florida: Proprietary Reverse Mortgages: the "FLEX" (this is sooooo cool) - 06/12/19 05:15 AM
Okay Seniors, this one's real cool!
Now remember, when I say Proprietary Reverse that means we have the capacity to deliever a mortgage up to $4 million, with optional monthly payments. So if you so choose, you need not make any payments for...well let's say; the rest of your life.
So why do I like the "FLEX" you may be wondering, well let me share.
First, remember that available funds are basically determined by your age, and the value of your home, and we'll throw in the existing balance on you current mortgage, if you have one...so here goes!
the "FLEX"
this plan allows you to … (1 comments)

florida: What is a Proprietary Reverse Mortgage??? - 06/10/19 06:01 AM
When I describe the features of a Proprietary Reverse Mortgage to one (or more) of my Realtor friends, without telling them what it is, or what it is called, I almost always get intense interest, and why shouldn't I?
Today, I'm going to stick with the value to my Realtor friends, which is to create more sales, and present exceptional value to their clients. So here's two major benefits to our clients.
 
The Senior is going to qualify for more home, in most cases.
and
The Senior will be able to retain significant assets.
 
Why will they be able to afford more home, you may ask? … (0 comments)

florida: REVERSE MORTGAGES: simple but powerful - 11/07/18 07:22 AM
let's just look at what everybody knows, well maybe everybody knows, or hopefully everybody know, or maybe somebody knows.
 
a Reverse Mortgage does not require the buyer (purchase) or the homeowner (refi) to make a monthly payment!
 
So let's say the required principle and interest payment is $1,000 a month currently, and the senior acquires a reverse mortgage. the required payment is now...
 
$0.00
 
simple math; that's $12,000 per year, $60,000 every five years, and $120,000 every 10 years
 
the obvious is that that will change the seniors financial position immediately. so what to do with the $$$$
it's their choice; investment, add to the retirement nest … (2 comments)

florida: Reverse Mortgages...the HECM Equity Line of Credit - 08/10/18 07:02 AM
Seniors, and our friends,
a favorite saying of mine, and something I like to think about occasionally is;
 
you don't know what you don't know
 
so, what do you know about a HECM Equity Line?
a little? not much? nothing at all?
here's some basics, which I feel are important.
the equity line is guaranteed and cannot be closed at the lenders whim. even if the balance of your mortgage exceeds the value of your home, if there are available funds they can be used.
the equity line grows, that's right grows on an annual basis, currently about 5%
there are NO PAYMENTS!
the funds are available at your descretion, … (4 comments)

florida: Reverse Mortgages; the top myths & misunderstandings - 07/11/18 05:46 AM
please let me make this very clear. at this time i am only discussing the FHA HECM, government insured home equity conversion mortgage.
*you cannot lose your home. the FHA guarantees that you can stay in your home as long as you maintain the home and pay your taxes and insurance
*when you pass your heirs will make the decision to sell your home, or pay off the balance and retain the property. they may purchase the home for 95% of the appraised value, or the current mortgage balance whichever is less.
*when you acquire a traditional loan a lien is placed on the … (0 comments)

florida: Meet the NEW and IMPROVED "Good Faith Estimate" - 10/31/09 03:41 AM
There's a new sheriff in town, actually it's the same old sheriff attempting to flex his/her muscles, if he/she has any.
The US Department of Housing and Urban Development has been working on a new GFE (Good Faith Estimate) for over a year, maybe closer to two and beginning Jan. 1, 2010 we're going to be using this new disclosure, or the new version of the old disclosure.
You can tell it's outdated as it addresses neg am programs, which the market has essentially banned.
You know closing the gate after the horse got out!
The new disclosure is 3 … (6 comments)

