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reverse mortgage: 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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reverse mortgage: Just Because You’re Old Doesn’t Mean People Can Tell You What To Do! - 02/18/12 05:37 PM
Just Because You’re Old Doesn’t Mean People Can Tell You What To Do!
This article caught my attention. Son tried to evict 98 year old mother from home The son of a 98 year old woman tries to evict his own mother from her home She had signed the home over to him years earlier. And he’s not a compassionate person obviously. But she doesn’t want to leave her home. Most seniors I meet have an adamant desire to remain in their home until they ‘go out feet first’ as many say. The first lesson we can learn is, … (7 comments)
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reverse mortgage: What Is The Best Reverse Mortgage Option For You, Fixed or Adjustable Rate, Lump Sum or Credit Line? - 01/26/12 06:13 PM
The most common and important discussion I have with my clients is regarding the payment plan and interest rate option. Someone I’ve been talking with over the past 2 years announced she was ready to do the reverse mortgage and wants the most money she can get. She stated very emphatically that she wanted the fixed rate with a lump sum draw. So I suggested we talk further and I started asking questions.
How long do you intend to stay in your home? She felt five years was the maximum time she would live there as the home … (0 comments)
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reverse mortgage: 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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reverse mortgage: Realtors and Builders! You need to know about Reverse Mortgages for Purchase! - 07/21/11 10:17 AM
How would you like to increase the number of your potential buyers dramatically? You can if you understand how reverse mortgages for home purchase works. Identify and inform Seniors about this product that doesn't rely on income to qualify and spread the word, you will increase sales! Seniors want to preserve as much cash as they can for retirement and this financing option allows them to keep at least 50% of the home sale price in the bank and minimize monthly cash flow because they will not have to make mortgage payments. Your knowledge in this area will be appreciated by … (5 comments)
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reverse mortgage: Why Real Estate Agents Need to Know Reverse Mortgage Purchase Guidelines - 06/02/11 09:20 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 … (4 comments)
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reverse mortgage: 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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reverse mortgage: 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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reverse mortgage: Inheritance Becomes a Windfall for Senior – New Home and Money to Boot! - 03/13/11 07:54 PM
Juanita looked after her sister for years. When Sis passed away, she left her home to Juanita who has rented an apartment all of her life. Fortunately, Juanita had been watching me talk about reverse mortgage for years on KRON4 in San Francisco. She gave me a call to see if she could use the equity in her home to help pay for the property taxes and homeowner’s insurance and do some remodeling. The answer was yes, yes and yes! The reverse mortgage provided Juanita a monthly stipend and a lump sum of cash to fix up her new home her … (5 comments)
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reverse mortgage: How To Fund In Home Care for Seniors at a Low Cost - HECM Saver Reverse Mortgage - 03/13/11 07:29 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 … (5 comments)
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reverse mortgage: Giving the Gift of Equity Using Reverse Mortgage - 03/04/11 11:08 AM
Inheritance is an interesting issue. It is important to preserve enough money and assets to fund your lifetime needs, but what is that amount? Innovative uses of reverse mortgage funds have brought this question to light recently. If you are considering gifting equity during your lifetime utilizing a reverse mortgage, it is important to evaluate your future financial needs first. Consider what your financial needs might be in various scenarios. Living a long life may require maximum use of your assets, or if you need in home care, be sure to evaluate if your assets or LTC insurance will sustain you … (8 comments)
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reverse mortgage: New federal budget proposes increase in reverse mortgage MIP - 02/04/10 12:04 PM
Changes expected for HECM reverse mortgages would negatively impact seniors.
The Administration’s proposed Fiscal Year 2011 budget for HUD would increase the ongoing mortgage insurance premium on HECM's from 0.5 percent to 1.25 and reduce principal limit factors.
If congress approves of the proposal, it will take effect October 1, 2010.
Impact on borrowers will be a higher expected calculating rate resulting in less money in the homeowner's pocket and higher mortgage insurance costs adding to the loan balance. Seniors and concerned family members may want to ask their representatives in congress not to increase mortgage insurance premiums and lower the … (7 comments)
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reverse mortgage: Tom Kelly, Jan 24, 2010 article: Reverse Mortgage Store helps save home from foreclosure - 01/26/10 05:01 PM
When a bank takes a loss to make the reverse mortgage work it helps the senior homeowner and itself. You've heard of short sales, here's an example of a short refinance. A story with a happy ending! Learn more about me at Reverse Mortgage Store.
This article was just published about our client. Title: Tom Kelly, Jan 24, 2010 article: Reverse Mortgage Store helps save home from foreclosure Published: Sunday, January 24, 2010 When bank takes small loss it helps owner, itself By Tom Kelly
'In a recent column, we explored some of the steps suggested by longtime housing experts … (4 comments)
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reverse mortgage: Final Opportunity for Condo Owners to get a Reverse Mortgage.... - 12/14/09 01:07 PM
Spot Condo approval will be accepted until January 22nd. This is the final opportunity for condo owners to get a reverse mortgage! Visit me at Reverse Mortgage Store to learn more!
… (5 comments)
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reverse mortgage: A Reverse Mortgage Saves A Client's Home! - 11/24/09 03:02 PM
It's wonderful to know that my client, who was certain to lose her home, will now be able to live there for the rest of her life. After a great deal of time and effort, her lender, Home Eq generously dropped her principal loan balance to a level where we could put a reverse mortgage in place. My client went from unbearable worry to a future with no mortgage payments and confidence she will have a place to call home for the rest of her life. I had a chance to talk to my client the day she signed her loan … (4 comments)
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reverse mortgage: Attention Condo Owners Considering a Reverse Mortgage! - 08/03/09 12:59 PM
Beginning on Oct. 1, 2009, all condo projects will have to go through an extensive approval process in order to qualify for a reverse mortgage. If you are considering a reverse mortgage, it's important you apply and get your counseling certificate prior to the end of August to avoid delays or possibly not qualifying at all! Call Maggie O'Connell at 800-489-0986 or e-mail at maggie@rmstore.net, or read this document for further information.
… (6 comments)
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reverse mortgage: Audio Clip - Maggie and Rob Black on the Radio! - 05/27/09 12:20 PM
Radio Interview with Rob Black & Maggie O'Connell discussing Reverse Mortgages and The NestWorth Agreement for California and Nevada (mp3 format). … (5 comments)
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reverse mortgage: Video - Rob Black and Your Money, May 6 2009 - 05/27/09 12:07 PM
On this show, recorded May 6 2009, I discuss equity release programs with Rob Black, of Rob Black and Your Money, Bay Area TV KRON4. Learn more about reverse mortgages and the NestWorth agreement at reverse mortgage store!
May 6, 2009 show on KRON4 with Rob Black
… (5 comments)
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reverse mortgage: Important Reverse Mortgage Update! - 03/30/09 02:20 PM
If you are in the market for a reverse mortgage, I can't stress enough the importance of getting the process started now. With the announcement on margin increases by Fannie Mae, it is extremely important to secure a reverse mortgage before interest rate indexes start moving up. A higher expected interest rate results in lower cash available, lower credit lines and lower monthly income amounts to you. Also, the high maximum claim amount is good only through 2009, and there will be a rush of loans going through at the end of the year. So don't miss the boat!
Contact … (5 comments)
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reverse mortgage: How the Housing Recovery Act, HR 3221 helps senior homeowners through FHA Reverse Mortgages - 08/17/08 05:38 PM
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 … (6 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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