Wednesday, November 20, 2013

Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah


Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah



 





http://www.LegendReverseMortgage.com Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah. Mark Hammond is president of the We Help Seniors Network, a group of professionals that serve seniors in many different ways. He speaks regularly to groups, participates in "Professionals for Seniors," and serves as an ambassador for the Sandy Area Chamber of Commerce. Mark has been married 20 years and has 4 children. His hobbies are snowmobiling, history, politics, and performing his original music.


Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah


Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah



 





http://www.LegendReverseMortgage.com Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah. Mark Hammond is president of the We Help Seniors Network, a group of professionals that serve seniors in many different ways. He speaks regularly to groups, participates in "Professionals for Seniors," and serves as an ambassador for the Sandy Area Chamber of Commerce. Mark has been married 20 years and has 4 children. His hobbies are snowmobiling, history, politics, and performing his original music.


Monday, November 18, 2013

Testimonial of Reverse Mortgage in Utah - Mark Hammond


“I’m retired and my income is low. I have a lot of equity in my home, but it does me no good unless I sell the house. But I need a place to live! I wish there was a way to stay in my home and stop making mortgage payments. I would love to get at some of that equity to pay for prescriptions, medical costs and spoiling my grandchildren. Can’t the lender just let the interest build up on my loan and collect it later after I die? Right now I need a break!”



Visit:  http://www.reversemortgageutah.co/



 




Thursday, November 14, 2013

Reverse Mortgage Exposed Video - Different Ways to Receive Your Money


Reverse Mortgages




“I’m retired and my income is low. I have a lot of equity in my home, but it does me no good unless I sell the house. But I need a place to live! I wish there was a way to stay in my home and stop making mortgage payments. I would love to get at some of that equity to pay for prescriptions, medical costs and spoiling my grandchildren. Can’t the lender just let the interest build up on my loan and collect it later after I die? Right now I need a break!”




Home Equity Conversion Mortgages (HECMs), commonly known as reverse mortgages, are Federal Housing Administration insured low-interest home loans for seniors (over 62 yrs) that require no payments EVER as long as the seniors live in the home. Existing loans can be paid off and equity can be drawn out to pay for medical expenses, living expenses, or whatever the borrower chooses. The maximum loan amount is a percentage of the home’s value determined by the age of the youngest homeowner.



Since no interest is paid by the borrowers, interest accrues on the note each month, but is not collected until after the death (or permanent vacancy) of the all borrowers on the note. Lenders assume the risk that the loan balance might become greater than the value of the home. Borrowers retain ownership of the home and can sell the home or refinance the loan to a regular loan later if they choose. Reverse mortgages can also be refinanced later on with a new reverse mortgage to pull out more equity if the home value increases substantially.



Getting rid of monthly mortgage payments and using the nest egg built up over the years can really ease the stress of retirement for seniors. Knowing that their home can never be taken away is also a great relief. The loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has 12 months (with no required payments) to refinance the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is passed on to the heirs. If no equity remains in the home, the estate can simply walk away with no liability. The estate is not liable if the home sells for less than the balance of the reverse mortgage.



Purchase a Home with a Reverse Mortgage

Reverse mortgages can be used to purchase a home. For example, seniors that wish to downsize can sell their existing home, make a large down payment on a smaller home, and finance the rest with a reverse mortgage. Then, no payments will need to be made for life.



Call us today just to see how much money you can get.



801-277-5100


Wednesday, November 13, 2013

Reverse Mortgage Exposed Video - Can You Lose Your Home?


Reverse Mortgage Exposed Video - The Truth About Costs and Your Obligations


are


let's start with the most negative thing about reverse mortgages


the fact that you can lose your home you enter into reverse mortgage


he mortgage company and the Department of Housing and Urban Development


is under contract not require you to make any interest payments


or payoffs as long as you keep your into the deal


so what you're into the deal number one


need to live there and let the lender no one's here in writing


you live there number two pay your taxes and insurance


and prove it number three


maintain the home and number four


this is the 1i promise to tell you in the last video


he on the loan this is the issue


Thanksgiving reverse mortgages some bad press little old lady is forced out over


home because a foreclosure on reverse mortgage


was not alone pilots flying


if your spouse is not over 62 and therefore cannot be on the way home


or if you remarry after getting a reverse mortgage


your spouse will not have the protections if you do against payment of


interest


should use dire permanently moved out will be forced to repay the loan within


six months to a year


your death for permanent vacancy in the house so unless you have a contingency


plan


a place for the non signer to go all funds to pay off the loan should the


signer dire moves out


tell your spouse turns 62 I personally will not do the phone with a strongcontingency plans in place


and I have notarized consent from non borrow


same problem when the borrowers dire move out permanently


so unless your kids are others that live with you can get their own loan to pay


off the reverse mortgage


he'll have to sell the house and move out after you're gone


so keep that in mind to what other horrible things are there about reverse5


ortgages


how about medicaid issues medicaid is government-sponsored welfare


to pay for your nursing home stay if you don't have money to pay for 'em


you can't have a faithful love money and qualify for Medicaid


and when you make your application the state can look back five years into your


financial records


to determine if your money has been hidden make it look like your brokers


are you qualified


large unexplained withdrawals in the last five years


can disqualify you from medicated if they can be adequately explained


so how could reverse mortgages mess you up for qualifying for medicaid


well if you allow your money to be shuttled into your kids account


we have a large withdrawal you can't explain


may be disqualified for medicaid this can happen with any funds and yours not


so make sure that you can account for all of your money if you plan to meet


medicaid down the road


which can also be a good reason to say no your kids if they ask you for some of


your mom


on the bright side Social Security and Medicare


are not affected in any way on the other hand


if you don't need the money for yourself not be needing medicaid down the road


how much more satisfying would be to give your kids part of their inheritance


before you pass away that way you can be there to see them enjoy it


why reverse mortgage is so expensive or lenders is taking advantage of seniors


by charging exorbitant feesthe answer is simple you know impact lender fees are regulated


