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Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage

admin — Wed, 13 Apr 2011 20:15:49 +0000

Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage

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Home Page > Finance > Mortgage > Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage

Harbor Mortgage Solutions, Inc. Expands Services to Seniors Through Association With Liberty Reverse Mortgage

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Posted: Aug 12, 2008 |Comments: 0
|

DATELINE:Â BRAINTREE, MAâ¦

Christopher Downey, President of Harbor Mortgage Solutions in Braintree, MA has announced their firmâs association with Liberty Reverse Mortgage, the fastest growing and third-largest originator of Reverse Mortgages in the nation.

Downey noted, âHarbor Mortgage Solutionsâ relationship with Liberty Reverse Mortgage will help expand our services to senior homeowners, adding a more diversified portfolio of products from which to choose. This affiliation reaffirms our commitment to provide customized solutions for senior homeowners by broadening and deepening our ability to meet their needs.â

Harbor Mortgage will act as a broker for Liberty Reverse Mortgage, adding their products to Harbor Mortgageâs existing product line. âWe chose to represent Liberty Reverse Mortgage because of a similarity in our approaches to our reverse mortgage clients, which takes into consideration what is best for each senior homeowner on an individual basis,â continued Downey. âLiberty Reverse Mortgage is a leader in the industry and has helped to institute best practice guidelines, which help all of us in the reverse mortgage industry better serve our clients.â

The Reverse of Traditional Thinking

A reverse mortgage, essentially the opposite of a traditional or âforwardâ mortgage, can enable seniors to tap into accumulated equity without having to face ongoing payments. Unlike traditional mortgages where borrowers make monthly payments, in a reverse mortgage the cash flow is reversed, and the lender makes payments to the borrower.Â This enables borrowers to use the tax free cash they receive in any way that they wish with no monthly payments due to the lender.

There are no minimum income, asset, or credit qualifications to meet and no effect on Social Security or Medicare benefits. The property must be the primary residence of the borrower and adequately insured and maintained, with real estate taxes kept current. As long as the borrower continues to live in the property the loan can never be called. Repayment is required if the home is sold, or when the last borrower permanently leaves the property, or passes away. At that time, the heirs can sell, or refinance, the property to pay off the loan.

Once the province of a few small banks and private lenders, the great majority of reverse mortgages today are provided through government-sponsored programs, namely the HUD/FHA Home Equity Conversion Mortgage (HECM) and the Fannie Mae Home Keeper (HK) programs.

Harbor Mortgage Solutions, Inc.

Specializing in conventional residential and reverse mortgages, Harbor Mortgage Solutions, Inc. is located at 100 Grandview Road, Suite 105 in Braintree, MA 02184. George A. Downey, a past chairman of the Massachusetts Mortgage Association, founded family owned and operated Harbor Mortgage Solutions in 1978. His son Christopher Downey currently serves as President of Harbor Mortgage.

Assisted by a staff of experienced mortgage professionals, Harbor Mortgage Solutions is dedicated to providing customized service, obtaining the best possible solution for each individual client every time. An equal opportunity lender licensed in Massachusetts (license #MC0041) and Rhode Island (license #20041821LB), Harbor Mortgage Solutions is a member of the Massachusetts Mortgage Association, the National Association of Mortgage Brokers, and the National Reverse Mortgage Lenders Association, strictly subscribing to their rigid code of ethics. Harbor Mortgage Solutions is also an Educational Subscriber of the Massachusetts Chapter of the National Association of Elder Law Attorneys.

For additional information on services offered by Harbor Mortgage Solutions please call 781-843-5553 or 800-599-8700, or visit www.HarborMortgage.com.

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What happens to the property when a senior sets up a reverse mortgage upon her death so her son can live in the home and then he is incarcerated for life?
With a reverse mortgage is there a limit on the withdrawl amount per month for a person with medicaid?
When a person with a reverse mortgage and medicaid dies,do both receive some of the proceeds when the house is sold?

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Advantages of a Fixed Rate Mortgage

admin — Wed, 13 Apr 2011 20:15:46 +0000

Advantages of a Fixed Rate Mortgage

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Home Page > Finance > Real Estate > Advantages of a Fixed Rate Mortgage

Advantages of a Fixed Rate Mortgage

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Posted: Oct 08, 2009 |Comments: 0
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When it comes to obtaining a first mortgage, or refinancing an existing one, it is necessary to consider whether a fixed rate or variable rate mortgage would be in your best interest. While there has been a lot of support for variable rates in recent years, there are several compelling reasons why going with a fixed rate option would be the best approach. Here are some of the benefits associated with this type of mortgage, as well as a couple of examples of what type of homebuyer is likely to find a mortgage of this kind to be the ideal choice.

One of the more obvious advantages of fixed rate mortgages is the comfort of knowing exactly what you will pay from month to month. Unlike a variable mortgage, you can easily budget that payment with no worries about the amount suddenly going up due to shifts in the economy. Your payment will remain the same for as long as the mortgage is active. For people who prefer to keep their finances simple, going with a fixed rate is the only way to manage a mortgage.

It is this built-in consistency that also makes a fixed rate mortgage attractive to people who intend to retire the mortgage early. Assuming the mortgage contract does not include provisions for the lender imposing penalties for early payoff, the savvy homebuyer who wants to double up on payments in order to retire the mortgage early will know exactly how much he or she will save from the activity. This is simply not possible to accurately project with any other type of mortgage plan.

