Archive for December, 2009

31
Dec

What Is A Reverse Mortgage?

Author: admin

You may have heard your friends and family talking about reverse mortgages. There’s also been a lot of television commercials offering information about reverse mortgages and reverse mortgage companies. Yet with all of this talk going on about FHA insured reverse mortgages and what they mean to you, what exactly is a reverse mortgage?

A reverse mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive a loan against your home in the form of a lump sum, regular monthly checks or a line of credit. The loan is typically repaid with interest when you sell your house, permanently move or pass away.

Reverse mortgages are getting to be more and more common these days. Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. Not like the regular mortgage the homeowner’s makes no payments and all interest is added to the lien on the property.

There are three types of reverse mortgages:

• single-purpose reverse mortgages, offered by some state and local government agencies and nonprofit organizations

• federally-insured reverse mortgages, known as Home Equity Conversion Mortgages (HECMs) and backed by the U. S. Department of Housing and Urban Development (HUD)

• proprietary reverse mortgages, private loans that are backed by the companies that develop them

Single-purpose reverse mortgages are the least expensive option. They are not available everywhere and can be used for only one purpose, which is specified by the government or nonprofit lender. For example, the lender might say the loan may be used only to pay for home repairs, improvements, or property taxes. Most homeowners with low or moderate income can qualify for these loans.

An FHA insured home equity conversion mortgage (HECM) and proprietary reverse mortgages are more expensive than traditional home loans, and the up-front costs can be high. That’s important to consider, especially if you plan to stay in your home for just a short time or borrow a small amount. HECM loans are widely available, have no income or medical requirements, and can be used for any purpose.

Reverse mortgages pay you in a variety of ways. You can receive a lump-sum, periodic payments, a line of credit, or some type of combination. Lump Sum is the easiest. You get the loan balance all at once. Do with it what you will, yet there won’t be more for you tomorrow. If you sign up for a periodic payment plan, you’ll get regular payments. These payments might last for a number of years (10 years, for example), or until your loan comes due (often as a result of your death or your moving out of the home).

If you don’t know exactly how much you’ll spend or how soon you’ll need it, a line of credit may make sense. Some reverse mortgage lines of credit are “growing” lines of credit – meaning you may have more and more money available to you as time goes on. Not bad. Can’t decide? You can use a combination of the programs above. For example, you might take a smaller lump sum up front and keep a line of credit for later. This may be a reasonable approach if you need to pay off existing debt with a portion of your reverse mortgage loan.

Reverse mortgages have helped hundreds of thousands of homeowners improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

Article Source:http://www.articlesbase.com/mortgage-articles/what-is-a-reverse-mortgage-1646249.html

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31
Dec

Home Loan Modification - Where to Start

Author: admin

 

It’s tough out there for homeowners. These days with job losses everywhere and wages on the decline it can be tough just to keep up with your largest household expense… Your Mortgage!

But there is hope. You have a few options if you find your mortgage payments are overwhelming you.

If you qualify you can try the Making Homes Affordable program, the government sponsored loan modification program. Or, you might try to re-finance your loan. There are currently several different programs to help homeowners re-finance and take advantage of today’s low rates.

However, if you don’t qualify for either of these options, don’t worry there’s another way and one that I’ve had a lot of success with - Direct Loan Modifications.

Many banks have their own internal loan modification programs. Here is what you need to know to qualify and take advantage of these programs to lower your monthly mortgage rates when other methods haven’t worked. 

First get your information handy. Here is what they will ask for:

 1) Your total monthly income. (all sources)

 2) Your total monthly expenses. (credit cards, car, food, phone, etc.)

 3) Copies of your last two pay stubs.

 4) Copies of your last two month’s bank statements.

 5) Your most recent W2 or tax return.

 6) A hardship letter explaining why you are having trouble making your payment.

Next you need to reach the right department to avoid the run around. Call in and ask to speak with someone in their Loss Mitigation or Loan Retention Department.

When you get them on the phone, they will ask you what your current monthly income and expenses are, and then plug that into their system. If you’re income to expense ratio falls within their guidelines then you will most likely qualify for a loan modification. At that point they may ask you to fax them copies of items listed above and assign a “negotiator” to you. This is the person who will work with you to modify your loan payments.

Remember to be polite and follow their instructions. Explain to them why you need them to adjust your loan and don’t be afraid to tell them what you CAN afford to pay. This is your opportunity to find a solution that really works. Be sure you don’t settle for something that’s just a little better, but still not affordable down the road, because you probably won’t get another chance to renegotiate this loan. Don’t be afraid to tell them “no, I can’t reliably afford that”.  It’s important to tell them that you want to stay in your home and meet your obligation to pay for it, but you need their help to do so.

