Courtesy of our friends at Mutual of Omaha…
Fellow sales leaders, if you want to sell more homes to baby boomers then you owe it to yourself to learn about a powerful financing program that will open new sales opportunities. Imagine being able to increase your profitability and having buyers eager for you to sell them a home.
You can, thanks to a little-known strategy that builders have been using since 2009 to sell more homes to boomers age 62 and better. Interested in what your peers have to say about this program, check out this short video.
Introducing the Lifestyle Home Loan
This program gives you the ability to attract qualified seniors who wish to use the program to use the proceeds to purchase a new home. In essence, they can purchase a $600,000 home for a one-time down payment of about $370,000 and never have a monthly mortgage payment! Think of how much easier it would be to get a buyer’s attention if you were able to offer all your home plans and options for about 50 cents on the dollar.
*Borrower age 70. Calculations based on a CMT, monthly adjusting program with an initial interest rate of 4.46% as of April 26, 2022. Max APR 9.46% Loan charges will include origination fees, mortgage insurance premiums, and settlement costs which are to be determined. The Lifestyle Home Loan is a Home Equity Conversion Mortgage for Purchase.
Let’s take a look at some of the program benefits:
- Clients can upsize to a more expensive, new home with no monthly mortgage payments.
- Clients can double their purchasing power.
- Clients are able to supplement their income by retaining cash.
- Homeowners retain title as long as loan terms are met.
- Non-recourse, FHA Insured Loan
- One set of closing costs
- Fixed and Adjustable Rate options available.
If you want to sell to a rapidly growing demographic who are in the market to build an active-adult lifestyle community, this is your opportunity. The Lifestyle Home Loan helps homebuyers who want to protect their nest egg and boost their monthly income.
55+ Current Market Stats
- 73 Million Boomers in the US
- 10,000 Boomers turning 62 every day!
- $10.9 Trillion in Senior Housing Wealth
- 32% of all home sales went to Boomer buyers – 2021 NAR Home Buyers and Sellers Report
We are here to help you implement a proven system that allows you and your team to accelerate high margin sales to boomer buyers while maintaining an exquisite buyer’s experience. All Lifestyle Home Loans are pre-approved with full underwriting at time of contract to give you and your team peace of mind during construction.
You have a huge opportunity to help boomers who are 62 and better move out of a home that doesn’t fit their lifestyle, and instead move into one of your homes designed just for them. To learn more from the industry’s leading Lifestyle Home Loan lender, feel free to request our guide and learn more here.
* The Lifestyle Home Loan is a Home Equity Conversion Mortgage for Purchase. Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees Mutual of Omaha Mortgage, Inc. dba Mutual of Omaha Reverse Mortgage, NMLS ID 1025894. 3131 Camino Del Rio N 1100, San Diego, CA 92108. Subject to Credit Approval. These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. For licensing information, go to: www.nmlsconsumeraccess.org Oregon Mortgage Lending License ML- 5208; Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property.