have strict caps on what can be charged Paul FHA loans contain


and upfront mortgage insurance charge it is added to the loan amount


ever explain an earlier video if you work for FHA insuring lenders against


losses


reverse mortgages probably wouldn't exist FHA has to charge


up front and monthly mortgage insurance in order to pay claims to lenders when


they lose money


in the wrist for losses were higher on reverse mortgages


so the insurance costs more is it any other way around


but they're is a reverse mortgage program that has drastically reduce


rates for this insurance


asking about their program when you call just to be clear to


these fees can be financed with the loan and do not have to be paid out of pocket


must of course you don't have enough equity to cover them


what about our pocket costs for other any most lenders will require you to pay


for your praise or and your FHA counseling up front


independent counsel is required before you can make formal application for a


reverse mortgage


this is the law and its for your protection they can be done over the


phone


more in person and it takes about 45 minutes its to ensure that you


understand everything and are making the right choice


and I'll provide you with a list of approved counseling companies to choose


from


stand-up


take control you're insured


the side right now to stop suffering a reverse mortgage from legend reverse


mortgage


may be the answer to your financial problems contact Mark Emmons


the financial planners to East today I'm not just some person on the phone five


states away


you'll never meet actually live in Utah I'm in the business for twenty years


you have a good reputation in the community are


 


Call Mark Hammond, Your Utah Reverse Mortgage specialist. 801-277-5100. Based in Salt Lake City, Utah. 

Tuesday, October 1, 2013

Reverse Mortgage Exposed Video - Can You Lose Your Home?


 


 


Hi welcome to my reverse mortgage expose videos!


 


in these videos we will get into some of pitfalls to avoid


and some other bad things about reverse mortgages that you must be aware of.


So let's start out with something they never tell you in the TV commercials.


 


A reverse mortgage is similar to a regular mortgage except instead of


making payments on the loan the interest is added on to the end of the lone.


That's important to understand. So reverse mortgages give you money NOW, while allowing you to postpone payment of the interest to later,  you can use all of your income for living expenses


and none for interest.


 


They're designed to help you use the equity in your home to help you stay in your home for a longer period of time, where you are comfortable, and allows you the financial ability to stay independent. 


Pay for Health at  home where you may need it,  and postponed the need of uproot 


yourself from your home in order to get the care you need.


So aside from your loan balance going up, doesn't sound too bad.


So let me get this straight,  each month the amount you owe goes up.


Horrible right?    So you end up owing more and more and more until they come in and


take your home away, right?  WRONG! Owing too much is never a trigger for repayment of the loan,  in fact you could live to be two hundred years old never be asked to pay a dime of interest.


 


As long as you live in the home,  pay your taxes and insurance, maintain your home.


and there's one more than all talk about it next video.


 


So those are your obligations and as long as you do those things the lenders under contract to not require you to pay any interest as long as you live in the home.


 One of the best things about reverse mortgages is that you remain the legal owner. You can sell your house or refinance it as long as you pay off the reverse mortgage.


 


This can be challenging though because the longer you have the reverse mortgage


the higher the balance gets. So you should not look at a reverse mortgage


as a short term solution.  You should use as a way to tap into your equity


without having to make mortgage payments.  Way to live off your equity


without having to sell your home.  and reverse mortgages don't require that you


promise to pay the money back.  You're not personally guaranteed the repayment of the loan. I bet you're thinking why would  lenders do this?  Why would they lend money and not


ask for payments?


 


Well actually they wouldn't!  Not unless our federal government ensured that they


wouldn't loose money.  Our government wants to help seniors many of whom are more vunerable


financially. and so they ensure lenders against loss so they can  continue to offer


the program.  Otherwise reverse mortgages probably wouldn't exist.


So you can thank our federal government for your reverse mortgage!


It's Great  to be an American.


 


Butt what if you die right away after getting a reverse mortgage


think take a letter to the right wrong you still have a lot of the equity in your home


of money that you haven't spent yet, and the lenders only entitled to the


interest was built up on the long think you got the loan.  Your kids would inherit the home.


Either sell it re finances than pay off the balance owed.


They would keep the remaining equity, just like they would if you didn't have a reverse mortgage


 


But What if you live forever? Eventually you'll spend all the money


and if you're actually doesn't increase money you could end up owing more than


your house is worth. 


What Then?  Well your kids would inherit  the home as usual.


if they determine that there is no equity in the home


 they can simply walk away with no liability.  since you don't sign a personal guarantee, they cannot come after you, nor your assets nor your kids to satisfy the loan.


Only the house can satisfy the debt and if it doesn't, then  FHA steps in and pays the lender the difference.


 


So after your equity is gone,  everyday you live in that house is like a free pass. Even though you owe more than their house is worth you don't have to pay it


Government Picks up the Tab.  


 


I guess that's not so bad after all.


So here's how it works: if you're over 62, lenders will lend you a percentage of your home's value


based on your age.  I can tell you how much that would be with a simple phone call.