While many people assume that fixed rate mortgages are only offered at the current prime rate of interest; that is not necessarily the case. A prospective homeowner with excellent credit stands a very good chance of being able to shop around for fixed rate that is below the current average. Depending on where the buyer lives, there is a good chance that at least a few of the fixed rates will be lower than a number of the variable rates currently available.

Should the economy remain more or less stable for ten to twenty years, there is a very good chance that buyers with spotless credit will save a great deal of money over the life of the mortgage, simply by going with the most competitive fixed rate.

There are primarily two basic options with a fixed rate plan. One is known as the thirty-year fixed rate. One of the main benefits to this type of mortgage plan is that it has been around for a number of decades now. The number of lenders who offer mortgages of this kind is plentiful. This is good news for anyone who is looking for a first time mortgage on a starter home. The provisions are generally very plain, making them easy to understand, and even people who don’t consider themselves to be particularly sophisticated with money matters will have little trouble understanding how this type of fixed rate plan works.

The second traditional approach is the fifteen-year fixed rate mortgage. While it is possible for first time homebuyers to go with this option, it is more commonly used to refinance an existing mortgage. Often, using this format for refinancing will result in a lower rate of interest applied to the balance and actually lower monthly payments. This is especially true for anyone dealing with an adjustable or variable rate mortgage during a period when rates are expected to remain high. Going with this type of fixed rate plan will still make it possible to pay off the mortgage according to your original plans, but also provide some financial respite in the interim.

Not every situation is right for a fixed rate mortgage. There are times where the use of the variable or adjusted rate approaches simply makes more sense. However, going with a fixed rate approach may still worth taking the time to consider. This is especially true during periods when the economy over the next ten to twenty years is expected to perform badly, and there is a good chance that interest rates will be significantly higher for most of that time.

Before you may any decisions about what type of mortgage structure is right for your situation, take the time to talk with a qualified lender. Ask them to help you evaluate your circumstances and make recommendations based on the state of the economy today and what analysts are projecting for the next several years. By comparing their responses and the reasons behind those responses, there is a good chance you will find that going with a fixed rate is your best option.

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Wesley Pritchard is a freelance writer who writes about the mortgage industry, often focusing on a specific topic such as mortgage rates.

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Wesley Pritchard is a freelance writer who writes about the mortgage industry, often focusing on a specific topic such as mortgage rates.

New Non Resident Mortgage in Turkey

admin — Fri, 08 Apr 2011 22:04:00 +0000

New Non Resident Mortgage in Turkey

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Home Page > Finance > Mortgage > New Non Resident Mortgage in Turkey

New Non Resident Mortgage in Turkey

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Posted: Nov 15, 2008 |Comments: 0
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Now almost all nationality should apply to mortgage in Turkey with the new mortgage system in Turkey. So now you know that you can get mortgage in Turkey with better ofers now. But let us guess what you curious more about Turkish mortgages. Now we will take a look at them under two main healines.

A)FAQ About Mortgage in Turkey:

B)How to Apply Non Resident Mortgage

FAQ ABOUT MORTGAGE IN TURKEY

•What is the amount of minimum loan i can borrow ?

The minimum amount of loan you can borrow from Turkish Banks is : 40.000 Euros

•What is the amount of maximum loan i can borrow ?

The maximum amount of loan you can borrow from Turkish Banks is : 280.000 Euros

• What are the avaliable the currencies for mortgage in Turkey ?

Turkish mortgages are available in TRY, EUR, USD, GBP and CHF currencies

•What is the minimum length of turkish loans ?

The minimum length of turkish loan you can borrow is 6 months.

•What is the maximum length of turkish loans ?

The The maximum length of turkish loan you can borrow is 240 months.

•What is the maximum loan-to-value ratio of Turkish mortgages for EU countries?

The maximum loa-to-value ratio of Turkish mortgages for EU countries is 65%.

•What is the maximum loan-to-value ratio of Turkish mortgages for other nationals?

The maximum loa-to-value ratio of Turkish mortgages for all other nationals is 50%.

•Do I need any Insurance on the property ?

Yes. You need a insurance on property which will be asked by mortgage lender.

•Do Turkish Mortgages need any decleration of income to qualify for loan ?

Yes. Turkish mortgage system need decleration of any income to qualify you for loan.

How to Apply Non Resident Mortgage

There are minimum requirements that any bank or mortgage lender should ask you for applying a non resident mortgage in Turkey. Now note the list above as your check list before getting in contact with a bank or a mortgage lender.

• Tax ID Number given by Turkey.

• Appraisal review report of the property.

• Non- Resident submission form which is provided by the branch.

• Copy of the passport.

• Credit Bureau record from your home country.

• Utility bill which will show your full address.

• Security check obtained from military authorities in Turkey.

• Report of previous three month’s bank account, credit card, overdraft statements.

Sources : Garanti Bank, Mortgage Turkey ( http://www.mortgageturkey.net/mortgage-in-turkey.html )

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I own a freehold plot of land with detailed planning permission.I am a self employed builder and want to build the proposed bungalow. My credit rating is good.Can I get a non status mortgage
What are the new canadian mortgage rules ?
How many residents in new york city?

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Heirs, Inheritance and Reverse Mortgages

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Heirs, Inheritance and Reverse Mortgages

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Heirs, Inheritance and Reverse Mortgages

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Posted: Oct 09, 2009 |Comments: 0
| Views: 186 |

Reverse mortgages are financial arrangements that make it possible for homeowners to make use of the equity in their homes while they are still alive. Often used to create a source of steady revenue during the retirement years, homeowners continue to occupy the home until they die or must enter some sort of assisted living facility. However, this arrangement does mean that some preparations must be made in advance if the home is to remain in the possession of the estate after the death of the homeowner, and ultimately pass on to an heir.

