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Originally Posted by John_W
You might do better with someone else, but Citizens is owned by the developer, so it's like the money is going from one hand to the other. It makes things flow smoothly, so if you think there is problems such as income verification, or whatever, Citizens might be good. Otherwise, look at credit unions next.
Also Citizens also offers reverse mortgages, I know because I have one. About once every month or so during normal times they'll have a reverse mortgage orientation at Palmer Country Club. The poster who mentions buying more than you can afford, is for real, it's a reverse mortgage purchase. They'll will talk about that as well. When you get a reverse mortgage under the new laws of 2017, you can only get about 40% of your homes appraised value. All they do is add that on at the beginning and you can a home worth more, because you're getting that extra money and might not have to make any mortgage payments. You will both need to be age 62 and live in the home fulltime.
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Hey John, I am happy you have knowledge about the program, but please allow me to make a couple corrections if I may. (This is the "poster" you mentioned who does Reverses in the Villages)
1st, Citizens doesn't do them any longer. They stopped in Jan 2020. Also also in Oct 2017 Ben Carson did reduce the amount one qualifies for, they get much more than 40%. The older one is, the more they get. I just did one yesterday as a matter of fact and they received right around 61%. Lastly both do not have to be 62 years old. Only 1 person does. I'm currently processing one where he is 67 and she is 51 (soon to be 52). I hope this helps, and thanks for your knowledge on the product.