 


In our next video we'll talk about one other way you can lose your home to a reverse mortgage, and I'll also talk about the Costs involved.


 


Stand Up! take control, you're in charge!


Decide right now to stop suffering.


 


A reverse mortgage from Legend Reverse Mortgage may be the answer to your


financial problems.


 


Contact Mark Hammond,  the financial planners to Choice, today!


 


I'm not just some person on the phone five states away, that you'll never meet, I


actually live in Utah.  We've been in business for twenty years


you have a good reputation in the community!


 


Call Mark Hammond, Your Utah Reverse Mortgage specialist. 801-277-5100. Based in Salt Lake City, Utah. 

Saturday, September 7, 2013

Mortgage Broker Salt Lake City Utah - Testimonials


Mortgage Broker Salt Lake City Utah - Testimonials



 



Owning your own home provides several benefits. In addition to the satisfaction of being a homeowner, you can build equity, enjoy tax deductions*, say "good bye" to your landlord and take control of your living environment.



Whether you are a first-time home buyer, renter, or are purchasing a new or second home, we have an assortment of tools and loan programs to meet your individual financing needs. Use our easy-to-navigate site, or contact us by phone today.



You can assure sellers of your viability and negotiate more effectively when you're pre-approved. Apply online now to be pre-approved.



*Contact your tax advisor to confirm tax deductibility of any loan.


Friday, July 12, 2013

What is a Reverse Mortgage? Utah Reverse Mortgage

http://www.LegendReverseMortgage.com What is a Reverse Mortgage? -
Reverse Mortgage in Utah- 801-277-5100 Call Mark Hammond,
Your Utah Reverse Mortgage specialist. Based in Salt Lake City, Utah.
 Learn about Reverse Mortgages and save!





 

Saturday, June 22, 2013

Utah Mortgage Broker - Testimonial Videos for Mark Hammond


 



Utah Mortgage Broker - Mark Hammond



 



By using your home’s after-completion value, you can have a larger renovation budget than with traditional mortgage loans or lines of credit, which are usually capped at 85-90% of your home's current value.

 








 






IS THERE A HOME YOU WANT TO BUY THAT NEEDS WORK?



 




 


Then buy the home with an FHA 203k loan and finance the improvements with one combined loan at the time of purchase!!!



The program is available for 1-4 unit properties, PUDs and Condos that are at least one year old. The following is a list of some of the improvements that are allowed:

 





  • Repair or Replace:





    • –Roofs, gutters, and downspouts




    • –Heating, ventilation and air conditioning systems


    • –Finish Flooring and non structural sub flooring– (does not include structural sub-floor elements such as floor joists)




  • Upgrade or Replace Plumbing and Electrical systems


  • Painting - Interior/Exterior – including lead-based paint stabilization or abatement of lead-based paint hazards


  • Bathroom and Kitchen remodels that do not involve any structural repairs.


  • New Appliances (Range and/or Oven, Range hood, Microwave, Refrigerator, Trash Compactor and Washer/Dryer - built in or Free Standing)


  • Energy Efficient Improvements – may include windows, doors, HVAC systems, furnaces, solar panels – etc.


  • Improvements for accessibility for persons with disabilities – kitchen and bath remodeling to lower counter/cabinet height, installing wheelchair access ramps, widening doorways (non load bearing walls only)


  • Windows and Doors


  • Exterior improvements such as decks, patios, porches and fences


  • Basement finishing and remodeling – including adding walls and bathrooms provided that there are no structural elements involved.


  • Basement Waterproofing


  • Mold Abatement if performed by a licensed Mold Abatement Contractor


  • Treatment of active termite infestation and repairs (tenting, etc)


  • Connection to Public Water or Sewer


  • Repair or replacement of septic tank or well systems




Improvements for this program are limited



 



They can not include any major rehabilitation or remodeling, new construction such as a room addition, repairs to structural damage, site amenity improvements, landscaping or luxury items (i.e. pools, jacuzzis, TVs, etc.). Also, anything that will displace the borrower for more than 30 days or repairs that require detailed drawings or architectural exhibits are not allowed.



Borrowers are allowed to finance up to an additional $35,000 into their mortgage, including fees and contingency reserve, and there is no minimum amount required. Repairs must begin within 30 days of the loan closing and be finished within 6 months. The borrower receives 50% of the renovation amount when the loan closes and the final 50% is disbursed when all work is complete and the appraiser has inspected the property to ensure that everything has been finished.



Are you a contractor? If so, this is a way to create the money needed to finance your work, money that wasn’t there before!! Think back to all of the jobs you couldn’t do because the homeowner did not have the money to pay for them. Call those clients and tell them about this financing option.



Contractors must be licensed, bonded and carry general liability insurance and must submit documentation to the lender to be approved. Once approved, the contractor cannot be changed without permission from the lender. This protects the contractor and ensures they will be paid directly by the lender when all work is finished. And since the loan is government insured, there is no need to worry about getting paid as long as the contractor complies with the program guidelines.



So don’t put off that project any longer!! Contact a Legend Financial Services loan consultant right now to see if you qualify!!


Friday, June 21, 2013

Mortgage Broker in Utah - Testimonial Video


Mark's Credit Tips



 



As your source for creative mortgage financing, I've "done my homework" on credit and credit scoring. In doing so, I've found there are a lot of misconceptions out there about how credit scores are determined. I find quite often that well-intentioned people are doing things that will hurt their credit scores without knowing it. Many times they were told to do these things by someone in the mortgage or banking industry. Go figure.



