CHRIS WARD
149 Greenfield Road, Hiram GA 30141
Chris Ward possesses a significant level of marketing, direct sales, business management and mortgage loan origination experience spanning 30 years in financial services, where he specializes in Reverse Mortgages for seniors. Licensed in AL AR AZ CA GA KS LA MN NM OK SC TN TX WY
Chris serves as a Reverse Mortgage Branch Manager/Consultant with Open Mortgage LLC, a world class organization rated A+ by the Better Business Bureau and well positioned to handle the current turbulence in the marketplace.
Today, Chris works with financial planners/advisors, CPA's, attorneys, real estate agents and of course, seniors and their families, to appreciate the nuances and distinct advantages of the Reverse Mortgage Purchase and Refinance programs.
Purchase Scenario:
A 65-year old couple with a home value of $450k, a current mortgage balance of $250k with a monthly principal and interest payment of $1,500 no longer wish to live in their present home because it is now too large for them. However, they can't find a house for under $200k where they want to live, as their hopes for a quick housing market recovery diminish and their existing property taxes and homeowners insurance premiums continue to increase.
Solution:
They sell their primary residence for $450k, pay off their existing $250k mortgage balance and purchase a new home for $300k with a Reverse Mortgage loan amount of $180k and required down payment of approximately $120k from the proceeds. The resulting net $80k remains liquid vs. becoming not-readily-accessible equity. Their $1,500 P&I payment is eliminated and there are no new payments to the Reverse Mortgage!
Refinance Scenario:
Rather than sell their primary residence valued at $300k, a 70-year old couple would instead like to access a portion of their equity and eliminate their current $100k mortgage balance to enjoy no further monthly P&I payments.
Solution:
Based on successful qualification of age, interest rate and value formulas, these homeowners would accomplish their goal to live in their home mortgage payment-free and receive the remaining equity to use as they desire.