florida: No, I Can't Quote You a Rate! - 10/28/09 09:59 PM
I just got a new "rate sheet supplement" for adjustments and fees. I wish you could see these things. You'd really be surprised that a Loan Officer can accurately quote rates at all. Take a look at this, it's for FHA/VA Loans;
Loan Size
$90,000-$417,000   no adjustment
$60,000-$89,999    subtract .125 from price
$40,000-$59,999    subtract .250 from price
less than $40,000   not accepted
The obvious conclusion; smaller loans cost more money to the consumer.
Credit Scores
Fico   720+   no adjustment
Fico   660-719   subtract .125 from the price
Fico   620-659   subtract .375 from the price
Fico  <620   and no score not accepted
The … (4 comments)

florida: Ch-Ch-Ch-Changes - 10/26/09 05:07 AM
Where's David Bowie when you really need him.
For those of you who remember Bowie the answer would be anywhere, probably on a "Space Odyssey!"
If you're invovled in the Real Estate industry today that's what you're doing, going through an "odyssey."
odyssey;  long journey with adventures
Bowie's take on changes;
Ch-ch-ch changes,
Are you ready for the next line?
Turn and face the strain.
For the last year, maybe two, they've been firing one major change after another at us!
HVCC, MDIA, RESPA, new TIL's, new GFE, new HUD's, that's just for lenders.
Foreclosures, Short Sales, Strategic Defauts, … (5 comments)

florida: Warning! Warning! the end is near! - 10/25/09 01:58 AM
Barring a change or extension of the statue, the tax credit will soon cease to exist, as of the last day of Novemeber. With the implementation of HVCC (Home Valuation Code of Conduct) and MDIA (Mortgage Disclosure Improvement Act) it has become difficult, but not impossible to close transactions involving financing in 30 days or less.
Therefore;
Buyers hoping to receive the credit need to be under contract now! or certainly no later than the end of this month to have any realistic hope of receiving this benefit.
Do you think that there will be a last minute rush? Well that's certainly possible. … (0 comments)

florida: Why are there no uniform standards for PRE-approval letters? - 10/25/09 12:10 AM
Why? Why? Why? are there no uniform standards for pre-approval letters?
Let's start with do we all agree and/or understand what it is, the old preapproval letter that is. If I have this right, a buyer and their agent are trying to represent to a seller and their agent that the buyer should be able to acquire the mortgage that is necessary for them to purchase the property that they are submitting an offer on.
Preapproval;  pre means before, therefore it would follow that preapproval means before the approval. Let's not lose sight of that!
What documentation is needed, or … (10 comments)

florida: Home Valuation Code of Conduct (HVCC), is it working? - 10/24/09 01:50 AM
It's truly amazing how we, in the real estate industry, can adapt to change. I guess a large part of this developed ability is because we have to.
When you mention  HVCC  to a lender or a Realtor, you'll probably see a scowl on their face, or you may receive a nasty comment, particuarly if they have recently had a problem appraisal on a recent transaction.
HVCC, what's it do?
The intention, in its broadest sense, was to isolate appraisers and the appraisal process from any outside influence over their work, that is determining an opinion of value for a specific … (6 comments)

florida: Don't SHOULD all over yourself! - 10/20/09 02:47 AM
Should is an interesting word. When I looked for its definition I learned that it is the past tense of shall. Should by itself, very often, isn't so bad. For example; I should have a good year this year. That's an okay statement, but let's add another, killer word, to it and change the feeling entirely.
Should  have;  as in, I should have done something. Now that sounds different doesn't it.
It's the middle of October so we can all reflect back on the past year and possibly with some regrets state, I should have done, whatever, you choose.
We also can … (5 comments)

florida: Clearly Defined WRITTEN Goals!!! - 10/19/09 02:23 AM
If you have ever been to a sales seminar or have spoken with, or listened to a sales trainer, or life coach, you have been told, and know that the most successful people in THE business, any business, have;
Clearly Defined WRITTEN Goals!
First question;
Do you have them?
Second question;
Have you ever had them?
Third question;
WHY NOT?
It's that time of the year, and many of you inwardly are saying to yourselves;
I've got goals, I know what I want to accomplish, I know how.
I don't need to write them down!
Do you want to be truly … (10 comments)

