reverse mortgages: Good to Know- Real Estate Financing - 01/12/13 04:31 AM
Purchase and Refinance Information that is good to know.. The Mortgage Credit Certificate Program (MCC), authorized by Congress in 1984, provides financial assistance to first-time home buyer's. The Santa Clara County MCC tax credit reduces the federal income taxes of qualified Borrowers purchasing qualified homes; thus having the effect of a mortgage subsidy. The current tax credit rate is up to 15% of the interest paid to the Lender on the first loan.
The MCC will reduce the amount of federal income taxes otherwise due to the federal government from the Borrower; however, the mortgage tax credit cannot be claimed as … (0 comments)

reverse mortgages: Reverse Mortgages---to me the paper work is a Maze - 11/04/11 04:35 AM
I am not sure if this is a blog or a rant but today my frustration with the paper work for a Reverse Mortgage. The concept of a reverse mortgage is simple- get money from you home and never make a payment. Of course the balance will go up but you still don't pay.The qualification is simple. Be more than 62 years old and have sufficient equity. There is no credit score requirement and no income requirement.Now comes the procedure and the paperwork. First the customer must get a certificate by being "interviewed" by a qualified counselor and agency. At this time … (0 comments)

reverse mortgages: 7 Reasons I love Reverse Mortgages - 07/13/11 02:36 PM
As a mortgage broker why I love reverse mortgage loans over other mortgage loans.1. I don't have to worry about the credit score2. There is no debt ratio to compute3  I am not concerned if the borrower quits his/her job4. The loan application is so much simpler5. I don't have to worry if the underwriter cannot read tax returns6. Matter of fact,  I don't even give them tax returns !7. No pay stubs, bank statements, 401K's- none of that stuffOf course the loan benefits the client but these are reasons that I like doing the reverse mortgages !Doug JonesMortgage Magic NMLS 286668
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reverse mortgages: Wells Fargo exits Reverse Mortgage Market ( I still do them !) - 06/18/11 05:36 AM
Wells Fargo has announced that they will exit Reverse Mortgages completely. Our office may have been one of the last brokers to fund a Reverse Mortgage with Wells. We still offer Reverse Mortgages--simple rules; 62 years +, equity, no credit requirement, and no income requirement. Below is the announcement:
Wells Fargo the undisputed industry leader for reverse mortgage production announced plans today to exit the reverse mortgage market.
The decision was announced today in a press release.  The reasons cited for the exit was based on today's unpredictable home values along with the restrictions associated with reverse mortgages that make it difficult … (0 comments)

reverse mortgages: Reverse Mortgage Information Sources - 04/15/11 01:02 PM
Reverse mortgages are a powerful tool to help eligible homeowners obtain tax-free cash flow. The major eligibility requirements are that the applicant must be at least 62 years of age and own and occupy a home whose mortgage has been paid in full or has a low mortgage balance. There are no credit requirements and no income requirements. Here are some additional sources of information about Reverse Mortgages:AARP  http://www.aarp.org/revmort/National Reverse Mortgage Lenders Associationhttp://www.reversemortgage.orgHUD  http://www.hud.gov/offices/hsg/sfh/hecmhome.cfmDoug JonesMortgage MagicNMLS 286668
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reverse mortgages: Have your Property in Trust? Review It ! - 07/14/10 12:15 PM
I started a Reverse Mortgage a while ago for a client who is 92 years old and his property is in Trust. No problem. I have done lots of loans where the property is in Trust.
Got to the end of the Transaction and the bank called and told us that they could not do the loan the way the Trust was currently. Mrs. passed away 6 years ago and no one took care of the Trust Administration.
So we met with a Trust Adviser and he told us the steps that we have to do to get everything OK. The first thing was that … (0 comments)

reverse mortgages: Reverse Mortgage Information - 07/14/10 06:06 AM
Reverse Mortgages can make a lot of sense for the right borrower. The conditions are simple- be 62 years old and have equity in your home. There are Reverse Mortgage Calculators (go to AARP) that let you know immediately how much a person qualifies for based on the equity. All you need to enter is the approximate value of the home, birthday of the youngest applicant, and the zip code. Some of these calculators don't put in how much is owned on the home. If you use that kind of calculator realize that all loans must be paid in full. So … (0 comments)

 
Doug Jones, Mortgage Broker - NMLS 286668 (Mortgage Magic)

Doug Jones

Mortgage Broker - NMLS 286668

San Jose, CA

More about me…

Mortgage Magic

Address: Mortgage Magic, 1625 The Alameda 401, San Jose, Ca, 95126

Office: (408) 975-2400

Mobile: (408) 209-6773



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