nevada: Reverse Mortgages are Open for Business!
- 10/03/13 09:04 AM
FHA insured Reverse Mortgages are are not impacted by the government shutdown because lenders make their own underwriting decisions on the HECM reverse mortgage and do not rely on the government. There could be some delays if, for example a borrower needs a social security card or printout, or certain HECM purchase transactions that require income verification from the IRS. But it's business as usual... well, sort of.... We are getting used to the new rules and calculators. Expect about 15% lower proceeds from the 'new' HECM and some limits in the upfront and first year cash draw. Let's all hope … (0 comments)
nevada: Understanding The Reverse Mortgage Appraisal Process
- 06/30/13 08:39 AM
One of the most important parts of the reverse mortgage loan process is the appraisal. The appraisal process is now handled through an appraisal management company (AMC) so that appraiser's remain independent and not influenced by outside sources. The AMC handles the communication that goes on between the appraisers, lenders, agents and homeowners. After submitting the reverse mortgage application and HECM counseling certificate, the lender orders an FHA case number and appraisal through the AMC who assigns an FHA appraiser. The appraiser will schedule an appointment directly with the homeowner and inspect the entire home taking pictures of all rooms, … (2 comments)
nevada: Realtor.com article on reverse mortgage doesn't mention PURCHASE!
- 06/12/13 07:01 AM
It was nice to see the article on reverse mortgages on Realtor.com, What Is The Benefit of a Reverse Mortgage But I was surprised there was no mention of the Reverse Mortgage Purchase Program! Real Estate Agents who have closed transactions that involve reverse mortgage financing will tell you what a great tool the reverse mortgage is for people who are at least 62 years old. Reverse mortgage buyers get more home for their money because instead of putting 100% down they only put about 40% or less depending on their age. Most retired people don't want to make mortgage payments … (2 comments)
One couple living in a small desert town in Nevada went in to a lender a few years ago to get money to do landscaping. What they got was a loan with a balloon payment and the due date was now fast approaching. They had no money to pay the debt and a loan modification wasn't the answer but the reverse mortgage seemed to be the perfect solution. Everyone was very disappointed when the appraisal came back low and we were about $10,000 short of … (1 comments)
nevada: Reverse Mortgages Can Save Senior’s Homes From Foreclosure
- 07/21/12 11:43 AM
This morning, I was watching C-Span as I drank my morning coffee. A gentleman from the Association of Realtors was on discussing the housing market. A woman called in and asked about reverse mortgages. She said many seniors are loosing their homes and asked if reverse mortgages can help. The C-Span guest went on to say that when the senior’s home is paid for, they can draw money monthly and ease their financial burden and that it was a good thing. What he failed to mention was, your home doesn't need to be paid off.
The example of a … (0 comments)
nevada: 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!
A recent article in the Wall Street Journal tells us it doesn’t matter if your investments perform well…. most retirees don’t have enough savings to matter. Author Tom Lauricella goes on to say that home equity is still most people’s largest asset and with the help of a reverse mortgage it can make up for their shortfall in investments.
Read the full article: Savings Fall Short for Most Retirees
There are various strategies in utilizing home equity with reverse mortgages to supplement retirement income. One is to take social security at … (5 comments)
nevada: How to Structure Public Assistance (Medicaid, Medi-Cal and SSI) with Reverse Mortgages
- 04/09/12 10:45 PM
If you are looking into supplementing your retirement income through a reverse mortgage and you are on Medicaid (Medi-cal) or Supplemental Security Income (SSI) or want to maintain eligibility for these programs in the future, it is important to understand these service’s asset limitations. The reverse mortgage must be structured properly so you can receive the benefits of these need’s based programs and at the same time, receive the benefits of the reverse mortgage.
Reverse Mortgage proceeds can be received in various ways, through a lump sum, line of credit, monthly payment or a combination. Since the reverse mortgage … (0 comments)
nevada: Who to Choose For Your Reverse Mortgage Lender
- 03/17/12 10:35 AM
This short video set on a snowy day describes who Maggie O'Connell is and how she helps senior homeowner's understand reverse mortgages and go through the reverse mortgage loan process.. … (1 comments)
nevada: Reverse Mortgages Really Can Be Low Cost Despite What You Read!
- 01/19/12 08:33 AM
If you get your education on reverse mortgages from what you hear in mainstream news, you are missing out on a very important fact. Reverse mortgages are not expensive. The media loves to tell you that it is a program of last resort and the costs are too high, but in reality, reverse mortgages can have lower cost than conventional loan programs. The HECM Saver option was introduced recently and it really does save a lot of money in upfront costs. It makes sense to do a reverse mortgage even if it's a relatively short time frame you are looking at. … (0 comments)
nevada: Set Realistic Dreams for Reverse Mortgage Purchases
- 07/31/11 12:20 PM
What is best, keeping hopes and dreams alive that are unrealistic or knowing what is possible and realistic up front? It’s easy to agree that not wasting time, energy, emotions and money on a transaction that is unrealistic is the sensible thing to do. But it happened again…. A couple came to me after spending almost three months pursuing a short sale purchase on the home of their dreams. The seller’s lender for the short sale finally agreed to their offer and the first reverse mortgage rep assured them their dream home was within reach. After the rep was unable to perform … (0 comments)
nevada: 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)
nevada: 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)
nevada: How To Fund In Home Care for Seniors at a Low Cost - HECM Saver Reverse Mortgage
- 03/13/11 12:29 PM
It’s happening more frequently. A son, daughter, nephew, conservator or guardian calls looking for solutions for keeping an elderly person in their home for as long as possible and preferably for their lifetime. The all have one goal in mind, to provide the best quality of life as possible for their loved one or client. Keeping them in their home helps attain that goal. Recently I received that call from a woman who was power of attorney for her elderly mother who was living much longer than anyone expected. The reverse mortgage was a perfect option as she could live in … (0 comments)
nevada: 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
FHA insured Reverse Mortgages are are not impacted by the government shutdown because lenders make their own underwriting decisions on the HECM reverse mortgage and do not rely on the government. There could be some delays if, for example a borrower needs a social security card or printout, or certain HECM purchase transactions that require income verification from the IRS. But it's business as usual... well, sort of.... We are getting used to the new rules and calculators. Expect about 15% lower proceeds from the 'new' HECM and some limits in the upfront and first year cash draw.
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