additional Funds For Remodeling Projects
BENEFITS FOR YOU
- More Shoppers Can Become Homebuyers
- Projected Increase For Sales And Add-Ons Of 30% And Up
- More Foot Traffic
- More Upgrades & Add-Ons Are Purchased
- Happier Buyers Who Get More For Their Money
- Average Purchase Price Increase
- Better Realtor® Relationship