This program allows a borrower to get a mortgage without any income or credit requirements.

Minimum Age – 62

Maximum Age – None

Maximum Loan- Determined by the borrowers age and property value. Generally the borrower will need between 25% – 35% down plus closing costs of approximately $10,000- $12,000. Generally the maximum loan amount will be $485,000.

Income Requirements- None

Credit Requirements- None.

Time- 60 day closing.

Primary Residence Only.

Buyers may remain in the property until both spouses pass away. (Providing the taxes and insurance has been paid on time.)

Buyers can sell the house at any time and receive all proceeds after paying off the loan.

Heirs can sell the house and receive all proceeds after paying off the loan.

Heirs are not liable for the loan. But must pay off loan in order to receive any proceeds.

Loan Balance is increasing, not decreasing because they are not making any payments.

This blog is intended for the purposes of promoting discussion and dialog relating to the mortgage industry and how it affects potential borrowers.

General Information

This big news this week is the turmoil in the Middle East, especially Libya. They export 2% of the world’s oil and all exports have been cut off due to the current events there. This sent oil prices spiking to $120 a barrel before settling back after Saudi Arabia assured the markets it would make up any lost supplies.

The potential disruption of oil caused a flight to quality. This simply means traders started buying more US bonds and other government backed secured instruments. The benefit from this is that put downward pressure on rates pushing mortgage rates back down into the 4.875% range.

The markets continue to remain volatile. With rates still very low at least for now and housing prices at or near the bottom, there is not likely much more time left for home buyers to get any deals.

Stay tuned for future events in the Middle East that could change the market (and interest rates) very quickly.

Gary Freedman has been in the Mortgage and Real Estate Industries for over 20 years. He has directly originated or managed the originations of over $700 Million in mortgage loans. He completed the prestigious B.F Saul Mortgage Company management training program in nine months. This training included working as an Underwriter, Appraiser, Processor and Closer. This training gives Gary the unique ability to understand the process from start to finish which allows his clients to experience a remarkably smooth loan process. Gary served as President of Granite Mortgage Corporation and Millennium.

Title Insurance Company from 1994-2000. He currently holds his Mortgage Brokers License in the states of New Jersey and Pennsylvania under License Number NMLS ID #146492. He has held the Real Estate Broker’s license in the state of Pennsylvania.

 To reach Gary Freedman please e-mail him at gary.freedman@tridentmortgage.com or via phone 609-487-7202.

 The opinions and views expressed here are solely those of Gary Freedman and do not represent those of Trident Mortgage or any of its affiliates, officers, members or employees. Gary Freedman is not a CPA, Attorney or Financial Advisor. The information provided is deemed to be generally accurate but should not be relied upon to make any decisions. You should consult your CPA, Attorney or Financial Advisor before acting on any of the information provided herein.