I thought it would be beneficial to pass on what I have learned from the credit bureaus and to clarify some of the most common misconceptions about credit scores.



Here are the factors that affect credit scores in order of importance. The percentages shown are the extent that these items affect the score--or how much "weight they carry."



Payment History - 35% of what determines your score - DON'T BE LATE





  1. Public Record and collection items




  2. Recency, frequency, and Severity of delinquencies (in that order)



Outstanding Debt - 30% of what determines your score - DON'T MAX OUT




  1. Number of balances recently reported


  2. Average balance across all trade lines


  3. Relationship between total balances and total credit limit on revolving trade lines



Credit History - 15% of what determines your score - DON'T CLOSE CREDIT CARDS




  1. Age of oldest trade line


  2. Number of new trade lines



Pursuit of new credit - 10% of what determines your score - ONCE ESTABLISHED, LAY LOW




  1. Number of inquiries and new accounts opened in last year


  2. Amount of time since last inquiry



Types of credit in use - 10% of what determines your score - KEEP A GOOD MIX OF CREDIT




  1. The number of trade lines reported for each type:




  • Bank cards, travel/entertainment cards, dept. store cards


  • Personal finance company references ("Same as cash" NOT good)


  • Installment loans



The most shocking thing is that "paying on time" only accounts for 35 percent of what determines your score. Even if you always pay on time, you CAN still have VERY LOW SCORES if you're maxed out on everything, for example.



Hardly anyone realizes that 30 percent of what determines the score is how outstanding debt is managed. "Maxing out" credit cards is the biggest "no no." Maintain a low ratio (49% max suggested) of how much you owe in relation to how much your credit limit is. Request credit line increases or pay down balances to avoid a lower score due to being over extended.




  • NOTE: Even if you pay off the account on the next business cycle, there's a good chance the high balance will report before you do so. Then the damage is done.



Next, it's wrong to assume that scores will improve by closing accounts. People think that by having too many credit cards with high limits, their scores will be low due the risk of a "mad spending spree" that could cause them to get over-extended.



This is a fallacy.



Maintaining stability and control with large credit limits will help to produce very high scores. Closing accounts, on the other hand, will reduce the amount of credit available, which will make the person appear more "maxed out." KEEP ACCOUNTS OPEN!



Finally, credit inquiries and new credit lines can temporarily lower the score until those accounts are seasoned. Credit inquiries can affect credit scores for up to 1 year. People with very little credit must pass through this in order to get established. However, people with established credit should be careful about applying for and opening up a lot of new credit right before they apply for a home loan.




  • NOTE: If you need a loan, don't hesitate to have me run a credit report to assess your chances. The advice I can give you to improve your scores will make them go up way more than the few points they might lose by having an inquiry. For example, don't wait till your rental lease is up toget qualified. Get with me months before, so that if something needs to be fixed, you'll have time to do it.



Credit scores are very accurate in forecasting trends that lead to severe delinquency. People on the road to delinquency, tend to be over-extended, and to continually be in the pursuit of more credit. With most mortgage programs these days, the interest rates are driven by the credit scores, especially at high LTV (Loan to Value) ratios. However, I have additional programs that are still underwritten the "old fashion way," based on payment history alone without regard to credit scores for those who learn this too late.



Hopefully this information will be valuable to you. If you follow these rules, you'll improve your chances of obtaining the best loan programs available for your situation. Call me if you have any questions. TELL A FRIEND about this part of the site. You know you know several people who should read this. Call me for the best loans with high and low credit scores. Buy or refi with no $ down, and no income verification 801-808-6275.


Thursday, June 20, 2013

Reverse Mortgage in Utah - Testimonial Video


Hi I’m Mark Hammond, and you’ll be working directly with me on your loan.  I’ve been lending since 1994, and because I’m a mortgage broker, I have far more loan options, lower interest rates, and lower fees than banks and credit unions.  And boy, am I faster!  



 



My business thrived through the economic crash because I have hundreds of clients that have had great experiences trusting me as their mortgage advisor.  I’m great at what I do and I look forward to learning all about you and your situation so I can design the perfect loan for you.  So whether you need to refinance, buy a home or investment property, or do a reverse mortgage, you’ll be glad you found me.  So call or email me now and I’ll start listening.



 



Call 801-277-5100 or click here to email me. 


Wednesday, May 15, 2013

What is a Reverse Mortgage - Reverse Mortgage in Utah





What is a Reverse Mortgage - Reverse Mortgage in Utah




If your home is fully paid off, and




If you have enough cash in the bank, and




If you have a monthly income sufficient to pay all your bills,                                    


YOU DO NOT NEED A REVERSE MORTGAGE!


But


If you are still making mortgage payments, or


 If you need to have more cash in the bank, or 


If you need more monthly income to live comfortably, or


 If you need a lump some of cash to pay off bills, or 


Help a child go to college, or pay for a mission, or


Travel or do or buy??


MAYBE A REVERSE MORTGAGE IS FOR YOU!


For some a reverse mortgage is not needed; but 


For others a reverse mortgage is a God-send.


