palm beach county: Proprietary Reverse Mortgages; want a second mortgage? - 06/15/19 06:44 AM
When I was first introduced to this program my response was ... really, get outta town.
A true second mortgage, leaving the first in place, up to 4 million (minus the first balance).
So i can do home improvements, debt consolidation, buy a condo at the beach cash, a place for my kids to live will they're in school and
There are no monthly payments required...get outta town!
but it's true
leave your current first mortgage, low fixed rate in place
no FHA approval for condos over $500,000
no mortgage insurance
no prepayment penalties
Hey jay, your telling us the truth now, right?
yes i am
as always when you're (my senior … (0 comments)

palm beach county: 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 here goes!
the "FLEX"
this plan allows you to … (1 comments)

palm beach county: 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.
The Senior will be able to retain significant assets.
Why will they be able to afford more home, you may ask? … (0 comments)

palm beach county: Reverse Mortgages; what do I know - 09/07/18 07:17 AM
okay, so today many/most lenders will advertise that "they" offer reverse mortgages. But really, do they? and what do they know about the program?
maybe... you should be asking what do i know?
well, despite the fact that i had been involved with reverse mortgages for an extensive period of time, when i joined Fairway they gave me the opportunity to go to the corporate office for 3 full days of training. And when i say they "gave me the opportunity" i really mean that they insisted on it, if i wanted to offer reverse mortgages while at Fairway.
well after grumbling about it … (4 comments)

palm beach county: Reverse Mortgages for purchases - 08/22/18 07:09 AM
you know i've said this before, but
you just don't know what you don't know
for Seniors a reverse mortgage for purchase is a truly dynamic tool, which in many cases may be the only way to qualify for the home they want, not what they may have to settle for, and still have no required payments.
remember they may always make payments, if and when they so choose to limit the balance growth, but they don't have to.
my favorites;
this would be the FHA, insured reverse mortgage, with no required monthly payments. As such there are no income considerations for the mortgage, and … (0 comments)

palm beach county: 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)

palm beach county: Rates: pay attention now - 12/17/16 06:30 AM
Whether you like the election results or not, it's hard to argue that the markets don't,
Because they do.
In my life the simpliest way to look at rates is that strong economic behavior is not good for rates, meaning they will increase; and weak economic behavior is good for rates, meaning they will decrease.
In our current situation I'm not so sure it's a big pickup in the economy, as much as it's a substantial increase in
Consumer Confidence
So where am I headed here, you may ask?
Actually there is a point, I'd like to make, and I'll make it very simple:
Jumbo Buyers;
You need to … (1 comments)

palm beach county: Helping Florida's Military Heroes - 03/24/15 11:13 PM
Did you know that Florida Housing offers a program entitled "Military Heroes?"
Well they do, and guess what?
the rate is lower than the rest of their programs
Most Housing Authorities offer programs exclusively for first time home buyers, but when it comes to our Veterans, that condition is waived.
Veterans also have access to the Housing Authorities down payment, and closing cost assistance programs
The programs offer down payment and closing costs assistance, and there are two basic options;
a $10,000 true second mortgage, at 0% interest, non amortizing (no payments), deferred.
deferred usually until the property is sold

palm beach county: Afordable Housing (in Florida) really - 03/18/15 03:13 AM
I've seen sooooo many presentations, by all kinds of lenders offering what they consider "affordable housing" programs, or programs for first time home buyers. I must say most of these lender, and the presentations leave me...
Unfufilled, empty maybe
crying out for more
sometimes they put me to sleep (sorry, or not)
So, you think you're different Jay
Well yes I do
Here's why
we offer
Florida Assist a (deferred) 10,000 2nd mortgage at 0% with no monthly payments for first time homebuyers
Military Hereos a similar program for Veterans who need not be first time homebuyers
MCC, a federal Tax credit … (0 comments)

palm beach county: RAIN're profile is as good as gold - 08/07/14 03:57 AM
Maybe it's better
So, I went to a meetup hosted by Kevin Tolbert of Keller Williams the other day, at PABBQ in Port St Lucie, and I got revigorated in regards to Active Rain.
The same day I wrote two articles, and posted them for the first time in a little under a year.
So what happened, you may be wondering?
Well, first of all, one of the postings "let it rain" was featured, and thank you very much for that, but something else happened that was very interesting.
Let me start with a question.
When was the last time you … (35 comments)

palm beach county: They're rockin at USDA....cha, cha, cha changes - 08/05/14 09:35 PM
To all of you out there who have and do use USDA financing for your clients, and to all who should consider it, to quote Bob Dylan
the times they are a changin
and you best pay attention
the first and biggest change is with the property eligibility maps
applications received beginning October 1, 2014 will be subject to the new eligibility maps
and that's not received by your lender, but rather received at USDA
should get you there
if not google...USDA eligibility
if that doesn't work and you're anywhere in Florida, just call Jay (that's me-239-745-5646) and I'll check … (5 comments)

palm beach county: let it rain - 08/04/14 10:20 AM
i've been away from the Rain for awhile.
It seemed to me that since I had moved to the treasure coast from over on the Gulf, Ft. Myers, and Cape Coral more specifically, that Active Rain wasn't as active. At least that's what I lead myself to believe.
I've been a Rainer for, I don't know for sure, 6 years 7 years, but today i went to only my 2nd meetup, hosted by Mr. Tolbert, Kevin to most, I believe.
The atmosphere was very positive, and it made me remember that Active Rain has been very good to, and for me. I … (44 comments)

palm beach county: BEWARE of that screwball mortgage math - 08/03/14 09:51 PM
sometimes I just look at what I'm doing, shake my head, and say God help us.
the new or most recent mortgage math says that we can allow a buyer, including a first time homebuyer, to use up to 50% or more of their "gross" income towards their PITI and toal monthly debt.
does this seem a bit insane to you?
do you know anyone who gets to use/spend their "gross" income.
me neither
so when I'm doing the buyer this favor, I need to stop and wonder
am I really helping them or am I doing them a disfavor.
Let … (2 comments)





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