In order to explore the possible ways to ensure an heir does receive the property used in a reverse mortgage, it is important to understand the nature of the claim of the lender. When the reverse mortgage was created, the lender essentially agreed to provide the homeowner with payments on a loan, with the understanding that the loan would be repaid in one of two ways. First, the loan would be settled in full by allowing the lender to gain full ownership of the property once the homeowner no longer resided there. Second, the heirs would arrange to pay off the reverse mortgage, thus eliminating the claim of the lender on the property.

One approach that can be used is for the heirs to take out a traditional mortgage once the homeowner is deceased or is not longer residing in the home for any reason. Since the terms of the reverse mortgage only allows the lender to claim a balance due on the original loan, the new mortgage must only produce enough to pay off the reverse mortgage in order for the heir to assume control of the property. If the property is now appraised at a higher market value, there is a good chance that the heir can easily secure a new mortgage and settle the reverse mortgage quickly.

However, if the property has declined in value, the heir will have a much harder time securing a new mortgage to pay off the reverse mortgage arrangement. From a practical point of view, it may be in the best interests of the heir to simply allow the lender to lay claim to the property and sell it off in order to recover as much of the investment as possible. While this does not allow the heir to retain control of what may be property with a great deal of sentimental value, it does prevent the heir from incurring a great deal of debt.

Some homeowners do arrange their estates in a manner that will prevent an heir from incurring expense and still be able to take control of the property. This is managed by setting aside resources that either partially or completely pay off the reverse mortgage as part of the estate settlement process.

For example, if the homeowner had invested wisely in stocks or bonds, the arrangements left for the estate could specify that those financial instruments be sold and the proceeds used to retire the reverse mortgage. This would leave the property clear of any sort of claim by any creditors and allow it to pass to the heir completely debt free.

If the intent of the homeowner is to ensure that an heir gets some benefit from the property, but there is no preference for what form that benefit takes, it is possible for the estate to arrange for the sale of the property. In this scenario, the property is sold at current market value, with the proceeds used to pay off the reverse mortgage. If the home is worth more than it was at the time the reverse mortgage was arranged, any funds left after the mortgage is paid in full go to the heir.

For example, if the home was worth $100,000.00 at the time the reverse mortgage was created, but was sold for $150,000.00 after the death of the homeowner, the lender holding the reverse mortgage would receive $100,000.00 to settle the mortgage. The heir to the property would receive the remaining $50,000.00 as an inheritance.

Before entering into a reverse mortgage, it is important to consider what you want to leave behind for your children or other loved ones. When the property used to secure a reverse mortgage has been in the family for many years, there may be compelling reasons to want it to remain with a loved one. If this is the case, homeowners should speak with an estate planner about how to arrange the estate so that the commitment to the lender can be honored and the home can be passed on to the desired heir.

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With a reverse mortgage is there a limit on the withdrawl amount per month for a person with medicaid?
When a person with a reverse mortgage and medicaid dies,do both receive some of the proceeds when the house is sold?
What happens to the property when a senior sets up a reverse mortgage upon her death so her son can live in the home and then he is incarcerated for life?

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Wesley Pritchard is a freelance writer who writes about the mortgage industry, often focusing on a specific topic such as a reverse mortgage.

All About Collateralized Mortgage Obligations, Known as Cmos

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All About Collateralized Mortgage Obligations, Known as Cmos

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Home Page > Finance > All About Collateralized Mortgage Obligations, Known as Cmos

All About Collateralized Mortgage Obligations, Known as Cmos

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Posted: Nov 23, 2008 |Comments: 0
| Views: 133 |

Collateralized Mortgage Obligations (CMOs) sometimes referred to as Real Estate Mortgage Investment Conduits (REMICs), are one of few innovative investment methods available in today’s investment world. CMOs offer relative safety, regular payments and notable yield advantages over other better known fixed-income securities of comparable credit quality.

A wide variety of CMO securities with different cash flow and expected maturity characteristics have been designed to meet specific investment objectives. While CMOs offer advantages to investors, they also carry certain risks which will be further explained in this document. To determine if CMOs fit within your investment portfolio, you should first understand the distinctive features of these securities.

CMOs were first introduced in 1983. The Tax Reform Act of 1986 allowed CMOs to be issues in the form of REMICs, creating certain tax and accounting advantages for issuers and for certain large institutional and foreign investors. Today, almost all CMOs are issued in REMIC form. Remember that throughout this CMO explanation, REMICs and CMOs are interchangeable.

THE BUILDING BLOCKS OF CMOS Mortgage Loans and Mortgage Pass-Throughs When a CMO is created, it begins with a mortgage loan extended by a financial institution (such as a savings and loan, commercial bank or mortgage company) to finance a borrower’s home or other real estate. The homeowner usually pays the mortgage loan in monthly installments composed of both interest and “principal”. Over the duration of the mortgage loan, the interest component of payments in the early years gradually declines as the principal component increases. To obtain funds to generate more loans, lenders either “pool” groups of loans with similar characteristics to create securities or sell the loans to issuers of mortgage securities. The securities most commonly created from pools of mortgage loans are “mortgage pass-through securities” (MBS) or “participation certificates” (PCs). MBS represent a direct ownership interest in a pool of mortgage loans. As the homeowners whose loans are in the pool make their mortgage loan payments, the money is distributed on a pro rata basis to the holders of the securities. Several factors can affect the homeowners’ payments.