To get your FREE REPORT on how to sell your home fast and other tips on all things real estate go to http://www.mi7online.com/free-reports/ . Kyle Pavey is a real estate solution professional. Feel free to visit his website at http://www.mi7online.com .

Article Source:http://www.articlesbase.com/mortgage-articles/home-loan-modification-where-to-start-1645228.html

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31
Dec

How You Benefit From A Reverse Mortgage

Author: admin

You may be wondering how you can benefit from getting a reverse mortgage? Many people have found that the money they got from a reversed mortgage benefited them greatly. With a reverse mortgage you continue to get income, and defer repayment, for as long as you live at home – no matter how long that may be. An FHA insured reverse mortgage maybe exactly what you need!

Let’s take a moment to understand reverse mortgage. Then we can better explore the benefits. A reverse mortgages is a very useful home loan option especially for senior homeowners. If you qualified, you don’t make any monthly payments. Equity in your home repays the FHA insured reverse mortgage when you sell your home, passed away or move out permanently. You or your children keep the extra money on top of what you owe the lender.

What are the benefits? There are many benefits that a reverse mortgages can give you. However here are a few of the most significant. First, you will remain independent. This will allow you to remain in your home and retain home ownership.

The second benefit is no monthly mortgage payments are required. You need not pay back the reverse mortgages loan nor make any monthly mortgage payments until you permanently move out of the home. It is also tax-free money, because the money you receive from a reverse mortgage is not considered income, it is tax free and will not affect your Social Security or Medicare benefits.

Another great benefit is freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose. You can take comfort knowing you are financially secure and not a burden on your family. You can buy gifts for grandchildren and other members of your family. You can remodel your home, go on wonderful vacations, pay off any other monthly bills and even buy a new car!

Exciting isn’t? Here are tips which can help you qualifying for a reverse mortgage: your age should be at least 62 years and you should own your own home. FICO scores do not apply and your credit history is irrelevant.

Reverse mortgages have helped hundreds of thousands of homeowners like you; improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs @ Golden Years Mortgage Solutions
www.GoldenYearsMortgageSolutions.com(800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

Article Source:http://www.articlesbase.com/mortgage-articles/how-you-benefit-from-a-reverse-mortgage-1646932.html

Filed Under »  refinanced mortgage    |   No Comments »
30
Dec

Wells Fargo Stimulus Plan for Refinancing a Mortgage

Author: admin

Wells Fargo is able to offer homeowners new mortgage refinancing options thanks to President Obamas stimulus plan. This stimulus plan is designed to help homeowners in all types of bad financial situations by getting them into a more affordable monthly mortgage payment. This will be done through new refinance options available from Wells Fargo and Obamas stimulus plan. Here is how to take advantage of Obamas stimulus plan with Wells Fargo.

Only a few choice mortgage lenders and banks have been allowed to offer refinancing options from Obamas stimulus plan and Wells Fargo is one of them. Every time a selected mortgage lender or bank offers a refinancing option that is in accordance with Obamas housing stimulus plan, they receive cash incentives to do so. With the incentives, more homeowners are able to get help refinancing than ever before. Even people who up to 25% more than their home is worth, have lost a job, have bad credit, or are facing other financial hardships will find it much easier to get help refinancing a mortgage.

While getting help refinancing in tough financial situations was always possible, it typically was very costly and hard to get approved for. Now though, with Obamas stimulus plan in place, many people can save their home, save money, or both. Obamas plan is based on the belief that if a homeowner is able to make there monthly home loan payments, they will. That is why a major requirement in Obamas plan that homeowners benefit from is that after refinancing a mortgage the payment will not be more than 31% of your gross monthly income. This will be a huge reduction in payments for many people, and can help reduce the high number of foreclosures and mortgage defaults.

Homeowners facing problems with paying their mortgage every month should contact Wells Fargo today and see what options exist from Obamas stimulus plan. Odds are that you will be able to find the help you need to secure your homes future, and your finances. Take action now and refinance a mortgage with Wells Fargo.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/wells-fargo-stimulus-plan-for-refinancing-a-mortgage-1645199.html

Filed Under »  refinanced mortgage    |   No Comments »
30
Dec

Mortgage Interest Rates in 2010 - Predictions, Trends, and Outlook

Author: admin

Mortgage interest rates are currently near all time lows due to a bad housing market and a struggling economy. Many homeowners are refinancing a mortgage now to take advantage of low rates and Government stimulus programs. However, I predict that things will change in 2010 and interest rates will go up. Here are my mortgage rate predictions for 2010, and how I made them.

Currently, a typical 30 year fixed rate mortgage can be had for around 5%. This is much lower than many homeowners are paying for their home loan. This has led to a massive rush of refinancing applications from homeowners looking to take advantage. Also, new Government stimulus programs have been keeping interest rates low and offering struggling homeowners a refinancing option to save money, their home, or both. While it sounds bad, the struggling economy and housing market are actually benefits for many struggling homeowners. That is because as a result, interest rates have dropped, and Government stimulus programs make getting approved for refinancing easier than ever.

