bay area: Reverse Mortgages Higlighted in upcoming NAR Webinar
- 06/16/12 12:52 PM
More and more, Realtors will encounter reverse mortgages. Either with a listing where a reverse mortgage is to be paid off or using a reverse mortgage as purchase financing. The National Association of Realtors is hosting a webinar on reverse mortgages. It will be held Thursday, June 28th at 3:00 eastern time. For the NAR article and link to sign up for the webinar, click here.
Increase your sales with the reverse mortgage purchase program!
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bay area: Memories As I Write Out My Christmas Cards
- 12/21/11 10:53 AM
I spent the weekend writing Christmas cards to my past reverse mortgage clients. It provided an opportunity to reflect .... the joy I felt knowing how the program I introduced to my clients that made their lives better in so many ways, the privilege I continue to enjoy as I enter their homes and become a part of their lives. Often, as result of referrals, particularly Rob Black’s recommendation, people developed a trust in me quickly. It made me uncomfortable as I felt and continue to feel they must learn the details of the program and trust themselves in the decision. … (1 comments)
bay area: HECM Lending Limits to Remain at $625,500 Through 2012
- 12/02/11 07:55 AM
We received great news from HUD that the HECM Lending Limits will remain at the high level of $625,500 through 2012. This means that seniors with high value homes can receive a percentage of their home value, up to $625,500. If the home appraises for more than that amount, we will use $625,500 as the home value and provide reverse mortgage funds based on the age of the youngest homeowner. The minimum age for a reverse mortgage is 62 years old and the older you are, the higher principal limit or amount of funds is available. There are no payments required … (0 comments)
The FHA maximum claim amount for HECM Reverse Mortgages has been $625,500 since President Obama increased it in the stimulus package in 2008. It is schedule to go back to $417,000 on December 31st 2011 unless Congress votes to extend it. In the San Francisco Bay Area, this means many older homeowners will not qualify for a reverse mortgage as their existing mortgage to be paid off will be higher than the reverse mortgage will allow. For example, 72 year old homeowner with a home valued at $600,000 would now get $392,000 or pay off a mortgage up … (2 comments)
bay area: Why Real Estate Agents Need to Know Reverse Mortgage Purchase Guidelines
- 06/02/11 02:20 AM
I see it all the time, a buyer tells their agent they want to make an offer on a home and they plan to use a reverse mortgage for the financing. The agent writes the offer as usual without considering the special requirements for the reverse mortgage. In this most recent example, six weeks went by before the buyer came to me for help. They were working with a national reverse mortgage lender who didn't even know the guidelines! What he learned was, their as-is offer would never work! Six weeks waisted!
The reverse mortgage purchase program allows senior homeowners … (2 comments)
It's pretty hard to believe that you can get a fixed rate reverse mortgage for 4% interest rate but it's true! Now is a great time to get a reverse mortgage, especially if you have a home valued above the fha maximum claim amount becuase the max claim is currently $625,500 and scheduled to go down to $417,000 on October 1st. So with the incredibly low interest rates and high lending limits, make sure you don't miss this opportunity … (0 comments)
bay area: Reverse Mortgage Client Testimonial
- 04/08/11 11:28 AM
Maggie O'Connell just helped my wife and I secure a reverse mortgage for her mother. Service was above and beyond anything we could have expected. Our particular situation was very complicated, as the property was in trust and was zoned commercially . Three other brokers had failed to secure a loan for us. Maggie never gave up! Even after being rejected by one lender, she stuck with it and found another willing to do the loan. All fees, rates, and options were clearly explained, and the process progressed smoothly and quickly. Communication throughout the process was outstanding, with Maggie always replying … (0 comments)
bay area: Can't get better than a grant! Down Payment Assistance for California Home Purchase
- 02/14/11 10:31 AM
If you live in the state of California we have some pretty terrific news for you. There is Down Payment Assistance available for purchasing a home. This program is called the CHF Platinum and it is NOT a loan, it's a grant. That means you don't have to pay it back if you qualify to receive it. And you do not have to be a “First Time Homebuyer” to get help with your down payment. The California Housing Finance Agency aka CALHFA exists to provide safe and decent affordable housing and homeownership opportunities to the Homebuyer through the sale of … (1 comments)
bay area: How the Housing Recovery Act, HR 3221 helps senior homeowners through FHA Reverse Mortgages
- 08/17/08 10:38 AM
The housing and credit crisis of 2008 doesn’t limit its impact to speculators and risk takers. Senior homeowners have also been impacted. Home equity represents a large portion of net worth for the older set. Often, people sell their family home and downsize after retirement. But, in many areas of California and Nevada with home prices realizing dramatic reduction as we enter the fall of 2008, selling a home at this time may not be a good option or may not be an option at all! That’s where the reverse mortgage comes in. You can stay in your home, pull cash … (1 comments)
In this blog, I go into detail on reverse mortgage information, through questions seniors and their families ask, industry news and current events, new programs; rate options, client stories and experiences and more. From my 20 years experience as a reverse mortgage specialist, I can help guide and educate you and answer the question, is a reverse mortgage right for you and if so, what is the best option with lowest costs, interest rates and payment plan. I am easily accessible and will be happy to talk with you.
Maggie O'Connell
direct line 800-489-0986
maggie@rmstore.net www.ReverseMortgageStore.com
NMLS #279499 Equal Housing Opportunity/ 411500
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