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)
reverse mortgage stockton: Client in Modesto, CA Qualifies For a Reverse Mortgage
- 05/28/15 12:49 PM
Last month I received a call from a very nice lady who lives in Modesto, California. The call actually came from the personal banker at Citibank where she banks. Mrs. P had gone into the bank to talk about getting her line of credit refinanced.
Ten years ago she had got a home equity line of credit, also known as a HELOC.
She is currently paying $86 on a $50,000 loan balance, but in October that payment will go up to $660.
Mrs. P is on a tight budget. She receives social security and a very small pension totaling $1382 per month. … (2 comments)
Irene, the woman who called, was at her wits end. She has been working with her sister, the estate planning attorneys and the banks since January trying to get answers on how all of this works.
Irene’s sister is adamant that she wants to leave an inheritance to the people she loves and cares about. Those same people only want her and her husband to be taken care of in their elderly … (4 comments)
This is a very interesting question! Basically what our law makers want to do is give seniors a little more time to decide if a reverse mortgage is right for them after they have had their mandatory counseling session and before any services are ordered. There is a seven day, and we are talking business days, wait period before a senior can proceed with their loan.
It sounds good on the surface, but what I have seen from a Reverse Mortgage … (0 comments)
reverse mortgage stockton: Fresno Reverse Mortgage Question: Will a Reverse Mortgage Help Me?
- 05/15/15 06:35 AM
Each and every week, I receive calls from people who want to know if the reverse mortgage can actually help them. Some, because of major medical issues, have used up their retirement and are living on their Social Security alone. They call out of desperation as they need to make ends meet and are hoping that a Reverse Mortgage will be their answer. A Reverse Mortgage is definitely NOT for everyone. However, those that it is for will be very blessed by the Reverse Mortgage.This week, I had a call from a gentleman. He owed $197,000 on his home and after doing … (0 comments)
reverse mortgage stockton: 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 stockton: 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 stockton: 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 stockton: Fresno Question: Can I Get a Reverse Mortgage on My Mobile Home?
- 05/15/15 05:40 AM
THIS LAST WEEK, I RECEIVED A CALL FROM A LADY IN DESPERATE NEED OF GETTING SOME QUICK CASH IN ORDER TO SAVE HER HOME.She was living in a beautiful mobile home park for 55+. Her mother had passed away a few years before and she had taken her inheritance and invested in a beautiful double-wide mobile home, also known as a manufactured home. Her home was in pristine condition. Three big bedrooms, two full bathrooms, a nice sized living room and kitchen. It was perfect for her in every way except one. She had recently become sick and could no longer work. … (0 comments)
reverse mortgage stockton: 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 stockton: 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)
Ten years ago things were going great. The economy was great, income was great for Mr. & Mrs. Smith of San Luis Obispo, California. 
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