Why Lillie and Jim Chose a REVERSE MORTGAGE


(Ages 72 AND 77)




Lillie and Jim purchased a home in 2005:


Purchase Price…………$220,000.00


20% Down Payment...........44,000.00


30 Yr. @ 6.82%..............$176,000.00 loan amount




Their principle and interest payment was $1,000.00 a month for 30 years.  There are 360 monthly payments in a 30 year loan (12X30=360).  In five years they had made 60 payments but still had 300 ($1,000.00) payments left to pay.  In other words they had paid $60,000.00 of the $360000.00 but still had $300,000.00 more to pay.  They still had 25 years to go or 300 more $1,000.00 payments.




                              WHAT WERE THE OPTIONS?




Let the home go into foreclosure


Ask the children to make the mortgage payments


Put the home on the market and try to sell it.


Refinance the home 


Rent out the home.


Get an FHA Reverse Mortgage Loan 




What is a Reverse Mortgage - Reverse Mortgage in Utah


Reverse Mortgage for Seniors in Salt Lake City - 801-277-5100 Call Mark Hammond, Your Utah Reverse Mortgage specialist. Based in Salt Lake City, Utah. Learn about Reverse Mortgages and save!


Wednesday, May 8, 2013

Legend Reverse Mortgage in Utah - Testimonial Video



REVERSE MORTGAGES ARE NOT FOR EVERYONE!




If your home is fully paid off, and




If you have enough cash in the bank, and




If you have a monthly income sufficient to pay all your bills,                                    






YOU DO NOT NEED A REVERSE MORTGAGE!












But




If you are still making mortgage payments, or




If you need to have more cash in the bank, or 




If you need more monthly income to live comfortably, or




If you need a lump some of cash to pay off bills, or 




Help a child go to college, or pay for a mission, or




Travel or do or buy??


MAYBE A REVERSE MORTGAGE IS FOR YOU




For some a reverse mortgage is not needed; but 


For others a reverse mortgage is a God-send.


Why Lillie and Jim Chose a REVERSE MORTGAGE


(Ages 72 AND 77)




Lillie and Jim purchased a home in 2005:


Purchase Price…………$220,000.00


20% Down Payment...........44,000.00


30 Yr. @ 6.82%..............$176,000.00 loan amount




Their principle and interest payment was $1,000.00 a month for 30 years.  There are 360 monthly payments in a 30 year loan (12X30=360).  In five years they had made 60 payments but still had 300 ($1,000.00) payments left to pay.  In other words they had paid $60,000.00 of the $360000.00 but still had $300,000.00 more to pay.  They still had 25 years to go or 300 more $1,000.00 payments.




In the 2008 market crash they lost their investments and retirement income.  In August of 2010 Jim’s company downsized and Jim lost his job.  They were not able to survive on their meager social security payments.   




Their children volunteered to make the mortgage payments or assume the loan.  That was another 300 ($1,000.00) payments for another 25 years, totaling $300,000.00.  




Would it be wise for anyone to pay $1,000.00 a month, for the next 300 months to live in their home, if they didn’t have to?  Consider the costs so far:




Down Payment………………………………...………..$44,000.00


Five years P.I… ………………………..…………….…..60,000.00


Property taxes and insurance ($300.00 X 60 months)……18,000.00


30X40 two story barn and other improvements…….….....36,000.00 


Total cash in the home…….............................................$158,000.00


Is it wise to pay another?……………….…….…….….…300,000.00


Total cost plus 25 more years for taxes and insurance.....$458,000.00




After five years they still owed about $161.000.00 with 300 payments left.  With no income they immediately fell behind in their house payments.  




                              WHAT WERE THE OPTIONS?





  1. Let the home go into foreclosure


  2. Ask the children to make the mortgage payments


  3. Put the home on the market and try to sell it.


  4. Refinance the home 


  5. Rent out the home.


  6. Get an FHA Reverse Mortgage Loan 





CONSIDERING THE 6 OPTIONS!





  1. Let the home go into foreclosure.



Unthinkable: lose our $158,000.00 investment, our credit and a place to live.





  1. Let the children make our mortgage payments.



Unthinkable: Nice to know they offered and are capable but they have their own expenses and trials.  We do not want to become a financial burden on our children.





  1. Put the home on the market and try to sell it.



Unrealistic:  The chances of selling a home in this market at a fair price are very poor.  It is also very expensive to sell (8-9%) and we would have only a little cash after paying off the loan and no place to live.





  1. Refinance the home.



Impossible:  Must have good income and qualify for the loan because you must make payments for the duration of the loan.  With no job it is impossible to refinance.





  1. Rent out the home.



Impractical: The mortgage payments are more than the home could be rented for in today’s market.  And…where would Lillie and Jim live?  




6.  Get an FHA Reverse Mortgage Loan.


Practical:  About 5% in costs; and because there are no mortgage payments we needed no credit or income.  We had already put many thousands of dollars into our home.  This option allowed us to stay in our home as long as we wished with no more mortgage payments for the rest of our lives.  For Lillie and Jim this was the perfect solution.




Getting a Reverse Mortgage is less expensive than selling a home through a real estate broker.  The Reverse Mortgage costs about 5% of the appraisal; selling with a broker costs about 8-9%.  The seller of real estate has higher sales costs and pays taxes on profits.  The individual getting a reverse mortgage always owns his property, gets to live in the home with no mortgage payments forever, gets tax free money, and focuses on savings, not expenses.




HOW MUCH IS THE REVERSE MORTGAGE SAVING?


If Jim and Lillie live 5 years they will save $60,000.00 in mortgage payments.


If Jim and Lillie live 10 years they will save $120,000.00 in mortgage payments.


If they live 15 years they will save $180,000.00 in mortgage payments


If they live 20 years they will save $240,000.00 in mortgage payments.


