reverse mortgage san luis obispo: 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)
reverse mortgage san luis obispo: Can I deduct the mortgage interest on a Reverse Mortgage in Fresno?
- 06/29/15 09:52 AM
So many people go into a reverse mortgage and do not find the answer to this question until they file their taxes. Unlike a traditional mortgage where you can deduct and write off the mortgage interest on your taxes and perhaps get a little tax break, you cannot do that with a reverse mortgage. At least that is the simple answer about tax write offs and reverse mortgages...
With a traditional mortgage, you are accruing interest each month. However, you are also paying that interest with your mortgage payment each month. At the end of the year all the interest that you … (1 comments)
reverse mortgage san luis obispo: But Zillow Said...
- 06/29/15 09:36 AM
It is so amazing all of the wonderful tools that we have at our fingertips. I cannot image having done my job forty years ago when computers were not common and everything had to be done by hand. That must have been a weird world.
Today, at the click of a mouse, there is more information than we sometimes need or even want. Unfortunately, the same information and technology that is there to help us do our jobs accurately is also there to give consumers sometimes false or misleading information. Nothing is more frustrating than to talk to a client that has "done … (5 comments)
Today things aren’t looking so hot. They are struggling to put food on their table and might even end up losing their home!
What changed?
The Home Equity Line of Credit (HELOC) changed. It started out as 0% interest and gradually went up. Now it is astronomical and they cannot afford their payment. Originally they had $100,000 line of credit. Their payment was a mere $162. Today, the payment has increased to $1181.
The second thing that changed is that … (0 comments)
Some of the documents verify who you say you are, while others verify the income you are claiming. A good clean copy is required. If you do not have access to a good copy machine, you can go down to the local office supply store such as Office Depot/Office Maxx and make your copies there. Usually someone is there to assist you if … (0 comments)
reverse mortgage san luis obispo: Fresno Question: Will a Reverse Mortgage Free Up Money For Travel?
- 05/15/15 06:30 AM
Traveling is such a fun thing to do. Traveling in an RV across the beautiful United States of American is a wonderful experience that far too few people get to experience. Many people across the country plan cross-country trips stopping to visit monuments and mountains throughout this beautiful territory knows as the United States of America. However, not so many people as planned it actually get to take that trip. A couple years ago, my own parents were getting ready to retire. One of their dreams was to travel from sea to shining sea. It was a beautiful spring day when my sister and I … (2 comments)
reverse mortgage san luis obispo: Will a Reverse Mortgage Really Put a Senior Out On the Street?
- 05/15/15 05:58 AM
With all of the negative publicity about how a Reverse Mortgage will put you or your loved one out on the street, I just want to clear this up. Reverse Mortgage for Seniors The real question is “Can a Reverse Mortgage put a senior out on the street?” The simple answer is yes! Just like a traditional mortgage can put someone out on the street, so can a reverse mortgage. The next question would be, “Why do you promote a product that is so risky for a senior?” Its actually not risky when you understand how the reverse mortgage works. Here is the simple truth. If a senior doesn’t pay … (0 comments)
reverse mortgage san luis obispo: What is a Reverse Mortgage in Fresno?
- 05/15/15 05:53 AM
Many people have heard of the dangerous and risky reverse mortgage. They have been warned to never get one. Most of these people simply do not understand what a reverse mortgage is and how it works. A Reverse Mortgage is very much like a traditional mortgage, except with a traditional mortgage the homeowner is making payments each month and paying down their mortgage. With a Reverse Mortgage the homeowner never makes a mortgage payment, they are essentially living off of the equity in the home. With a reverse mortgage, the only thing the homeowner is required to pay is their homeowner’s insurance and their property taxes. The loan can and will … (0 comments)
reverse mortgage san luis obispo: Korean War Vet Loses Home After Girlfriend Gets a Reverse Mortgage
- 05/15/15 05:37 AM
KOREAN WAR VET LOSES HOME OF 32 YEARS AFTER GIRLFRIEND GETS A REVERSE MORTGAGE.This is the headline I woke up to on Friday, April 2, 2015. The article is full of false and misleading information about Reverse Mortgages that I would like to take a moment to clarify for those who might have read this article and are confused. 1. Mr. Hamann has lived in this home since the mid-80’s. Based on this piece of data alone, I am sure Mr. Hamann knew that his girlfriend had got a reverse mortgage. She most likely would not have been old enough to get the … (1 comments)
reverse mortgage san luis obispo: Why Do I Need Reverse Mortgage Counseling in Fresno?
- 05/15/15 05:29 AM
SO YOU KNOW YOU WANT TO PROCEED WITH A REVERSE MORTGAGE, BUT NOW YOU ARE TOLD THAT YOU MUST HAVE A COUNSELING APPOINTMENT. WHY? First of all, the counseling is required by the U.S. Housing and Urban Development also known as HUD. The counselors must be approved by HUD before they can begin counseling seniors seeking a reverse mortgage. For a list of approved counselors click HERE. WHAT SHOULD YOU EXPECT DURING YOUR COUNSELING SESSION?The appointment will take about an hour. You can choose a counselor who will do it over the phone or one that does it in person. Some of … (0 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)
;)
;)
;)
