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fha: Free FHA HECM Reverse Mortgage Counseling now available! HUD approved counselors. - 03/30/12 02:47 PM
Now is the time to get HUD Reverse Mortgage counseling for HECM loans for seniors. Maybe you don't know if you want a reverse mortgage or not and you're hesitant to contact a reverse mortgage lender. That's okay! You can now get reverse mortgage counseling at no cost because of HUD grants for reverse mortgage counseling. I am a reverse mortgage loan originator and I can help you find a counselor by providing you with a free list and the NCOA booklet, 'Use Your Home To Stay at Home', the California disclosure and the document, 'Preparing for Your Counseling Session'. You … (0 comments)
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fha: What Exactly Is A Reverse Mortgage & Do I Qualify? - 08/21/11 03:04 PM
First, let’s review a standard ‘forward’ mortgage. You borrow money and promise to pay it back (typically monthly & amortized over 15 to 30 years). You allow a Deed of Trust to be recorded against your property as a security instrument. The deed of trust allows the lender to foreclose if you don’t pay according to the terms. A reverse mortgage works exactly the same except the terms of how the loan is paid back is different. Instead of making monthly payments, you let the interest accrue onto the loan balance. You agree to pay the lender when you move away … (9 comments)
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fha: A Description of Reverse Mortgage Rate Options and Payment Plans - 08/20/11 07:26 PM
Once you decide you want to get a reverse mortgage, the next important decision is the rate option selection. For people with large mortgages to pay off, it’s a fairly easy choice with the fixed rate lump sum option. But if you need little cash initially and want to use the funds gradually over time, the line of credit or monthly payment option may be best and for this you must choose a variable rate option. Then there’s the choice of standard or saver. If you want the maximum dollar amount you must pay the full 2% MIP. If you can … (4 comments)
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fha: Reverse Mortgage Video - San Francisco KRON4 interview - 01/03/11 10:28 AM
Transcript Reverse Mortgages can Ride to the Rescue for older homeowners. Maggie O’Connell is here to educate us on this helpful program for seniors. Maggie, how do reverse mortgages work? The homeowner receives money from the lender, and they don’t have to pay it back until they sell the home or move or pass away. With a reverse mortgage, you never have to make monthly mortgage payments. It’s all paid back at the end. I can see why retired people would love a mortgage with no payments, tell us other reasons people get reverse mortgages? So many reasons, just having enough … (6 comments)
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fha: Reverse Mortgage Refinance Increases Cash Flow For Seniors - 01/02/11 01:46 PM
I received a call the other day and although it was pretty normal, I wanted to share it with you. The caller said, “We’re considering a reverse mortgage because we heard we could get monthly payments or a credit line”. I respond, “Yes, but let me ask you a few questions”. My first general questions determine qualifications as both borrower’s must be at least 62 years old and occupy a home that also must meet basic qualification standards. I get their home address and quickly look up comps to get an idea of the value and the next questions are … (0 comments)
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fha: Falling Reserves for FHA Insured Mortgages and Reverse Mortgages Causes Concern - 09/10/09 01:08 PM
The Federal Housing Administration, hit by increasing mortgage-related losses, is in danger of seeing its reserves fall below the level demanded by Congress, according to government officials, in a development that could raise concerns about whether the agency needs a taxpayer bailout ( Wall Street Journal 2009 )
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Maggie O'Connell
Livermore,
CA
More about me…
American Pacific Mortgage - Reverse Mortgages
Address: 1548 Catalina Ct. Livermore, CA 94550, Livermore, CA, 94550
Office Phone: (800) 489-0986
Cell Phone: (800) 684-9438
Email Me
In this blog, I go into detail on reverse mortgage information through questions seniors and their families ask, industry news and current events, new program & 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 800-684-9438.
American Pacific Mortgage
maggie@rmstore.net www.RMStore.net
Cal DRE# 01151456 #01215943 NV #45747 #164 NMLS #279499 #396955 #330948 #1850 Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Equal Housing Opportunity
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