If they live 25 more years they will save $300,000.00 in mortgage payments. 


What Happens In The End?




When does the Reverse Mortgage have to be paid off?  



  1. When the home is sold.


  2. When the home is no longer the primary resident of the senior couple.


  3. A year after the death of the last senior living in the property.


  4. A year after the last senior abandons the property (i.e. rest home, etc.)


  5. If the taxes and insurance are not paid, or the property not kept in repair.





When the time comes to pay off the loan, if the amount of the loan is more than the property is worth, the children can let the home go back to the lender.   The property will then be placed on the market at a fair market value and sold on the open market as in a normal real estate sale.  Any losses to the lender will be paid by the insurance company that insured the loan originally.  If the heirs are interested in buying the property they can purchase the property when it is offered for sale on the open market.  Regardless of how much the loan has grown the heirs are not responsible for it.




The reverse mortgage is a non-recourse loan.  A non-recourse loan is a loan which does not allow the mortgage company or anyone else to go to court and get a deficiency judgment because they lost money on their loan.  In other words, if there is a loss of money when the property is sold and the lender cannot recover the full amount owed on the mortgage, the lender can not come after the owners to recover any financial loss whatever.




If the amount of the loan is less than the market value of the property the heirs may choose to sell the property and make a profit.  Or they may elect to refinance the property and occupy the property themselves.  The heirs will never have to pay more than the property appraises for at the time of the future sale.




The Future Real Estate Market? 


How unstable will our economy be in the future?  Two or three years ago we could have sold our properties for much more than they are worth today.  Some have struggled and paid off a home mortgage of $200,000.00 only to see the market sink, buyers drop off and property values tumble to 50% of what they paid for their property.  No one can predict the future.  The home your children inherit from you could be worth a million dollars or next to nothing, depending upon things completely out of your control, the economy. 




IN SUMMARY:  No one can predict what 10 or 20 years will bring.  Today you might be able to get a $100,000.00 reverse mortgage on your home; next year it will be more or less, depending on the market.  Two or three years ago you could have gotten much more than you can today.






 Reverse Mortgage for Seniors in Salt Lake City - 801-277-5100 Call Mark Hammond, Your Utah Reverse Mortgage specialist. Based in Salt Lake City, Utah. Learn about Reverse Mortgages and save!







Sunday, April 21, 2013

Reverse Mortgage for Seniors in Salt Lake City


Reverse Mortgage for Seniors in Salt Lake City - 801-277-5100 Call Mark Hammond, Your Utah Reverse Mortgage specialist. Based in Salt Lake City, Utah. Learn about Reverse Mortgages and save!


http://www.legendfinancialservices.com Reverse Mortgage for Seniors in Salt Lake City Utah. 801-277-5100 Call Mark Hammond, Your Utah Reverse Mortgage specialist. Based in Salt Lake City, Utah. Learn about Reverse Mortgages and save!



utah mortgage, reverse mortgage, reverse mortgage what is it,reverse mortgage in Utah,

a reverse mortgage,reverse mortgage what is,reverse mortgage for utah,in reverse mortgage,what reverse mortgage,reverse mortgage,reverse mortgage salt lake,reverse mortgage provo,reverse mortgage sandy,reverse mortgage draper,reverse mortgage st george,reverse mortgage ogden,reverse mortgage bountiful,reverse mortgage logan

Monday, March 4, 2013

Reverse Mortgage for Seniors in Salt Lake City






How do you begin to learn about a reverse mortgage? You contact a reverse mortgage professional at a lender who specializes in these loans.


Reverse Mortgage Process:



  • Present you with a full range of reverse mortgage products that are available from his/her company;


  • Explain the terms, benefits and costs of each product;


  • Clearly explain his/her responsibilities to you;


  • Clearly explain your responsibilities under the terms of a reverse mortgage, including paying property taxes on time, maintaining insurance and maintaining your home in good condition;


  • Carefully review your income, assets and expenses to help you assess whether you can meet these obligations and determine whether the reverse mortgage is the best financial product for your situation;


  • Meet with you as frequently as you need and, at your request, also meet with other members of your family or your financial advisors;


  • Explain that, according to Federal statute, you must complete a reverse mortgage counseling session and provide you with a list of HUD-approved counselors you may contact. (As a means of maintaining a hands-off relationship so that you get unbiased third-party advice, a lender is not permitted to recommend any specific counselor);


  • Prepare you for making your counseling session the most effective by providing you with questions you might want to ask and information you should confirm.



Types of Reverse Mortgages



The products, all or some of which a lender may have available, include:


Home Equity Conversion Mortgage (HECM)



HECM is the commonly used acronym for a Home Equity Conversion Mortgage, which is a reverse mortgage insured by and regulated by the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development (HUD).


A HECM is not a government loan. It is a loan issued by a private lender that is insured by the Federal Housing Administration (FHA). The borrower pays an insurance fee upfront at loan origination, and each year the borrower is charged an annual insurance fee of 1.25% of the outstanding loan balance. Your loan balance thus increases by the amount of this fee. The insurance purchased by this fee protects the borrower (1) if and when the lender is not able to make a payment; and (2) if the value of the home upon selling is not enough to cover the loan balance. In the latter case, the FHA will pay off the remaining balance. Currently, HECMs make up 99% of the reverse mortgages offered in America. HECMs come with rules and regulations that include a requirement that the borrower receive third-party counseling.


