reverse mortgage fresno: Question from San Luis Obispo: What are the Reverse Mortgage Basics?
- 08/03/15 01:25 PM
Last week I had the pleasure of speaking to a wonderful senior from San Luis Obispo, California. To protect her identity, we will call her Ms. Smith. Mr. and Mrs. Smith have lived in San Luis Obispo for over forty years. Mr. Smith was a medical doctor and gave his life to helping people. Ms. Smith had been to a financial planner who had recommended to Mr. and Mrs. Smith that they should protect their assets. Part of the financial planner’s recommended plan was to get a reverse mortgage. Mrs. Smith did not understand how it worked and clearly stated she … (1 comments)
The reverse mortgage is guaranteed by the Federal Housing Authority (FHA).
Because of some bad business being done by insurance and mortgage companies, the FHA is now requiring all seniors wanting a reverse mortgage to have counseling. The FHA wants to make sure that seniors understand what a reverse mortgage is and how it can affect them.
There are FHA certified counseling counselors who … (1 comments)
While this is certainly true in the traditional world, in the reverse mortgage world it is a requirement for everyone getting a reverse mortgage.
Many times seniors ask me why they are being charged a mortgage insurance premium when they own their home free and clear.
The mortgage insurance premium on a reverse mortgage is different from the mortgage insurance premium on a traditional mortgage. On … (3 comments)
reverse mortgage fresno: Is This Networking?
- 07/28/15 06:41 AM
Many people think that in order to network with other people they must become a member at a networking group such as BNI, Successful Thinkers, eWomen, or any other groups.
This is not the case.
Every day we come across networking opportunities. Its up to us what we do with them.
Whether you are in the grocery store in-line or you stop in to pay your insurance bill, you run into people who know other people who would be a great connection for you.
Networking is all about connecting with others. I have been involved with the Chamber of Commerce Mixers, Board of Realtors … (2 comments)
reverse mortgage fresno: Fresno Question: Can I use a reverse mortgage to purchase a home?
- 07/28/15 06:28 AM
Last week I received a call from a local realtor here in Fresno. I met this realtor about a year ago. She was very excited about the HECM for Purchase Loan also known as the Reverse Mortgage Purchase Program. However, in the last year she had not had the opportunity to work with any seniors with enough cash to qualify.
The day I received the call from this realtor, she excitedly told me that she had a senior client who wanted to meet with me to go over the reverse mortgage and she wanted to buy a home in northeast Fresno with … (8 comments)
reverse mortgage fresno: Senior Becomes Victim of Identity Theft
- 07/28/15 06:16 AM
Last week I received a call from a senior looking to get a reverse mortgage for his Fresno home. He had received my in formation from another mortgage company in Fresno that did not offer reverse mortgages. I scheduled an appointment to meet with him later in the week.
When I arrived at his home, he led me to the living room. It was well over 100 degrees on that particular day in Fresno and the inside wasn’t much cooler. No air conditioner was running and so I was in a hurry to get out of there as I started to melt … (8 comments)
If you do not have a plan or strategy, you need to attend this free retirement seminar! Our financial strategist will teach you how to plan and strategize in this one hour seminar. Who should attend? Those in retirement or nearing retirement who want to stretch their assets to cover their expenses. Also, anyone over the age of 40 that wants to maximize their retirement. When? Thursday, August 6, 2015 at … (0 comments)
reverse mortgage fresno: Please, help me take my business to the next level!
- 07/24/15 03:54 AM
Networking is a strategy that if used correctly can help make you very successful. You never know where one relationship is going to take you! I have met people through networking that I thought would help me get my business to the next level and then nothing became of it. Then, I have met people who I thought that it would go no where and it pushed me business to the next level.
Its been said never judge a book by its cover! This is very true. Especially in networking! You cannot judge someone by the type of business they are in, how … (6 comments)
reverse mortgage fresno: Great Fresno Home For A Senior!
- 07/24/15 03:49 AM
Beautiful Fresno Home, Great for a Senior. Make no monthly mortgage payments with a Reverse Mortgage! Property Features Location Information County: Fresno MLS Area: 705 Cross Street: N/McKinley W/Palm Directions: From Palm/McKinley, travel West on McKinley to Arthur, turn North. Travel North on Arthur to the home on the East side of the street. Interior Features 3/4 Baths: 1 Spa: Above Ground Dining Room Description: Formal Kitchen Description: F/S Range/Oven, Gas Appliances, Disposal, Dishwasher, Refrigerator Has Fireplace: yes Number of Fireplaces: 1 Fireplace Description: Masonry Heating / Cooling: Central Heat & Cool Floors: Vinyl, Hardwood Laundry: Inside Basement Description: Partial Has Basement: yes Exterior Features Style: Tudor Stories: Single Story Exterior: Stucco Roof: Comp Shingle Water / Sewer: Public Water, … (4 comments)
reverse mortgage fresno: The Cons of a Reverse Mortgage in Fresno
- 07/24/15 03:40 AM
In a previous post, I wrote about the advantages or pros of the reverse mortgage, which you can read HERE. It helps so many people and can be such a blessing to seniors who are struggling to make it month-to-month. However, one of the things I often hear is that the reverse mortgage sounds too good to be true. There are not too many disadvantages of a reverse mortgage. However, I want to take a moment to go over some of the reverse mortgage cons.
