Wow, that’s really fascinating, I never really looked at it that way. So what you’re saying is that the homeowner can decide to give the money to the bank or keep it in their bank and in doing so earn that interest as a bank…Which is money that would be used to pay principal and interest.
Xavier Ramirez: Absolutely! It’s all about educating the public on what is possible. We feel that this program helps so many families and the way we explain it is very easy to understand so the home now becomes a very valuable financial tool.
Amazing, that’s very good information. What’s the most important thing for a homeowner to consider before taking out a Reverse Mortgage?
Xavier Ramirez: That’s a good question, that’s where I would come and sit with the client at their home or wherever they are most comfortable and explain the program and answer any questions and ultimately we would come to the conclusion together if the program is right for them or not. I never steer anyone into the Reverse, it’s something that has to make sense for the homeowner and while everyone would love to have NO mortgage payments, I would actually tell someone if it’s a good idea or not or maybe the timing is not right for them to take the Reverse.
There are certain things we must consider before someone can get a Reverse, I have to qualify the applicant with certain documentation and an ability to pay the loan just like any loan officer. I want to be clear we’re not giving away free money, it’s a business just as in any business, and it must make sense for all sides.
Two things I tell a homeowner to consider in taking a Reverse is their health and well-being and if they will be in a position to be able to afford a FULL mortgage payment – principal interest taxes and insurance, comfortably now and in the future. Only they know their health and financial situation, I am not there to take a physical (laughs) I only want to decide with the client and would be happy to get them the Reverse if it makes sense and of course if they qualify.
Yeah, you’re not showing up with a stethoscope or going to prick them for a blood test right…?
Xavier Ramirez: No, of course not, I will though actually take a look around at the house and give feedback to let the owners know what they can do to help…So before the appraiser comes out to the home…Remember, the home must be in good shape as well. So I can help the homeowner prepare the property so the home qualifies as well!
That makes sense, since the lender probably wouldn’t loan on a property if the place is completely run down or is in need of repairs.
Xavier Ramirez: Correct, I must be there to give a free inspection so there are no concerns by the appraiser, it really helps because that is the only out of pocket expense is the appraisal fee…So we gotta ensure that goes smooth and I can help facilitate that.
That’s great info, I mean I didn’t know anything about this. You know I probably have a few people I know right now that can use this…(laughs) so you might be hearing from them soon!
So Xavier, any final thoughts you would like to give or how does one get ahold of you and your company to begin the process?
Xavier Ramirez: Well thank you I do appreciate that! You know the best thing to do if someone wanted to find out more is to go to the website at www.LAReverseMortgages.com. That’s LA Reverse Mortgages, that’s plural, dot com. From there we’ll get an initial conversation going by phone and if it warrants we’ll schedule a day and time to meet in person where I can come out, gather some documents and begin a pre-qual process. All in all the whole process can be done in about 30 days. From that point the homeowner will be able to breathe easily with No more mortgage payments for the rest of their life!
Nice! Go ahead and give out your direct number if you want to… totally up to you, not sure if that’s what you want to do – just in case someone wants to get ahold of you right away, what’s the best number for them to call?
Xavier Ramirez: No absolutely, they can call our office in downtown L.A. or better yet just call and reach me direct at 818.394.0077 Call OR text is fine! Matter of fact someone can text the word “Reverse” to 555888 and I can call them back as well…Gotta stay in front of technology right??
Yes I agree 100%, was that – text “Reverse” to 555888?
Xavier Ramirez: Yes you got it! Thanks for repeating that!
No problem Xavier, happy to do it, we gleaned a lot of great info on the call today, so glad you joined us and come back again, welcome to drop by anytime ok?
Xavier Ramirez: No I really appreciate that and I will definitely try and come back and talk more on Reverses to your audience anytime you like.
Thanks Xavier! There you have it, if you have or know someone that can use a Reverse Mortgage, I only get the real pros in front of you – trusted experts in the field. So you need to get ahold of Reverse Mortgage pro Xavier Ramirez, he can be reached again at www.LAReverseMortgages.com – or call him direct at 818.394.0077. That’s all for this week’s episode, look forward to shining a new light on you again next week. Happy Holidays everyone – Stay safe!