Typically, the homeowner will “prepay” the mortgage loan by selling the property, refinancing the mortgage or otherwise paying off the loan in part or whole. Most mortgage pass-through securities are based on fixed-rate mortgage loans with an original maturity of 30 years, but experience shows that most of these mortgage loans will be paid off much earlier. While the creation of MBS greatly increased the secondary market for mortgage loans by pooling them and selling interests in the pool, the structure of such securities has inherent limitations. MBSs only appeal to investors with a certain investment horizon – on average, 10-12 years.

CMOs were developed to offer investors a wider range of investment time frames and greater cash-flow certainty than had previously been available with MBS. The CMO issuer assembles a package of these MBS and uses them as collateral for a multiclass security offering. The different classes of securities in a CMO offering are known as tranches, from the French word for slice. The CMO structure enables the issuer to direct the principal and interest cash flow generated by the collateral to the different tranches in a prescribed manner, as defined in the offering’s prospectus, to meet different investment objectives.

THE HIGH CREDIT QUALITY OF CMOS The Government National Mortgage Association (GNMA, or Ginnie Mae) an agency of the U.S. government, along with U.S. government-sponsored enterprises (GSE) such as the Federal National Mortgage Association (FNMA, or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac), guarantee most MBSs. Ginnie Mae is a government-owned corporation within the Department of Housing and Urban Development. Fannie Mae and Freddie Mac have federal charters and are subject to some oversight by the federal government, but are publicly owned by stockholders.

Fannie Mae and Freddie Mac issue and guarantee pass-through securities. Ginnie Mae only adds its guarantee to privately issued pass-throughs backed by government issued (FHA and VA) mortgages. Fannie Mae and Freddie Mac have issues CMOs for quite some time; the Department of Veterans Affairs (VA) began to issue CMOs in 1992, and Ginnie Mae initiates its own CMO program which began in 1994. Securities guaranteed or guaranteed and issues by these entities are known generically as “agency” mortgage securities. The agency guarantees enhance their credit quality for investors. In addition, the mortgages backing Fannie Mae and Freddie Mac mortgage securities must meet strict quality criteria. Those backing GNMA pass-throughs are underwritten in accordance with the rules and regulations of the FHA and the VA, which insure them against default.

The extent of the agency guarantee depends on the entity making it. Ginnie Mae, for example, guarantees the timely payment of principal and interest on all of its mortgage securities, and its guarantee is backed by the “full faith and credit” of the U.S. government. Holders of Ginnie Mae mortgage securities are therefore assured of receiving payments promptly each month, regardless of whether the underlying homeowners make their payments. They are guaranteed to receive the full return of face-value principal even if the underlying borrowers default on their loans. Mortgage securities issued by the VA carry the same full faith and credit U.S. government guarantees.

Fannie Mae guarantees timely payment of both principal and interest on its mortgage securities whether or not the payments have been collected from the borrowers. Freddie Mac also guarantees timely payment of both principal and interest on its Gold PCs and CMOs. Some older series of Freddie Mac PCs guarantee timely payment of interest, but only the eventual payment of principal. Although neither Fannie Mae or Freddie Mac securities carry the additional full faith and credit U.S. government guarantee, the credit markets consider the credit on these securities to be equivalent to that of securities rated triple-A or better.

Some private institutions, such as subsidiaries of investment bank, financial institutions and home-builders, also issue mortgage securities. When issuing CMOs, they often use agency mortgage pass-through securities as collateral; however, their collateral may include different or specialized types of mortgage loans and/or pools, letters of credit and other types of credit enhancements. These private-labeled CMOs are the sole obligation of their issuer. To the extent that private-label CMOs use agency mortgage pass-through securities as collateral, their agency collateral carries the respective agency’s guarantees. Private-label CMOs are assigned credit ratings by independent credit agencies based on their structure, issuer, collateral and any guarantees or outside factors. Many carry the highest AAA credit rating.

As an additional investor protection, the CMO issuer typically segregates the CMO collateral or deposits it in the care of the trustee, who holds it for the exclusive benefit of the CMO bondholders.

A DIFFERENT SORT OF BOND Prepayment Rates and Average Lives Although CMOs entitle investors to payments of principal and interest, they differ from corporate bonds and Treasury securities in significant ways. Corporate and Treasury bonds are issued with stated maturities. The purchase of a bond from an investor is essentially a loan to the issuer in the amount of the principal, or face amount, of the bond for a prescribed period of time in return for a specified annual rate of interest. The bondholder receives interest, generally in semiannual payments, until the bond is redeemed.

When the bond matures, or is called by the issuer, the issuer returns face value of the bond to the investor in a single principal payment. With a CMO, the ultimate borrower is the homeowner who takes who takes on a mortgage loan. Because the homeowner’s monthly payments include both interest and principal, the mortgage security investor’s principal is returned over the life of the security, or amortized rather than repaid in a single lump sum at maturity.

CMOs provide monthly or quarterly payments to investors which include varying amounts of both principal and interest. As the principal is repaid (or prepaid), the interest payments become smaller because they are based on a lower amount of outstanding principal. A mortgage security “matures” when the investor receives the final principal payment. Most CMO tranches have a stated maturity based on the last date on which the principal from the collateral could be paid in full. This date is theoretical, because it assumes no prepayments on the underlying mortgage loans. Mortgage securities are more often discussed in terms of their average life rather than their stated maturity date. Technically, the average life is defined on the average time to receipt of each dollar of principal, weighted by the amount of each principal payment.

