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He read in an article that the 55+ housing market is one of the healthiest segments. The National Association of Home Builders came out with this study. The new construction market will continue to do well in Tampa Bay because building for the 55+ communities is one of the areas they will focus on.
Andrew asks Arnie what a retired person needs to have or to do to qualify for a mortgage in order to buy a 55+ home if they are on a fixed income though have the cash to buy. Arnie says one of the things would be the asset dissipation wherein the lender basically look at the consumer's assets and make a calculation based on a 15 year period as an example, and figure out how much the monthly income would be when the person is just pulling it out of his assets every month. And based on this, they would qualify them. Though a person doesn't have a job, they can use the assets as their income.
Andrew asks if there are any credit qualifications or rates and if there are comparable programs in the market for this type of scenario wherein the person doesn't have a job but has assets they want to use to qualify.
Arnie says there is a program called reverse mortgage. To qualify, you must be of at least 62 years of age. You will not be getting the loan at 95% financing though. You will get a lower percentage on the value. The older you are, the higher the percentage. It something that not many people are aware of. It's a great loan. You don't have to qualify credit wise, it's all about the equity of the property and you don't have to make a payment for the rest of your life.
It's one of the few loans in Florida that is a non recourse loan so when the loan is due, ther is no one personally obligated, there is no deficiency if the value of the loan exceeds the value of the property. It's just the same as a conventional loan. When the mom and dad dies, the children inherit the house and if there's a mortgage, they would still need to repay it. They also have the option to refinance or sell it.
For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.
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