HECM OPTIONS




  • HECM Standard

    The term “HECM Standard” refers to a traditional Home Equity Conversion Mortgage, which has been available since 1989. There are currently more than 500,000 senior homeowners who have standard HECMs on their homes. The amount of money you receive is based on a table created by HUD and is based upon your age, the current appraised value of your home and interest rates. Fees can include an origination fee, an upfront mortgage insurance premium (MIP), an appraisal fee, traditional closing costs and a monthly servicing fee. (More on fees later.)  Beginning April 1, 2013, this product option is only available with an adjustable interest rate. This product is desirable for senior homeowners who need the most money available to them.




  • HECM Saver

    HECM Saver is a lower-cost version of the HECM Standard. The savings comes from a lower upfront mortgage insurance premium (MIP). The MIP collected by the Federal Housing Administration on a HECM Saver is equal to 0.01% of the value of the home, rather than 2% on a HECM Standard. On a$250,000 home, for example, you pay $25 in MIP under the Saver option, instead of $5,000 for a HECM Standard. The trade-off is that you receive 10-18% less money. This product is desirable for people who don’t need as much money compared to a HECM Standard, or don’t want to pay the higher fees. Because the fees are lower, and no monthly payment is required, it may also prove to be an alternative to obtaining a home equity line of credit that requires monthly payments.




  • HECM for Purchase

    While retirees typically use a HECM to cover living expenses, supplement income, eliminate debts, or pay for healthcare, a growing segment of the senior population is using HECMs to purchase new homes that better suit their needs. The advantage of using a HECM for Purchase is that the new home is purchased outright, using funds from the sale of the old home, which are then combined with the reverse mortgage proceeds. This homebuying process leaves you with no monthly mortgage payments. While study after study reveals that an overwhelming percentage of seniors want to continue living in their current home for as long as possible, for some people that isn’t the best, or safest, option. HECM for Purchase offers a solution for downsizing into a place that’s more easily navigable, possibly more energy efficient, with lower maintenance costs, or which is closer to friends and family.



Proprietary Reverse Mortgages



Right now, very few proprietary reverse mortgages exist. However, it’s important to mention them, because market conditions may change in the foreseeable future when property values stabilize.


Proprietary reverse mortgages are non-FHA insured reverse mortgages offered by banks and mortgage companies. They are not subject to all of the same regulations as HECMs. In some states, no counseling is required, although it is always recommended and required by some lenders.


Proprietary reverse mortgages are sometimes called “jumbo” reverse mortgages, because they are taken on higher-valued homes, generally $750,000 or more.



REDLIGHT



To obtain a reverse mortgage on a home, that home must be your primary residence, which means you must reside there 183 days per year or more. When you obtain a reverse mortgage and each year thereafter, you must confirm your residency by signing an Annual Occupancy Certificate that will be provided to you by your Servicer. If you must leave your home for an extended period, due to work or health or for some other reason, you should notify your Servicer and coordinate winterization and other preservation issues. If you are out of the home for twelve consecutive months, your loan could be in default. If, for any reason, you rent the property to someone else, it precludes the property from being your primary residence and the loan is in default. If the loan is in default, your Servicer will request HUD approval that the loan become due and payable.



Additional Information:



In addition to company-specific educational materials provided by a lender, a prospective applicant can gather information from independent sources, such as newspapers, magazine articles and informational websites. Educational material is available from HUD (hud.gov), AARP (AARP.org) and NRMLA (reversemortgage.org). Prior to being counseled, you will receive an information packet from either the counseling agency, or the lender, depending on who you contact first.  This information packet will include the following materials:



  • An informational document called "Preparing for Your Counseling Session" 


  • A printout of loan comparisons, so the counselor may review what you are potentially eligible to receive from the reverse mortgage


  • A printout of the Total Annual Loan Cost (TALC) Disclosure required by the Federal Reserve Board on all reverse mortgage transactions. This form illustrates the cost of the loan if it is outstanding for different durations of time.










801-277-5100 Legend Financial Services specializes in Reverse Mortgages. Based in Salt Lake City, Utah. Purchase a Home with a Reverse Mortgage. Reverse mortgages can be used to purchase a home. For example, seniors that wish to downsize can sell their existing home, make a large down payment on a smaller home, and finance the rest with a reverse mortgage. Then, no payments will need to be made for life. http://www.legendfinancialservices.com/


Watch a Video at http://www.youtube.com/watch?v=ejzyNK3c2qg

Friday, March 1, 2013

Reverse Mortgage in Salt Lake City






How do you begin to learn about a reverse mortgage? You contact a reverse mortgage professional at a lender who specializes in these loans. 


Reverse Mortgage Process:



  • Present you with a full range of reverse mortgage products that are available from his/her company;


  • Explain the terms, benefits and costs of each product;


  • Clearly explain his/her responsibilities to you;


  • Clearly explain your responsibilities under the terms of a reverse mortgage, including paying property taxes on time, maintaining insurance and maintaining your home in good condition;


  • Carefully review your income, assets and expenses to help you assess whether you can meet these obligations and determine whether the reverse mortgage is the best financial product for your situation;


  • Meet with you as frequently as you need and, at your request, also meet with other members of your family or your financial advisors;


  • Explain that, according to Federal statute, you must complete a reverse mortgage counseling session and provide you with a list of HUD-approved counselors you may contact. (As a means of maintaining a hands-off relationship so that you get unbiased third-party advice, a lender is not permitted to recommend any specific counselor);


  • Prepare you for making your counseling session the most effective by providing you with questions you might want to ask and information you should confirm.



