Comments on: Are Two Reverse Mortgages Better Than One? http://www.bestreversemortgage.com/reverse-mortgage/are-two-reverse-mortgages-better-than-one/ The Unofficial Guide to Reverse Mortgages Thu, 20 Nov 2008 14:47:11 +0000 http://wordpress.org/?v=2.6 By: Raymond Denton http://www.bestreversemortgage.com/reverse-mortgage/are-two-reverse-mortgages-better-than-one/#comment-7542 Raymond Denton Sat, 21 Jun 2008 17:54:16 +0000 http://www.bestreversemortgage.com/reverse-mortgage/are-two-reverse-mortgages-better-than-one/#comment-7542 Equity Key is also available in CA, MA and FL., but it can't be combined with a Reverse Mortgage or Negative Amortization Mortgage. Interest Only mortgages are okay. When I first heard about Equity Key I was immediately negative on the program because it reminded me of the early days of Reverse Mortgages (prior to 1989, when the HECM became available). Then one day I had a homeowner who didn't qualify for a Jumbo Reverse Mortgage, but did qualify for the Equity Key program (he wanted Title held in the name of his LLC and there isn't a single Reverse Mortgage Lender that'll allow that). Then another client liked the Equity Program better then a Reverse Mortgage because it didn't have any fees. So I started looking into the program more seriously. Now I offer both solutions to my clients and let them decide which makes the most sense for their situation. Personally, I like the Equity Key solution better, because it doesn't consume the homeowners current equity, enabling them to leave it to their legacy. Equity Key is also available in CA, MA and FL., but it can’t be combined with a Reverse Mortgage or Negative Amortization Mortgage. Interest Only mortgages are okay.

When I first heard about Equity Key I was immediately negative on the program because it reminded me of the early days of Reverse Mortgages (prior to 1989, when the HECM became available). Then one day I had a homeowner who didn’t qualify for a Jumbo Reverse Mortgage, but did qualify for the Equity Key program (he wanted Title held in the name of his LLC and there isn’t a single Reverse Mortgage Lender that’ll allow that). Then another client liked the Equity Program better then a Reverse Mortgage because it didn’t have any fees. So I started looking into the program more seriously. Now I offer both solutions to my clients and let them decide which makes the most sense for their situation. Personally, I like the Equity Key solution better, because it doesn’t consume the homeowners current equity, enabling them to leave it to their legacy.

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