In simpler terms, the average life is the average time that the principal dollar in the pool is expected to be outstanding, based on certain assumptions about prepayment speeds.

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Have You Been Trying To Get A Canada Mortgage?

admin — Mon, 04 Apr 2011 20:25:42 +0000

Have You Been Trying To Get A Canada Mortgage?

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Have You Been Trying To Get A Canada Mortgage?

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Posted: Nov 28, 2009 |Comments: 0
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Many people who are looking for a mortgage loan may think that they can only get it at an official Canadian bank. The truth is, there are only 5 major banks in Canada while there are over 70 lenders that can provide you with many choices.

The banks want to keep this a secret. As a matter of fact, the mortgage rates that lenders offer are far more competitive than those at most major banks such as BMO, CIBC, RBC, TD and Scotia. While consumers do not enjoy the lender’s mortgage rates, the certified mortgage brokers do.

With just one touch of a button, the Canadian brokers have access to lenders themselves or the sources, allowing them the opportunity to research mortgage rates and services and products.

For a person who wants to have the best mortgage rate doing the research himself would take more than a year to visit all 70 lenders. On the other hand, a mortgage broker can do the task in just a few hours, because they have online access to such information, hence; they can save you time, money and effort.

The banks may only offer between 5 and 6 different products and rates including New to Canada, Fix rates, Closed Mortgages, Open mortgages, No Income Mortgages and Variable Rate Mortgages. To keep themselves competitive towards the major banks, the 70 lenders offer between 10 and 15 products. However, not all products and services are applicable to every client.

The problem is how can you find the ideal mortgage product and rate without researching all the lenders. As their profession, mortgage brokers glimpse hastily through the complex nature of mortgages for their clients, making it difficult for their client to differentiate the difference among 70 lender’s mortgage products and rates. Hence, it will be virtually impossible for the clients to figure out the ideal mortgage.

With software, mortgage brokers search for mortgage products that can be useful for you. This gives you quick and accurate information. Then you can decide which lender fits your financial condition and requirements.

Any bank in Canada will tell you that private mortgage lenders would love to work with people who have bad credit, because they can charge them higher fees. Most banks will not give you a loan if you have bad credit.

A private mortgage lending service works will all sorts of people. In contrast, many private mortgage lenders do not charge a fee for their services. The banks on the other hand do.

By offering all services to customers regardless of their credit score, Canadian Mortgage lenders help their customers save money, which creates good customer relations. In the end, such good service earns lenders more clients through referrals.

There are many lending opportunities that are not as expensive as what most major banks offer. Through the official Canadian banking system, people can enjoy reasonable mortgage rates. The only thing people need to do is to visit a private mortgage broker and discuss with him the available options.

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Go to http://www.syndicatemortgages.com and discover mortgage info. Fill out our application to get a quote. Checkout the articles we have that give you more mortgage loan ideas. If you want an equity loan, get started at our site. Visit Mortgage financing and use our loan quote service.

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Is a Reverse Mortgage Right for Me or Am I Throwing My Kid’s Money Away?

admin — Fri, 01 Apr 2011 20:30:33 +0000

Is a Reverse Mortgage Right for Me or Am I Throwing My Kid’s Money Away?

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Home Page > Finance > Real Estate > Is a Reverse Mortgage Right for Me or Am I Throwing My Kid’s Money Away?

Is a Reverse Mortgage Right for Me or Am I Throwing My Kid’s Money Away?

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Posted: Nov 25, 2008 |Comments: 0
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Reverse Mortgage is it right for me: The Reverse Mortgage is in fact not the right mortgage loan for every senior who owns a home; there are many things to consider when you are contemplating a Reverse Mortgage.

First the amount of time you are planning to live in the home! If a person is planning on moving from the home within the next five years then you have a decision to make. It will take about five years to recover the closing cost associated with the Reverse Mortgage. Here is a list of general closing cost that you will have to pay at closing out of the proceeds.

Mortgage Insurance Premium (to protect the value of your home, the money against mortgage company failure and other issues
Origination Fee (lenders Cost)
State Tax Stamp (Florida Only)
State Intangible (Florida Only)
Settlement Fee (Title company closing fee)
Appraisal Fee (TO establish value and inspect the home)
Title Insurance (cost of insuring the Title of your Home)
Counseling Fee (an uninterested third party to make sure you understand Mandatory)
Title Exam (To look over the title to make sure it is clear of defects)
Endorsements (To place mortgage and or any other attachments to the title)
Recording Fees (To record your note at the county court house)
Credit Report (Credit is run to make sure you are the person who is applying)
Flood Cert (To make sure that your home is not in a flood plane)
Doc Prep Fee (Cost to prepare all documents for closing)
Notary Fees (All documents must be notarized to be legal)
Courier (To deliver all documents in a timely fashion)
Wire Fee (Cost of sending your money)

These are the fees associated with a Reverse Mortgage they can add up to as much as 6-7 % of the loan amount that you are receiving. Now you do not have to pay these fees out of your pocket, they come out of the proceeds. There is however two fees that must be paid up front. These fees are the counseling session and the appraisal fee.