A reverse mortgage is certainly not for everyone, but its an individual choice that must be made … (5 comments)
reverse mortgage fresno: The Pros of a Reverse Mortgage in Fresno
- 07/24/15 03:37 AM
For the last thirty to forty years, you have continually invested your hard-earned money into your home. Even when times were tough and you were raising children and then putting them through college, you still continued to put money into your home. Not necessarily just from mortgage payments, but many seniors have upgraded their homes, renovated, and of course maintained it.
Throughout the years of making all those payments you dreamed of the day when the American dream would be realized with true home ownership-owning your home with no mortgage payments! What would you do then? Vacation wherever you want, whenever you … (9 comments)
reverse mortgage fresno: The Bottom Line Is: No One Really Cares!
- 07/24/15 03:32 AM
Have you ever been to a networking event and had to sit and listen to someone else tell you all about their business, what they do, how they do it, why their product or service is the best, then about their kids, money, assets, and anything else they could think of to tell you?
They do not care anything about what you want to say. In fact, they really would rather hear nothing at all about you.
Recently I attended a networking event where they strongly encourage everyone to schedule one on ones. As a reverse mortgage specialist, I like to connect with … (3 comments)
Many times seniors wonder if they would benefit from a Reverse Mortgage. Every senior can find a need for a reverse mortgage. Many are starting to see the value. Here is a list of the top ten reasons seniors are using reverse mortgages and how you might benefit from one as well.
Pay off an existing mortgage to reduce your monthly expenses and get more monthly cash flow. Remodel your home. Many seniors need to make changes to their homes to accomodate for aging. Help your adult children when … (9 comments)
So you have heard about a reverse mortgage and how it can benefit you! You have heard that you can use your home equity to live on. You have heard that its free money. You have heard its the best way to use your home equity.
Yes, it is true that it is the best way to use your home equity. However, there are many misconceptions about reverse mortgages. Many of these misconceptions create very disappointed … (3 comments)
Many seniors often have questions about reverse mortgages. Many of the baby boomers that are retiring helped their parents get reverse mortgages 15 to 20 years ago. They are often confused as to why their parents got such a better deal than they did.
Just as rules and regulations are continually changing with traditional mortgages, so are the rules of reverse mortgages. Reverse Mortgages are FHA Loans (Federal Housing Administration). They are continually adjusting and changing the rules of reverse mortgages to make things better. Sometimes it is better and … (2 comments)
reverse mortgage fresno: Fresno Reverse Mortgage Question: Why do my friends tell me forget it?
- 07/11/15 02:06 PM
I received a call a few weeks ago from a realtor. She has a client that she is working with. They had a large amount of cash and were ready to buy their retirement home in the outlying areas of Fresno. The home was in escrow. It was a beautiful home and they were very interested in They had heard some great things about the reverse mortgage and wanted to go with the reverse mortgage once their house had closed escrow.
We were getting ready to proceed with the first step, which was the reverse mortgage counseling. Everything was going great and … (2 comments)
reverse mortgage fresno: Check Out This Great Retirement Home Near Fresno, CA!
- 07/11/15 01:48 PM
A beautiful home for your retirement! Second home is a great home for family to come and visit you with without taking up your own personal space. There is so much potential here! Comments for 48025 Road 620, Oakhurst, CA 93644 Enjoy beautiful views, privacy, two creeks, and two homes on 12.3 acres. One side of this parcel borders Miami Creek, while a seasonal tributary flows through the property (during the rainy season). The first manufactured home is a 2004, 1932 sq.ft., 3bd/2b home with a detached 2-car garage. The second manufactured home is a 1976, 1483 sq.ft., 2bd/2b home with … (0 comments)
reverse mortgage fresno: Fresno Reverse Mortgage Question: Why do you need to verify my income?
- 07/06/15 06:50 PM
As of April 27, 2015, getting a reverse mortgage just got a little tougher. Gone are the days that a reverse mortgage loan officer can qualify a senior based on their age and equity. Today its a lot tougher. One of the first things your reverse mortgage loan officer is going to do is verify your income.
You will need to make a certain amount of income after expenses have been paid in … (12 comments)
1. It will eliminate their current mortgage payment. Many seniors are struggling just to make ends meet. Many of them got ten year home equity lines of credit which are coming due, but now they cannot refinance because they do not have the income qualifications. Getting a reverse mortgage and eliminating their monthly payment will help ease their stress and provide … (8 comments)
Last week I had the pleasure of speaking to a wonderful senior from San Luis Obispo, California. To protect her identity, we will call her Ms. Smith. Mr. and Mrs. Smith have lived in San Luis Obispo for over forty years. Mr. Smith was a medical doctor and gave his life to helping people. Ms. Smith had been to a financial planner who had recommended to Mr. and Mrs. Smith that they should protect their assets. Part of the financial planner’s recommended plan was to get a reverse mortgage. Mrs. Smith did not understand how it worked and clearly stated she … (1 comments)
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