Types of Reverse Mortgages



The products, all or some of which a lender may have available, include:


Home Equity Conversion Mortgage (HECM)



HECM is the commonly used acronym for a Home Equity Conversion Mortgage, which is a reverse mortgage insured by and regulated by the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development (HUD).


A HECM is not a government loan. It is a loan issued by a private lender that is insured by the Federal Housing Administration (FHA). The borrower pays an insurance fee upfront at loan origination, and each year the borrower is charged an annual insurance fee of 1.25% of the outstanding loan balance. Your loan balance thus increases by the amount of this fee. The insurance purchased by this fee protects the borrower (1) if and when the lender is not able to make a payment; and (2) if the value of the home upon selling is not enough to cover the loan balance. In the latter case, the FHA will pay off the remaining balance. Currently, HECMs make up 99% of the reverse mortgages offered in America. HECMs come with rules and regulations that include a requirement that the borrower receive third-party counseling.


HECM OPTIONS




  • HECM Standard 

    The term “HECM Standard” refers to a traditional Home Equity Conversion Mortgage, which has been available since 1989. There are currently more than 500,000 senior homeowners who have standard HECMs on their homes. The amount of money you receive is based on a table created by HUD and is based upon your age, the current appraised value of your home and interest rates. Fees can include an origination fee, an upfront mortgage insurance premium (MIP), an appraisal fee, traditional closing costs and a monthly servicing fee. (More on fees later.)  Beginning April 1, 2013, this product option is only available with an adjustable interest rate. This product is desirable for senior homeowners who need the most money available to them.




  • HECM Saver 

    HECM Saver is a lower-cost version of the HECM Standard. The savings comes from a lower upfront mortgage insurance premium (MIP). The MIP collected by the Federal Housing Administration on a HECM Saver is equal to 0.01% of the value of the home, rather than 2% on a HECM Standard. On a$250,000 home, for example, you pay $25 in MIP under the Saver option, instead of $5,000 for a HECM Standard. The trade-off is that you receive 10-18% less money. This product is desirable for people who don’t need as much money compared to a HECM Standard, or don’t want to pay the higher fees. Because the fees are lower, and no monthly payment is required, it may also prove to be an alternative to obtaining a home equity line of credit that requires monthly payments.




  • HECM for Purchase

    While retirees typically use a HECM to cover living expenses, supplement income, eliminate debts, or pay for healthcare, a growing segment of the senior population is using HECMs to purchase new homes that better suit their needs. The advantage of using a HECM for Purchase is that the new home is purchased outright, using funds from the sale of the old home, which are then combined with the reverse mortgage proceeds. This homebuying process leaves you with no monthly mortgage payments. While study after study reveals that an overwhelming percentage of seniors want to continue living in their current home for as long as possible, for some people that isn’t the best, or safest, option. HECM for Purchase offers a solution for downsizing into a place that’s more easily navigable, possibly more energy efficient, with lower maintenance costs, or which is closer to friends and family.



Proprietary Reverse Mortgages



Right now, very few proprietary reverse mortgages exist. However, it’s important to mention them, because market conditions may change in the foreseeable future when property values stabilize.


Proprietary reverse mortgages are non-FHA insured reverse mortgages offered by banks and mortgage companies. They are not subject to all of the same regulations as HECMs. In some states, no counseling is required, although it is always recommended and required by some lenders.


Proprietary reverse mortgages are sometimes called “jumbo” reverse mortgages, because they are taken on higher-valued homes, generally $750,000 or more.



REDLIGHT



To obtain a reverse mortgage on a home, that home must be your primary residence, which means you must reside there 183 days per year or more. When you obtain a reverse mortgage and each year thereafter, you must confirm your residency by signing an Annual Occupancy Certificate that will be provided to you by your Servicer. If you must leave your home for an extended period, due to work or health or for some other reason, you should notify your Servicer and coordinate winterization and other preservation issues. If you are out of the home for twelve consecutive months, your loan could be in default. If, for any reason, you rent the property to someone else, it precludes the property from being your primary residence and the loan is in default. If the loan is in default, your Servicer will request HUD approval that the loan become due and payable.



Additional Information:



In addition to company-specific educational materials provided by a lender, a prospective applicant can gather information from independent sources, such as newspapers, magazine articles and informational websites. Educational material is available from HUD (hud.gov), AARP (AARP.org) and NRMLA (reversemortgage.org). Prior to being counseled, you will receive an information packet from either the counseling agency, or the lender, depending on who you contact first.  This information packet will include the following materials:



  • An informational document called "Preparing for Your Counseling Session" 


  • A printout of loan comparisons, so the counselor may review what you are potentially eligible to receive from the reverse mortgage


  • A printout of the Total Annual Loan Cost (TALC) Disclosure required by the Federal Reserve Board on all reverse mortgage transactions. This form illustrates the cost of the loan if it is outstanding for different durations of time.










801-277-5100 Legend Financial Services specializes in Reverse Mortgages. Based in Salt Lake City, Utah. Purchase a Home with a Reverse Mortgage. Reverse mortgages can be used to purchase a home. For example, seniors that wish to downsize can sell their existing home, make a large down payment on a smaller home, and finance the rest with a reverse mortgage. Then, no payments will need to be made for life. http://www.legendfinancialservices.com/


Watch a Video at http://www.youtube.com/watch?v=ejzyNK3c2qg