All Forum Posts by: Stephen Caceda

I can help, I have a lender that will do DSCR on manufactured. Feel free to reach out

Hey man, nice to meet you. Im based out of Miami lakes. I have been in the mortgage industry for over 8 years and also have my real estate license. Happy to connect! 

Yes Helocs using bank statements absolutely do exist. I have access to it with a few of my lenders. 12 or 24 month bank statements, 15-30 year loan terms.

I wouldn’t worry about the lender, since the reverse mortgage is an fha insured mortgage they are guaranteed their money. They don’t care if the value goes down or the borrower lives forever. They are guaranteed their interest income. 

The borrower has nothing to worry about as long as they live there and pay taxes and insurance.

As long as the borrower is current with taxes and insurance and continues to live in the home as their primary residence the lender cannot call the loan due. The borrower can continue to live there for as long as they are able. 

Even if the value were to decline significantly and the balance of the loan is greater than the value. 

The borrower is protected. 
-I’ve been doing reverse mortgages for over 8 years. 

Hello Mica, I know that Wardell from Bourgeois & Associates Mortgage can get that deal done for you. He is a mortgage broker and absolutely has a lender that can do a lower loan amount. I can vouch for his experience. He is experienced and offer very competitive rates. I highly recommend him. his contact info is in the link below. 

https://www.bam4mortgages.com/wbourgeois

It sounds like maybe you should consider finding someone to partner with you on the deal. Someone who understands creative finance and would be open to putting up the funding while you and that person share in the cashflow until its time for the exit.  

Is this available ? 

Your best bet would be to have in depth conversations with the rep to make sure they properly explain the loan to you and you feel comfortable.  If anything feels off you can always post here or ask someone who has financed a project like that before and see if that's customary or not. connected investors does not equal trustworthy, that just means they paid to purchase your information.  

If you cant meet someone locally you can always check BBB and trying search BP for anyone that has done business with someone you are looking into . 

Best Regards

All of the terms mentioned above seem spot on. Experience is a huge indicator for the lender to determine your rate and up front points. 

For example my bank offers the following:

Rate : 8%-9.99% 

Points: 1%-2.5% 

LTV: up to 90% of purchase with 100% of rehab.

It worth shopping around to see based on your experience and Fico ( assuming its needed for the program you are applying) what different lenders can offer.