Mr. Hutton is 74 years old and his wife is 72 years old. Their home has been appraised at $300,000 and they own it free and clear of mortgage. They qualify for a reverse mortgage and are eligible for a lump sum of cash in the amount of $138,000 or a guaranteed income of $900 per month for as long as they live in their home. If they purchased an annuity with the cash, they would receive $960 per month for the rest of their lives wherever they live. If they … (0 comments)
With a reverse mortgage, you continue to own your home, with no monthly payments. This program, guaranteed by the Federal Housing Administration and funded by Fanny Mae, is a safe solution for your needs. With this FHA regulated program you are required to receive free independent counseling and provide a certificate … (0 comments)
financial planning: Ted Lewicki is Awarded a Certificate of Appreciation on Behalf of Waterford, Michigan Homeowners, for Excellent "Mortgage" and "Insurance" Services
- 08/30/08 06:39 AM
Waterford, MI-Ted Lewicki recently attended a meeting to discuss options for distressed homeowners in foreclosure or pre-foreclosure. He talked about one of his recent customers, a senior living on a very limited income, where her mortgage payment took a big chunk of her monthly income. "Seniors who are 62 and over, and have equity in their homes, can qualify for a reverse mortgage, to pay off the debt," Ted explained. "With a reverse mortgage, they don't have a monthly mortgage payment and the debt is not due until they pass away or move out of the home."
Ted went … (0 comments)
financial planning: Mortgage Application and Rental Income Guidelines: Conditions to Meet in order to Claim the Income from Rental Property - Waterford, Michigan
- 08/30/08 03:22 AM
Rental income - Rent from boarders in a single-family property that is also the borrower's primary residence or second home may not be considered as acceptable income. For borrowers that intend on vacating their current primary residence, a copy of a lease agreement signed by proposed renters (this may be from a family member) is acceptable. We will use 75% of gross rental income as stated on the lease as evidence of rental income or to offset the payment if the following conditions are met.
For FNMA: When converting a principal into an Investment Property the following requirements must be … (0 comments)
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