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nv: Banks Exit Reverse Mortgages: Financial Freedom, BofA, Wells...now Met - 05/20/12 10:25 AM
What’s Going on with Reverse Mortgages?
Financial Freedom/Indy Mac, Bank of America, Wells Fargo… now Met Life … Why have all these large companies who offered reverse mortgages, stepped away from this helpful loan for seniors?
The reason Met Life provided was “uncertain marketplace and regulatory environment,”. The big banks didn’t want to devote the resources to comply with the new and complicated laws, particularly at a time when they require a greater focus to their core banking or insurance business than ever before. To read more about Met Life’s departure from reverse mortgages, read: MetLife Exits Reverse … (2 comments)
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nv: Have You Prepared Your Power of Attorney Document? - 05/18/12 06:38 AM
Have You Prepared Your Power of Attorney Document?
It's very important to have in place, a Durable General Power of Attorney for financial transactions in the event you become incapacitated. Many families are now assisting their aging parents in finding ways to pay for in-home care. A natural place to look for the money to pay for home care is home equity. An excellent tool to tap into that equity is a reverse mortgage. But if the aging parent is not of sound mind and cannot make financial decisions on their own, a previously executed power of attorney will … (0 comments)
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nv: How to Structure Public Assistance (Medicaid, Medi-Cal and SSI) with Reverse Mortgages - 04/10/12 05:45 AM
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)
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nv: American Pacific Mortgage Awared #31 Top Mortgage Company in America - 04/01/12 03:22 PM
I’m proud to work for a top mortgage company in the USA! We were recently awarded #31 by Mortgage Executive Magazine among the top 100 Mortgage Lenders. Click here to view the full list: top 100 lenders
… (0 comments)
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nv: 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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nv: FHA - HECM Saver Reverse Mortgage Really Does Save Money in Upfront Closing Costs! - 08/20/11 03:37 PM
It’s been almost a year since the HECM Saver came on the reverse mortgage market so I thought it was appropriate to write about my experiences with this program. The HECM Saver is designed for senior borrowers who want to reduce the up front fees and in exchange take a lower line of credit, lump sum or monthly payments. The up front mortgage insurance is reduced to .01% of the home value or maximum claim amount which is a drastic reduction from the standard 2.0%. On a home valued at $600,000, the MIP goes from $12,000 to $60. The … (2 comments)
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nv: Reverse Mortgage Rates Lower! Fixed Rate - 4.5% Variable Margin 1.75% - 05/24/11 04:29 PM
Rate Update on 4-3-11: The Fixed Rate is now 4.5% and the variable margin is 1.75%. These rates carry origination fees.
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 … (5 comments)
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nv: Low Cost Reverse Mortgage Now Zero 0 Origination Fee for Fixed Rate 4.99% - 04/27/11 01:48 PM
Pricing has improved on the Fixed Rate HECM Reverse Mortgage and we are now able to offer the 4.99% rate with no origination fee. (request APR) This pricing will not last forever, so if you are a Senior homeowner, at least 62 years of age and interested in getting a reverse mortgage, now is the time!
Call Maggie O'Connell 800-489-0986 American Pacific Mortgage (Specializing in Reverse Mortgages for 18 years!)
email: maggie@rmstore.net
Cal DRE # 01215943 / 01151456 NMLS # 1850 / 279499 Nevada Lic. # 168 & 45747 Equal Housing Lender
www.ReverseMortgageStore.com … (6 comments)
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nv: Reverse Mortgage Client Testimonial - 04/08/11 06:28 PM
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 … (4 comments)
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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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