Disadvantages of a Reverse Mortgage If you are going to get a reverse mortgage, you first must know, and be comfortable with, the disadvantages of a reverse mortgage. With a traditional mortgage the borrower pays down the debt over a set term, usually 30 years. Conversely, with a reverse mortgage, the borrower builds up debt while they live in the home. In addition to building up debt, there can be significant up front costs when brokering a reverse mortgage. If you plan on only taking out a small portion of money or plan on living in your home for only a short time then these costs can push the effective rate on the home up considerably. The last significant disadvantage of a reverse mortgage is that you leave your heirs with a noticeably smaller legacy. It might be something you should discuss with your heirs. When you take out a reverse mortgage, you will have less equity in the home and likewise, the heirs will inherit a smaller portion of the home’s value. Also, the longer you live in the home, the more the interest builds up, which further lessens the equity you have in the home.

What are my current financial needs? Everyone, no matter the age, needs to assess their budget and the best ways to effectively manage their financial needs. The easiest way to do so is by going through last month’s (or any average month’s) bills. You should include everything you regularly spend money on. Where are the bulk of your expenses? Do you need to adjust your budget?

CAN I adjust my budget? This will vary from person to person and household to household. There are many ways to cut down your expenses such as different grocery stores, paring down unused or unnecessary things, going out to eat, having premium cable, club memberships, etc… If you are unwilling to sacrifice some of those things that you’ve become accustomed to, how much more money will you need? It would be wise to consider for how long the equity in your home can satisfy your budget.

Am I willing to move? Importantly, there are other options for increasing cash flow other than a reverse mortgage. Moving is the most common of those options. It can be very hard to think of leaving the home you worked so hard for or raised your children in, but sometimes moving is inevitable. With the proceeds, you can decide to rent a home or purchase a smaller home. Maybe a condo or townhouse is appropriate. Many seniors need to evaluate whether their current home is a suitable living environment. Getting around can be difficult as you age and a large home may not be the right choice for you. Selling your home is an excellent option if assisted living is a near-term possibility. No matter what the decision is, those interested in reverse mortgages need to gage their current home situation and decide whether moving is a better option for them.

What do I plan to gain from a Reverse Mortgage and is this realistic? This is an important question to ask yourself. You need to find your own motives for wanting a significant influx of cash. There are significant advantages and disadvantages of reverse mortgages. You have probably already decided how you would want to spend the money, whether it’s to pay bills, meet monthly expenses, or remodel the kitchen, but it is very important to realize the interest you will be accruing. When you ask yourself this question, you should find your true motives and whether other options should be examined. If you are comfortable with the disadvantages of a reverse mortgage, you should speak with a reverse mortgage lender to discuss your specific situation. Equitable Reverse Mortgage does not shy away from the disadvantages of a reverse mortgage. They are important to understand.

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Tim Robbins -
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I am a Reverse Mortgage Specialist who has spent over 20 years as a Real Estate broker and the last 10 years in the mortgage industry and 5 in Reverse Mortgages. In my years in the profession I have always felt that helping our seniors in this country is helping the back bone. Our seniors are the ones who made this country and in the time of their lives that are so suppose to be golden they are in most cases painted black. I have dedicated my life to helping them achieve some sort of Independence.Timothy Robbins from Reverse Mortgage GRP a Senior Reverse Mortgage Specialist has built a website dedicated to educating the senior on all aspects of Reverse Mortgages you can view Free Reports and see videos to find all the information on Reverse Mortgages in Florida at http://www.seniorconsumerreport.com or call 800-966-7211 ext 118

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What Does a Mortgage Lender Do?

admin — Fri, 01 Apr 2011 20:30:13 +0000

What Does a Mortgage Lender Do?

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Home Page > Finance > Mortgage > What Does a Mortgage Lender Do?

What Does a Mortgage Lender Do?

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Posted: Oct 13, 2009 |Comments: 0
| Views: 228 |

If you want to purchase a home, you will likely need a mortgage lender to help you pay for the property. Mortgages make it possible to spread the payments out over decades, instead of having to pay for the home out of pocket. When you find that home of your dreams, your mortgage lender will be your new best friend! You’ll spend thousands of dollars on closing costs to pay for your mortgage, but what is your mortgage lender actually doing to deserve that money?

Negotiating your Mortgage Contract

First, the mortgage lender will negotiate your mortgage contract with you. This can be pretty straightforward, or it could take hours, depending on the house you want to purchase, the special requirements you have, and the type of mortgage you want. If you have a simple mortgage, the process should not take more than a few hours. If your mortgage is complex, expect the process to take longer.

You do not have to be a stickler for every little detail, but keep in mind that all points are negotiable. So, for example, if your mortgage lender will not offer a lower rate, even though you think you deserve it, consider asking him to get rid of the prepayment penalty or refinancing fees. Be a savvy consumer and negotiate a great contract rather than just take what is handed to you.

Underwriting

Some mortgage lenders take care of underwriting themselves, while others pay outside companies to handle the process. Either way, it’s something your mortgage lender does that you’ll have to pay for. Underwriting is the process by which they will determine your eligibility. The underwriter will make a recommendation as to what your interest rates margin should be, as well as how much they should allow you to spend on the property in total. Most of the underwriter’s work is looking at your credit history, but all of your finances are considered. So, your monthly income, bonus potential, assets, work history, and other factors are all monitored to determine what you’re offered.

Document Preparation

At one time, document preparation took hours, since mortgage lenders had to type out multiple copies of your contract, making sure they were all the same and perfect. Today, we have computers, printers, scanners, and copiers to make our lives easier. The lender does still have to do document preparations, though they usually use a standard contract and make changes based on your specific situation. Document preparation should take long or use many resources (like ink, paper, etc), but you’ll still have to pay for it.