With money being pumped into the housing market and banks to keep interest rates low, I predict that things will change in 2010. While interest rates in 2010 will still be very low, I predict that they will rise by 1.5%. This means that a typical 30 year home loan would have an interest rate of 6.5%. While this is still a very low rate, the interest rate increase will be enough to make refinancing a bad option for some homeowners. However, many people will still benefit from refinancing, even with a 1.5% rate increase.

I think that the housing market has seen its worse days, and things will start to improve in 2010. While the rate of improvement may be slow, it will be better. This will lead to interest rate increases and less impact from Obamas stimulus programs. While refinancing may still be a good thing for many, some will realize that with the interest rate increase, the benefits of refinancing are little to none.

Homeowners should take action now and refinance a mortgage before rates increase. Getting approved for a mortgage refinancing right now is easier than ever before. Take advantage of the low interest rates and Government programs and improve your finances, save money, or save your home.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/mortgage-interest-rates-in-2010-predictions-trends-and-outlook-1640785.html

Filed Under »  refinanced mortgage    |   No Comments »
30
Dec

New Mortgage Refinancing Options President Obamas Stimulus Plan

Author: admin

Mortgage rates are currently near record lows. Combine that with new mortgage refinancing options available from Obamas stimulus plan and millions of people can benefit from refinancing a mortgage. Here is some advice for homeowners looking to refinance a home loan with Obamas stimulus program.

President Obamas stimulus plan is backed by over $75 billion in funding. This money makes getting help refinancing a mortgage in all types of financial problems easier than ever before. This money is going to be given to selected mortgage lenders and banks who follow Obamas guidelines and approve homeowners for a mortgage refinancing. The money enables mortgage lenders and banks to take more risk and approve more homeowners than ever before.

Never before has such a massive program been enabled that can help so many people. The goal of this stimulus program is to get homeowners an affordable monthly mortgage payment. The stimulus plan calls for a homeowner to not have to pay more than 31% of their gross monthly income to their mortgage payment. The thought behind this stimulus plan is that if a homeowner can actually make their payments, they will, and avoid foreclosure and defaulting on their mortgage.

Homeowners with bad credit, an upside down mortgage, or other financial problems can now easily get help refinancing a home loan. Even homeowners who have been turned down in the past can get help from Obamas stimulus plan. Homeowners all across the country can benefit from this program, save money, secure their future finances, or save their home from being lost.

Do not let your home be lost. Take action now and use President Obamas stimulus program for yourself and save money. Contact a mortgage lender or bank and ask about how you can benefit from refinancing a mortgage with Obamas stimulus program.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/new-mortgage-refinancing-options-president-obamas-stimulus-plan-1639760.html

Filed Under »  refinanced mortgage    |   No Comments »
30
Dec

New Bad Credit Mortgage Refinance Options from Obamas Stimulus

Author: admin

Bad credit mortgage refinancing options now exist for millions of homeowners. This is all because of the $75 billion stimulus plan President Obama has enacted to help struggling homeowners. This money makes refinancing a mortgage easier to do for homeowners with bad credit, upside down mortgages, or other financial problems. Here is how you can use this stimulus plan for yourself and refinance a mortgage.

Since the housing market and economy are in such bad shape, many homeowners are struggling to make their home loan payments. However, many homeowners are losing their home as right now the rate of foreclosures and mortgage defaults is at an all time high. That is why President Obama enacted his stimulus program for struggling homeowners.

This program provides cash incentives to mortgage lenders and banks who offer and approve homeowners in accordance with the stimulus plan. This money makes refinancing easier for homeowners who would have had a hard, if not impossible, time finding a beneficial mortgage refinancing deal. This money enables mortgage lenders and banks to take on less risk, and approve more homeowners than they have ever been able to before.

This program is designed to get homeowners into an affordable monthly mortgage that does not exceed 31% of their gross monthly income. The thought is that no matter what else is going on, if a homeowner can make their monthly payments, they will. This plan will reduce the number of foreclosures and mortgage defaults while at the same time help million of homeowners who need to refinance a mortgage to prevent their home from being lost. Even homeowners with bad credit, financial hardships, an upside down mortgage, or other problems will find it easy to use this stimulus plan to get a mortgage refinancing.

Homeowners need to take action now and take advantage of low mortgage interest rates and Government stimulus programs. Getting help refinancing a mortgage, regardless of your financial position, has never been easier. Take action now and get help.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/new-bad-credit-mortgage-refinance-options-from-obamas-stimulus-1641401.html

Filed Under »  refinanced mortgage    |   No Comments »
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