Reverse Mortgage Loan Blog

This week, for the first time, Legacy Home Financing Inc., a San Diego based mortgage correspondent lender, completed a simultaneous reverse mortgage for home purchase closing and funding. My 66-year-old senior client sold her condo and purchased a new single family home using the proceeds from the sale of her condo to satisfy a portion of the purchase price. The remainder came from the lending bank, Urban Financial.

In order for everything to come together, the buyer of my client’s condo had to bring in the funds to purchase it. She had already sold her home and had the money in hand so that was not an issue. On the other end, the seller of my client’s new home, needed the proceeds to purchase their new home. Therefore, it was necessary for us to have the money from the Reverse Mortgage on the specified date.

From the time an offer was made on my client’s condo to the purchase of her new home, we only had three weeks. Our processor at Legacy, the two Realtors and their assistants, the appraiser, the underwriter, the escrow officer, the title officer, the Urban account executive, the client and myself and a few others all had to get involved. The good news is that we were able to orchestrate it in a timely manner and the loan is closed. This, for all involved was a great learning process. It would be my advice to use only experienced Reverse Mortgage lenders when trying to do one of these complex transactions.

Ken Keranen

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