Title Service

Your mortgage lender will take care of all issues regarding the title to the home. The title is a document that says who owns the property. Most of the time, it is pretty straight-forward to put the title in your name, but sometimes the mortgage lender has to straighten out problems. For example, if one of the past owners put the home up as collateral against a loan, that company could have claims to it, meaning that the title is not clear to sell to you. There could also be disputes about who owns the land, going back decades or even hundreds of years. Your mortgage lender will take care of making sure that there are no title problems or any problems that could arise are resolved.

Appraisal, Inspection, and Surveying

The asking price of a home is not always the fair market value. Your mortgage lender will have the home appraised and inspected to make sure that they are not lending you more money than the home is worth. Should you default, they want to be able to recoup their losses by reselling the house. Additionally, some mortgage lenders will hire a surveyor to clarify property lines. In some cases, your mortgage lender may not handle these things and may instead require you to show proof that you took care of it. Make sure that whatever appraiser, inspector, and surveyor you use is licensed and approved by your mortgage lender if that is the case.

Answering Your Questions

Lastly, your mortgage lender’s biggest duties are to answer your questions. Being approved for a mortgage is a big step, and many Americans don’t fully understand their mortgage contracts. This has led to major financial problems and is the route of the current high foreclosure rate – people didn’t ask questions. Even if your mortgage lender is honest and ethical, you still might be agreeing to things that aren’t wise if you sign a contract you don’t understand. Be respectful of your mortgage lender’s time, but don’t ever feel bad about asking questions. It is their job to answer them.

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Can Getting a Fixed Mortgage Rate Really Save You Money?

admin — Tue, 29 Mar 2011 20:21:14 +0000

Can Getting a Fixed Mortgage Rate Really Save You Money?

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Home Page > Finance > Mortgage > Can Getting a Fixed Mortgage Rate Really Save You Money?

Can Getting a Fixed Mortgage Rate Really Save You Money?

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Posted: Nov 05, 2009 |Comments: 0
|

The foreclosure boom created by the economic downturn has left many homeowners and potential homeowners feeling as though adjustable rate mortgages are evil. However, there has been a great deal of debate on whether or not fixed rate mortgages really save you money. The big fixed rate draw is that you know how much your payments will be throughout the life of the loan, in other words there will be no surprises. Still, having peace of mind and saving money are two different aspects of fixed rate mortgages. If you are considering a fixed rate mortgage there are few things you need to consider when determining whether or not you will be saving money.

The first question to ask yourself is what rate are you looking to lock in, or what is your target rate? The rate you start off at will be the determining factor on whether or not you are able to save money with a fixed mortgage. If you are starting at a rate of 5.3% and your initial monthly payments are more than 60% of your monthly income(s) the odds are you have started off with one foot in the ground. Since, you are not leaving yourself any room to save money. Homeownership is expensive and the first year is often plagued with costly repairs, taxes, and insurance. So, the idea is to get the lowest rate upfront. Although, it is only fair to point out that fixed rates are set usually set higher than those of initial adjustable mortgage rates.

And, you may still wind up with a higher rate than the market rate.

Will there be any other fees or costs that will have a bearing on your payments? Although fixed rate mortgages are not affected by rising interest rates keeping payments constant, there is a chance that you could still end up paying more for your home. The costs of homeowner’s insurances, private mortgage insurance (PMI), and taxes are usually tied to your overall mortgage payment and the costs of insurance and taxes can and usually does rise over the time of the loan. These are aspects of fixed mortgages that are often afterthoughts when homeowners are looking to lock in a fixed rate.

How long do you plan to be in the home? Fixed rates are great long term loans. However, if you are not ready to settle in a particular area for at least 10 to 15 years, then fixed rates mortgages may do more harm than good. Homeowners with fixed rates, who decide to sell their home often, find themselves selling the home for less than what is owed on the loan when the market is down. If you are not planning to be in the home for at least 10 years odds are good you will end up loosing money in the long run.

Finally, are you really going to budget wisely? Again, the major advantage to fixed rate mortgages is the peace of mind in knowing that interest rates will not cause your monthly payments to increase. Theoretically, this feature gives homeowners the opportunity to budget wisely. However, most people don’t follow a budget until they have no other choice. And it should be noted that budgeting doesn’t necessarily lead to saving money. Knowing how much your payment will be each month will not change your income and what you are able to put aside for a rainy day. It simply shows you where the majority of your money is going.

Adjustable rate mortgages have been painted as the enemy, but in reality these mortgage rates offer a flexibility that fixed rates do not allow. There is no doubt that fixed rate mortgages offer a peace of mind that adjustable rate mortgages just cannot provide. Still, having a budget and saving money is totally different. So, you may want to really weigh all options before deciding on a fixed rate, especially if you are attempting to save money.

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Allan Young is a freelance writer who writes about mortgage rates.

Professional Advice From A Mortgage Broker

admin — Tue, 29 Mar 2011 20:20:52 +0000

Professional Advice From A Mortgage Broker

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Home Page > Finance > Professional Advice From A Mortgage Broker

Professional Advice From A Mortgage Broker

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Posted: Feb 01, 2010 |Comments: 0
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Getting sound financial advice before taking out a mortgage is certainly a wise thing to do for everyone interested in a mortgage. It can prevent an applicant from applying for a mortgage that would be wrong for them and their personal situation. With this in mind it really can pay to get professional advice before even thinking about applying for a mortgage. One excellent way to get professional advice on mortgages is to talk with a mortgage broker.

