Gov’t Backed Home Loans for Buyers aged 62 and Above

Watch the following video to learn about a new type of home loan, backed by the government for people aged 62 and above that provides the opportunity to own a home with no mortgage.

Benefits of a Reverse Mortgage
– Designed and insured by the U.S. Government
– Tax-Free Cash
– No credit of income qualifications
– No repay,ents while you occupy your home
– You OWN your home
– Social Security and Medicare Benefits are NOT affected
– Upon repayment ALL remaining equity is paid to your heirs

J. Thomas Builders Freedom Plan
4157 Silverleaf Drive
To view this Listing, CLICK HERE
Sale Price: $339,000

Cash Paid: $145,00.00 **Mo Monthly Payments thereafter**

So the customer is getting the full ownership of a $339,000.00 home for $145,000.00 cash as long as they live in their home

Objections:

  1. What if we outlive our equity?
    1.  It doesn’t matter. FHA allows lifetime ownership regardless. You cannot loser your home based on Longevity for you or your spouse.
  2. What if after the home becomes the property of my heirs there is a negative equity position?
    1.  It doesn’t matter. FHA will be responsible to pay the bank. It is part of their Mortgage Insurance Premium.
  3. Yes, but we want to leave our home free and clear to our heirs or our surviving spouse.
    1.  You can purchase term life insurance to cover the balance of the mortgage upon your passing. Your spouse can ten own the home free and clear of mortgage debt.
  4. Can the bank ever take our home?
    1. No, but you are responsible for paying property taxes, insurance and maintenance.
  5. What if I go into a nursing home, what happens to my spouse?
    1. Does not affect the ownership or use whatsoever as long as the spouse uses the home as their primary residence.

For more information from the mortgage specialists, contact:

John Holmes (Cell: 910-431-9014, john.j.homes@wellsfargo.com) or David Patella (Cell: 910-431-1618, david.n.patella@wellsfargo.com) both Reverse Mortgage Specialists from Wells Fargo, located at:

1131 Military Cutoff Road
Wilmington, NC 28405

About

Nolan Formalarie has been in the North Carolina Real Estate Industry for over 8 years and enjoys every minute of it. He is involved in every aspect of the industry including selling and purchasing residential property, home watch services, property management, association management and construction.

Nolan Formalarie

Nolan Formalarie has been in the North Carolina Real Estate Industry for over 8 years and enjoys every minute of it. He is involved in every aspect of the industry including selling and purchasing residential property, home watch services, property management, association management and construction.