We think every home should be purchased with a renovation mortgage.
The first thing most people want to do when they buy their home is - “make it theirs” new carpet, paint, update the kitchen, and bathrooms. But most cases the new home owner often lacks the money to do all that they want to do. The only way they have to get what they want is to run up high interest credit cards. FHA's 203(k) loan program is designed to finance the purchase and renovation of your home, all in one loan.
InterLinc Renovation Lending has a better way!
Add the amount of money you need to renovate your new home to your low interest 30 year fixed rate mortgage.
Here is how it works:
At InterLinc Renovation Lending, you have specialists to help you through the entire process.
The InterLinc Mortgage Loan Officer gathers the information needed to submit your mortgage loan application, and works with you, hand in hand through the process from loan approval to closing your loan “On Time and As Promised.”
The InterLinc Renovation Specialist works with the loan officer and you to make sure that there are ample funds to complete your renovation project. The Renovation Specialist continues to assist you after closing, overseeing draw payments, inspections and final close out of the renovation account.
Your Designer assists you in designing a renovation project that will create the home of your dreams and lasting value.
The HUD Consultant is an independent inspector who works with you to ensure all of the work completed on the property meets the requirements of the Federal Housing Administration insuring your mortgage loan. The HUD Consultant also prepares a work write up for the contractors to bid on. After closing they conduct the draw inspections and prepare the draw request.
How the renovation process works: click the link to read more
Opportunity for more home sales
• 10,000 Baby Boomers turn 62 every day
• Senior want to "age in place" and stay in THEIR home
• Market is virtually un-tapped
• Loan amounts up to $625,500
• Increase purchase prices because seniors don't have to pay all cash
Buy a Home Without Monthly Mortgage Payments
For buyers 62 years or older, the Home Equity Conversion Mortgage (HECM) for Purchase Loan can help you buy your next home without required monthly mortgage payments.* The HECM for Purchase is a Federal Housing Administration (FHA) insured home loan that allows seniors to use the equity from the sale of a previous residence or cash on hand to buy their next primary home in one transaction.
Regardless of how long you live in the home or what happens to your home’s value, you only make one, initial investment (down payment) towards the purchase. The amount of the down payment is based upon the age of the youngest spouse.
Customer benefits include:
• Eliminates monthly mortgage payments
• Increases your purchase power
• Preserves your cash
Why Consider A Reverse Mortgage To Purchase A Home.
Many home buyers use the HECM for Purchase Loan to:
• Down size to a smaller, lower maintenance home
• Buy a home closer to family or friends
• Lower their cost of living during retirement
• Enjoy carefree living in a senior housing community
Since monthly mortgage payments are not required, a HECM for Purchase Loan may help preserve your hard-earned savings and improve cash flow. You will continue to own and maintain the title of your home for as long as the property remains your primary residence and you continue to meet the obligations of the loan.
Example of How A HECM For Purchase Works
Don who is 71 years old, wants to move closer to family. The value of his current home is $300,000. The purchase price of his next home is also $300,000. However, he wants to eliminate his monthly mortgage payments.
Don may use the proceeds from a HECM for Purchase Loan of $162,600 and a cash investment of $152,273 to purchase his next home, eliminate monthly mortgage payments and move closer to family.1
Reverse mortgages (also called home equity conversion loans or HECM) enable mature Texas homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
We are a direct lender that is HUD Approved in Dallas Texas and we work for you.
• Reverse mortgages are a way for homeowners, 62 and over, to access equity they have in their homes
• A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live in the home
• You still own your home throughout the entire term of the loan. It is never owned by the bank and never will be unless you don’t pay your taxes or keep your insurance paid.
• A reverse mortgage can help you access cash based on the value of your home without you having to make monthly mortgage payments and can help you better manage your financial future
• There are no income or health requirements, and minimal credit verification requirements.
Reverse mortgages are ideal for homeowners who are retired or no longer working. Interest rates can be fixed or adjustable. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
• No monthly mortgage payments
• Income qualifications are only needed to cover the taxes and insurance.
• Loan proceeds may be tax-free (for cash out) (consult a financial or tax advisor)
• May not affect Social Security or Medicare benefits (contact a financial or tax advisor)
• The loan is not due until the last borrower permanently leaves the home
• Neither you nor your heirs will owe more than your home‘s appraised market value at the time repayment is due
Team Manager, NMLS ID 217454
Office: (972) 661-5136 Fax: (972) 314-9647
17000 Dallas Parkway Suite 103 Dallas, TX 75248
Interlinc Mortgage Services, LLC NMLS ID 205696
- Interlinc Mortgage ServicesBranch Manager, 2013 - presentBranch Manager and top loan officers of The Richard Woodward Team
- Envoy MortgageBranch Manager, 2007 - 2013
- World Savings
- Buzz (current)
Richard is an experienced and cutting-edge mortgage banker providing innovative mortgage solutions to clients.
Richard Woodward, founder Mortgage Pros which is now part Interlinc Mortgage Services, began his career with a top 10 nationwide lender. While working for the bank Richard became frustrated with the banks inability to find loans for all its borrowers, regardless of their situation. Richard helps people get into their dream home through affordable and innovative financing programs.
Interlinc Mortgage was founded under the mission to provide a full range of mortgage financing services to our clients and the real estate community through the execution of excellent customer service via a highly knowledgeable staff and professional business environment.
Richard's team takes great pride in its ability to find the perfect "fit" for each client. At Interlinc Mortgage, clients, builders and real estate professionals are treated with the utmost respect and given individual attention while meeting their unique needs.
At Interlinc Mortgage, clients are never lost in the crowd. Out intimate group of senior loan professionals stresses the value of customer service and follow-through on every loan or refinance arrangement.
Faster Loan Process. No Surprises.
Interlinc Mortgage is a mortgage bank – more than just a broker. We are able to ensure an accurate and faster closing process because each step occurs in-house – processing, underwriting, closing, funding, and shipping. And, because we control the entire process, there are no surprises at closing.
Experience the Future of Mortgage Banking
We don’t simply offer some of the most competitive rates in the mortgage industry, Interlinc Mortgage empowers borrowers with leading technology for a hassle-free experience. Most importantly, each feature is backed by around the clock attention to your loan:
- Electronic signatures (eSign by FHM)
- Digital documents
- Online application process
- Secure online loan status (24/7)
At Interlinc Mortgage, our clients are not just another transaction. We strive to satisfy each customer so completely that they will tell their friends and family members about how much they enjoyed working with us. In fact, a high percentage of our business comes from customer referrals. While we use the power of technology and the Internet to benefit clients like you, we are not a faceless web-based company. Each transaction has a dedicated mortgage banker assigned that will be in touch with you throughout the loan process. So you are assured of getting a premier level of service from an industry expert.
Let’s Get Started
To put our experience, personal service and leading technology to work for you apply online now or call (866) 430-7767 today.
- Western Kentucky University