Mortgages are one of the biggest financial commitments a person or couple will ever make. A mortgage will not only secure a home for those taking out the mortgage and their dependents, it can also be an investment for the future. Due to this it is so crucial that advice is sought on the types of mortgage available and the application process. Professional advice like this can be obtained through a mortgage broker easily – and more and more people are turning to these individuals for help with their mortgages.

A mortgage broker is an individual whose role is to aid anyone who is hoping to find a mortgage to understand mortgages and apply for the right one. They will work closely with applicants and give them the help and support they need throughout the entire mortgage process. It is so easy to apply for a mortgage solely on the premise that you are sure you will be accepted for it and far too many people do this. Whilst first time buyers might be excited to secure a mortgage so they can move into their own home, it pays to be a little more cautious. This is where a mortgage broker comes in so very useful.

By talking applicants through the different mortgages around and their terms a mortgage broker can help anyone to make the most appropriate decision on which mortgage to apply for. This is all done without any pressure or sales techniques involved at all.

Another advantage to getting professional advice on your mortgage is that it is possible to ask any questions about the mortgage. More often than not the information that comes with a mortgage is filled with jargon that the majority of applicants simply do not understand. This can be very confusing and create stress for applicants, a mortgage broker can cut through this jargon and give applicants the information they need.

Using a mortgage broker is not as expensive as you might think either. The rates that are charged are very reasonable when compared with the amount of work a broker will put in for his or her clients. In fact many people are stunned when they find out just how great the rates of a mortgage broker are, especially when compared with the rates a financial advisor will charge.

As shown a mortgage broker can play a vital role in helping a couple or single person to obtain a mortgage. They provide professional advice on mortgages that is unbiased and can be trusted and this is why they are so popular.

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Your local Mortgage Broker knows which banks are jacking rates and fees. Get real help with a local Mortgage Broker.

Top 10 US companies for Mortgage Refinance

admin — Sat, 26 Mar 2011 20:45:38 +0000

Top 10 US companies for Mortgage Refinance

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Home Page > Finance > Credit > Top 10 US companies for Mortgage Refinance

Top 10 US companies for Mortgage Refinance

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Posted: Nov 11, 2009 |Comments: 0
| Views: 232 |

Top 10 US companies for Mortgage Refinance

Home mortgage refinance services have definitely picked up in the second quarter of 2009. The increase in mortgage refinance operations account for an increase of 24 percent compared to the previous quarter performance.

While the economic meltdown did wash away even some of the giants in the industry, only a few able to stand the storm and rise again. Very low interest rates and home mortgage lending and refinancing spree has given rise to the increase in the number of loan disbursements.

Are you really interested in knowing the top 10 performers during the second quarter of 2009? Well, then here is a list of US Companies that have fared well in the business of mortgage loans and refinancing.

Top 10 US companies for Mortgage Refinance

* Well Fargo – Sustaining its position as one of the countries leading mortgage lender Wells Fargo tops the list of best mortgage refinance companies in the US. Home loan originations have seen a substantial rise in the second quarter of 2009 of 28%, which means big business. The company has definitely picked up from its previous performances.

* Citigroup - After all the drama and climax, finally Citigroup started recovering with substantial business and a fairly increased production of home loans and refinances. 42% increase in business during the second quarter is a positive note.

* Bank of America – Finding a place in top 10 list of mortgage refinance lenders Bank of America a definite performer in the mortgage business. Its loan origination figures have crossed $100 billion.

* Residential Capital LLC – Residential capital is a real estate finance company offering innovative capital solutions to customers from across the world. The company is a market leader both in the US and UK.

* Met Life Inc – The Company has operations in India and most parts of Europe and Asia. Together with insurance services the company also offers financial services to its customers.

* Quicken Loans – A variety of home mortgage loans are offered by the company. It is one of the best online home mortgage loan processing company and retail mortgage lender.

* Sun Trust Bank Inc – It specializes in a number of services like banking, mortgage lending, credit card, mutual funds, insurance and asset management services. The bank has more than 1500 branches in southern United States.

* Flagstar Bank Corp – Consumer financing, mortgage financing, asset management and banking services are the products offered by Flagstar. It is the holding company for Flagstar Bank. It is a national leader in the business of mortgage lending.

* JP Morgan – One of the oldest financial services company, JP Morgan offers a number of services namely commercial banking, investment, card and retail financial services namely mortgage lending and auto finance. It has the largest market capitalization among the banks in the US.

* US Bank Home Mortgage – US bank specializes in online banking, credit card processing, loans especially mortgage loans and wealth management. Online home mortgage processing and refinancing services offers great advantage prospective borrowers looking forward to find the best of home mortgage deals.

* PHH Mortgage- PHH offers one of the leading and best of Mortgage Solutions in the country. With its process efficiency, multi channel business, customer service it offers mortgage loan and refinancing services at a different level altogether.

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I’m currently in a chapter 13 payback program. I strugglle to pay monthly bills as well as my mortgage payment each month. Would I be eligible for a bk buyout and mortgage refinance
Please tell me top 10 insurance companies as per their premium and top 10 banks as per deposits or else?
Will a mortgage company go after a cosigner, for the amount owed on a home loan mortgage, if the principal borrower defaults on the loan, without the cosigner’s knowledge? She is out of the country

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