BLOG - Thu 09-14-17 - Leads, Condos and HECMs

Real Estate

Daily Log

Thursday, September 15, 2017

Thursday was a good day.  I finished some prospecting early, then previewed nine condominium units in The Shelton complex in Dallas.  The previews didn’t take long, since most are developer owned and representative (Marcel) was able to show them to me.   Marcel explained the details of not only units, but the building, and surrounding area. 

The Shelton is in the SE corner of the Dallas North Tollway and W Northwest Highway.  If you are familiar with the area, there is a lot to see and do which is in walking distance of The Shelton.  The views from the condominiums I visited are breathtaking.  The building is situated such that units either north or south.  There are a couple of high rise offices in each direction, but the views were surprisingly wonderful from each unit.   Some units were better of course and the higher you get, the more expensive the units.  The properties ranged from 2 bedrooms 2 baths to 3 bedrooms and 3.5 bathrooms.   A penthouse unit consisted of two stories, with sweeping views up the Dallas North Tollway.  There is assigned parking and storage for each unit.  Parking ranged from 2 spaces to 4 spaces, depending upon the size of the unit. 

After previewing the condominiums, it was a quick drive up to Seasons 52 in the Shops of Legacy in Plano for a presentation on Home Equity Conversion Mortgages (HECM) otherwise known as Reverse Mortgages.  The event was hosted by Capital Title of Texas,  Let me tell you, my mind is blown.  This is not your Grand Dad’s Reverse mortgage, at least  not after you understand how they can be used.  If you are 62 years old or over, a reverse mortgage may be a great vehicle to employ.  Credit is not an issue.  There are some income requirements, but they are minor.  As I understand it, a reverse mortgage will allow an owner to access the equity in their home even if they can’t qualify for a traditional home equity loan or cash out refinance.  You can even use a reverse mortgage to buy a property (new construction or preowned)!  Two caveats, you must live in the home you place a reverse mortgage on, and payments are optional (yes, you heard right)!  So, I plan to learn more next week.

If you or someone you know is 62 older, wants to tap into the equity in their home, or downsize into  more appropriate housing or closer to family, this may be the ideal tool to use.

Check in with me and let’s see if this loan is a possibility.  Text or call me at 469-583-5065.

NOTE: if you are BUYING or SELLING, let me know.  I can save you TIME and MONEY.  Simply call or text me and ask me how.

James