florida: What's your Preferred Business Method of Communication? - 10/17/09 11:18 PM
I was reading the November issue of "Success Magazine" and came accross the results of a poll asking what method of communication business people preferred or more precisely the question posed was;
What is your preferred method of communication in business?
Good Question!
The results were; drum roll please.
40% email
39% face to face
13% phone
5% online social networking
3% text
Considering the amount of email I receive and also how much I send out I guess I'm not surprised with the result, but I wouldn't really put myself in that category.
I'm more of a face to … (15 comments)

florida: Ya SNOW! Bring it on! - 10/17/09 12:32 AM
Joe says,
We're tough and we can take it. We don't care if it's still October, or maybe we do,  Bring it on!  we're tough. I've got the snow tires on, the snowblowers purrrin, the shovels ready to go, and salt for the walkway, or not.  
Bring it on!
Joe's wife looks at him with a touch of sadness in her eyes and says, "but honey it's only October and I don't like snow that much."
I can't help but wonder how many of those soon to be freezing and snowbound are card carrying members of the;
Coulda, Shoulda Club!
Check out … (12 comments)

florida: Are you ready? Here Comes the SNOWBIRDS! - 10/12/09 01:12 AM
I tried to get a good definition of "Snowbirds," you know something colorful or entertaining, but alas I failed, they were all kinda boring. So I thought why are they called snowbirds, it's not like they fly here. From what I can tell most of them arrive by car. Maybe we should call them;
SnowTurtles!
You've seen they way they drive.
"It's over there George," says Alice, as she points accross the 3 lane roadway.
No blinker necessary, George makes a hard right into the parking lot. Many of the other drivers, admiring his skill, join in giving him the … (10 comments)

florida: President OBama Please Help, Ban Cash Buyers, Now! - 10/01/09 06:03 AM
Mr. President,
We need your help! Please make this a priority. We need you to get legislation passed which will ban cash buyers, unless of course no one else wants to buy the property.
Think about it;
First, you're telling everyone how bad things are and here's all these investors running around, with all this cash, buying real estate. Personally, I think this is bad for your image, and you know it's never too soon to think about your reelection. That alone should be reason enough to get started on the ban.
Also, your neighborhood revitalization programs, where cities and other … (2 comments)

florida: (RAIN) Power of the People! - 09/28/09 02:35 AM
Reminds me of John Lennon;  "Power to the People," I can hear the music and John singing in my head. For some of you, you are just not old enough to remember John singing this. At that time, it was a protest type song.
Well in today's world Active Rain has given the power to the people and well, you all are using it quite nicely.
Stop for just one minute and think about what we've got here.
The WE that I'm talking about is all 160,289 members. That's today's count and you know that, without fail, tomorrow there'll be more … (7 comments)

florida: Are Stated Income Programs DEAD.....Forever??? - 09/26/09 05:28 AM
When I first started in the mortgage lending business there was no such thing as a stated income program. The self employed and commission income clients had to live and die on the merits of what their tax returns stated. Quite frankly, I do believe that the underwriters back then did a much better job, than today's underwriters, in interpreting tax returns because they were used to dealing with them on a regular basis.
I believe it was Citicorp who rolled out the first "stated income" product and the guidelines made a lot more sense when we started with the program, than … (6 comments)

florida: It Ain't a Done Deal, Till it's a Done Deal!!! - 09/22/09 02:34 AM
Once upon a time, in a very far off land (Dover, NH) there was a very young and enthusiastic Loan Officer (me) who was introducing the marketplace, made of of mostly Realtors, to what was referred to as secondary market loans. Back then Fannie Mae, and Freddie Mac were not the household words that they are today. The Realtors had been used to dealing almost exclusively with the local banks and had to adjust to the abundance of paperwork that the young loan officer requested. And ooooooooo the paperwork the underwriters wanted, and the questions they asked. They had to be kidding, right? But … (5 comments)

 


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