mortgage: Mortgage Broker in Waterford, Michigan Explains "Reverse Mortgages" a Home Refinance Option for Seniors - 09/29/08 05:14 AM
Economic times are especially tough for seniors today.  Many have worked for years expecting a nice pension, just to have the rug pulled out from under them when the company folded or they just cut back on benefits.  Others are forced to continue working well into their 70's and 80's.  Some will never enjoy retirement.  This is a sad situation.  The good news is there is now a solution for those who own a home. 
 
The reverse mortgage for seniors is a government regulated program that allows seniors who are 62 and older to draw upon the equity in their … (0 comments)

mortgage: Mortgage Broker in Waterford, Michigan Explains "Reverse Mortgages" a Home Refinance Option for Seniors - 09/29/08 05:13 AM
Economic times are especially tough for seniors today.  Many have worked for years expecting a nice pension, just to have the rug pulled out from under them when the company folded or they just cut back on benefits.  Others are forced to continue working well into their 70's and 80's.  Some will never enjoy retirement.  This is a sad situation.  The good news is there is now a solution for those who own a home. 
 
The reverse mortgage for seniors is a government regulated program that allows seniors who are 62 and older to draw upon the equity in their … (0 comments)

mortgage: “Conventional Mortgages” “Reverse Mortgages” “Refinance Property” “Senior Care” “Long-Term Care” “Individual Health Care” “Family Health Care” “Group Health Care” “Retirement Plans” “Disability Insurance” Waterf - 09/08/08 03:57 AM
Pillar Financial Corporation offers more than just mortgages. We offer assurance through finance, investment and retirement product-solutions that can help make sure things you expect to happen, will.
 
Pillar Financial has the unique distinction of being the home of the original Senior Care Package and Family Care Package.
 
Senior Care Package:
A combined 10 pay LTC and 10 payout reverse mtg. to lock in LTC cost. Lower cost lifetime pay and lifetime coverage Lowest cost LTC term with a Cash account for emergencies Medicare Supplement Plans Group Long Term Care Email:  tlewicki@pillarmortgage.com Family Care Package:
Individual Health Care Plans … (0 comments)

mortgage: Clearing up Misconceptions about "Reverse Mortgages" for Seniors in Oakland County, Michigan - 08/31/08 06:31 AM
Reverse Mortgage Misconceptions
1. Reverse Mortgages are only for desperate seniors, or for the "house rich, cash poor." --INCORRECT. The reverse mortgage is an excellent financial planning tool that has been used by homeowners from all walks of life to enhance their retirement years. While some have needed the cash from a reverse mortgage more than others, the growing popularity of this product is evidence of its benefit in a wide array of financial circumstances.
2. Your home must be debt-free to qualify for a reverse mortgage. --INCORRECT. Even seniors with an outstanding first mortgage or some other debt on … (0 comments)

mortgage: Understanding "Reverse Mortgages" for Seniors "HECM" FHA and HUD Regulated Refinance Programs for Michigan Seniors - 08/31/08 06:21 AM
  
Reverse Mortgage Fact Sheet
1. Definition: A reverse mortgage is a unique financial tool that enables homeowners ages 62 and over to tap into their home's equity, receiving either a monthly income, lump sum of cash or a line of credit. There are no income or credit qualifications and there is no repayment until the homeowner permanently leaves the home. The borrower retains full ownership of the property.
2. Qualifications: Applicant(s) must be at least 62 years of age and must own their home free and clear or nearly free and clear - in many cases borrowers use the reverse … (0 comments)

mortgage: Pillar Financial in Waterford, Michigan offers "Term Life Insurance" and the Family Care Package - 08/30/08 09:29 AM
Term Life Insurance
Term insurance, as the name implies, provides protection for a particular term or length of time and therefore pays a benefit only if you die during the term. Term insurance is the lowest premium life insurance product available, since you are purchasing pure life insurance protection. There is no cash value or savings feature.
Illinois Mutual's Term life policy is specifically designed to meet the needs of today's basic life insurance buyer. It offers flexibility, choice and competitive prices. Each term life plan is guaranteed renewable to age 95 and convertible to a permanent policy through the 20th … (2 comments)

mortgage: Family Financial Planning: Child Guard "Life Insurance" Plan for up to Age 23 - West Bloomfield, Michigan - 08/30/08 09:26 AM
ChildGUARD
The life of a child brings excitement and wonder into every family. Although you have a healthy child today, it's hard to predict what his or her future will bring. As a parent or grandparent, you have the opportunity to provide protection for your child or grandchild now and guarantee their future insurability, regardless of the road that lies ahead.
Illinois Mutual's ChildGUARD plan is an inexpensive and easy way to begin a lifetime of protection for each of your children or grandchildren from birth to age 18. A one-time premium payment of $250 provides one unit (maximum two units … (2 comments)

mortgage: Family Care Package - Special Financial Program for Family and Individual "Health Care" and "Disability Insurance" - 08/30/08 09:09 AM


Pillar Financial Corporation offers a unique package we call the Family Care Package and includes the following: 
Individual Health Care Plans Group Health Care Family Life Insurance Family Health Care Individual Disability Coverage Group Disability Insurance Group Retirement Plans Family Security Fund
The Illinois Mutual Family Security Fund provides a cash lump sum payment at the time of death of the Insured plus monthly payments over a 20-year period plus a final lump sum payment after the monthly payments end.
The initial death benefit is provided by a term life insurance policy underwritten by Illinois Mutual Life Insurance Company.
(1 comments)

mortgage: Health Care Options for Seniors and "Reverse Mortgage" Refinancing in Michigan - 08/30/08 08:04 AM
News Release from the National Reverse Mortgage Lenders Association
May 10, 2001
FOR IMMEDIATE RELEASE
Contact: Glenn Petherick, Director of Communications,
NRMLA, 202-939-1753
Reposted by Ted Lewicki of Pillar Financial Corporation
Seniors Discover New Health Care Financing Options in Reverse Mortgages
- Free, New Consumer Guide Available -
Washington, DC - Paying for health care has become an important issue for older Americans and their adult children. As medical costs continue to rise for prescription drugs, in-home care, and physical rehabilitation, seniors are having to shoulder a larger share of the financial burden or turn to their children for … (0 comments)

mortgage: Financing "Long-Term Care" Senior Care Program, FHA "Reverse Mortgages" Home Equity Conversion Mortgage (HECM) - Lake Orion, Michigan - 08/30/08 07:30 AM

The Pillar Mortgage exclusive Senior CARE Program
Example:

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)

mortgage: Understanding "Reverse Mortgages" for Seniors age 62 and up, the "HECM" Government Regulated Refinance Option-Waterford, Michigan - 08/30/08 07:16 AM
Reverse Mortgages are an excellent way to access the equity in your home to pay off your existing mortgage and enjoy financial stability for your retirement years.  You can use your proceeds for anything you want to; home improvements, pay bills, reduce debt or buy gifts for grand children.
 
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)

mortgage: 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)

mortgage: 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)

 

Ted Lewicki

Waterford, MI

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Pillar Financial Corporation

Office: (248) 674-8171

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