tag:blogger.com,1999:blog-62215199301916979912024-03-08T15:52:44.116-08:00Reverse Mortgage UtahAnonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.comBlogger27125tag:blogger.com,1999:blog-6221519930191697991.post-88673951632269984322014-02-05T06:01:00.001-08:002014-02-05T06:01:05.272-08:00Reverse mortgages in Utah – A message from Legend Financial Services<p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> <a href="http://www.reversemortgageutah.co/wp-content/uploads/2013/06/New_Logo3.png" style="font-family: Arial, Verdana, sans-serif; font-size: 12px;"><img alt="New_Logo" class="alignnone size-full wp-image-146" height="150" src="http://www.reversemortgageutah.co/wp-content/uploads/2013/06/New_Logo3.png" width="200" /></a></p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Dear friends,</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> I hope you enjoyed the holiday season and are ready for 2014! As your mortgage lender, I want to let you know what is possible today and what changes are coming that will affect our ability to borrow money.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Remodeling<br /><br /> Since the crash in 2008, mortgage guidelines have been restricted. Pulling cash out for home improvements or debt consolidation now requires more equity than before. So many people have not even tried to do it.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> However, there is a government program that takes a different approach and can help you pull cash out to improve your home and increase its value, and you don’t need a ton of equity. Here’s how it works: You get an itemized bid from a licensed contractor, we give that to the appraiser, and the appraiser appraises the home as if the improvements have already been made. Then we base our loan amount on that higher value. This allows you to do a remodel without a ton of equity to start with. And you can get up to $35,000, half at closing and the other half upon completion.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> And guess what! You can do it on a purchase too! Find a house that needs some work, put 3.5% down, and get a chunk of money to make improvements when you close (owner occupied only). New appliances, flooring, paint, roof, etc. etc. So you don’t have to find the perfect house, just find the perfect location and fix the house. Pretty cool.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> New Rules<br /><br /> The Consumer Financial Protection Bureau has reduced the maximum percentage of your gross income that can go to debt from 45% to 43% on most loans. This lessens how much you’ll be able to qualify for, but it’s really pretty sensible. Also, the Good Faith Estimate has been revamped and will be much easier to understand now. Yeah!</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Purchasing a home<br /><br /> Down payments are required for most loans today (3.5% minimum), with exception of USDA loans for “rural housing.” Those have NO down payment and you’d be surprised what areas of Utah are considered “rural.” Check out the map at http://eligibility.sc.egov.usda.gov. Click on “Single Family Housing.” Some of the qualified rural areas that are surprising in Utah are Heber City, Eagle Mountain, Brigham City, and Tooele.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Furthermore, there are down payment grants available depending on the city you want to buy in. Right now Midvale and Murray have grants available, but there are many more cities. Basically, with a will there is a way! If you know of anyone that wants to buy a house in the future, get me involved EARLY, so I can diagnose any problems so we can have time to fix them. Everyone that is renting should get a free analysis from me to put them on track to buy. I’m good at fixing credit. Call me.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Senior Care<br /><br /> I’ve spent the last 5 years becoming an expert on reverse mortgages and networking with hospitals, assisted living facilities, home health and home care agencies, elder law attorneys, funeral services etc. And I’ve come away with a great knowledge of the services out there to help seniors and great people that offer them. I hope you’ll contact me with any questions relating to senior care because I’m very well-connected and can give you good direction.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Reverse mortgages are very misunderstood, so I produced a video this summer called “Reverse Mortgage Exposed,” and made it available on my reverse mortgage website www.LegendReverseMortgage.com. I hope you’ll educate yourself on how these work by watching the video because seniors should be able to use the equity in their home to live a more fulfilling life. I love working with seniors and they love working with me! Seniors can live a better life and even provide better legacies to their children by utilizing reverse mortgages effectively. Find out how!</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Referrals<br /><br /> I’m going to reward referrals this year with gift certificates. So if you like free stuff, keep your eyes and ears open when people mention these things above, and email or call me with their contact info. I’ve never advertised, so referrals are the only way my business works. Understand that working with an owner/broker like me is the best advantage you can get when getting a mortgage. Why? Because my wholesale rates beat the banks and credit unions. And because I’m the owner, I have control over the fees. And because I do the work myself, there is no middleman to pay. It’s an amazing combination. But most importantly, you’ll never find someone like me with 20 years’ experience still working at a bank.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Contact me today! 801-808-MARK (6275)</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22.399999618530273px; text-align: justify;"><br /> Mark Hammond<br /><br /> President</p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-55415996839220307632013-11-20T14:51:00.001-08:002013-11-20T14:51:26.593-08:00Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah<h1 style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 24px; font-family: Museo500; font-weight: normal; color: rgb(92, 92, 92);"><br /> Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah</h1><br /><p><br /> </p><br /><p><br /> <iframe allowfullscreen="" frameborder="0" height="315" src="//www.youtube.com/embed/vNQIbPDayws?rel=0" width="560"></iframe></p><br /><p><br /> <a href="http://LegendReverseMortgage.com">http://www.LegendReverseMortgage.com</a> 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.</p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-59139321023689789052013-11-20T12:36:00.001-08:002013-11-20T12:36:09.101-08:00Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah<h1 style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 24px; font-family: Museo500; font-weight: normal; color: rgb(92, 92, 92);"><br /> Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah</h1><br /><p><br /> </p><br /><p><br /> <iframe allowfullscreen="" frameborder="0" height="315" src="//www.youtube.com/embed/vNQIbPDayws?rel=0" width="560"></iframe></p><br /><p><br /> <a href="http://LegendReverseMortgage.com">http://www.LegendReverseMortgage.com</a> 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.</p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-39186813413155832862013-11-18T19:45:00.001-08:002013-11-18T19:45:43.747-08:00Testimonial of Reverse Mortgage in Utah - Mark Hammond<h1 style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 24px; font-family: Museo500; font-weight: normal; color: rgb(92, 92, 92);"><br /> “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!”</h1><br /><p><br /> Visit: <a href="http://www.reversemortgageutah.co/">http://www.reversemortgageutah.co/</a></p><br /><p><br /> </p><br /><p><br /> <iframe allowfullscreen="" frameborder="0" height="315" src="//www.youtube.com/embed/b4V8MaODLlg?rel=0" width="560"></iframe></p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-57099938512531278282013-11-14T17:12:00.001-08:002013-11-14T17:12:27.105-08:00Reverse Mortgage Exposed Video - Different Ways to Receive Your Money<h1 style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 24px; font-family: Museo500; font-weight: normal; color: rgb(92, 92, 92);"><br /> Reverse Mortgages</h1><br /><blockquote style="border: 0px; margin: 40px 0px; padding: 0px 0px 0px 60px; font-size: 14px; min-height: 40px; background-image: url(http://www.reversemortgageutah.co/wp-content/themes/bizwaytheme/images/blockqoute.png); color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22px; background-repeat: no-repeat no-repeat;"><br /> <p style="border: 0px; margin: 0px 0px 20px; padding: 0px;"><br /> “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!”</p><br /></blockquote><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22px;"><br /> 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.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22px;"><br /> 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.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22px;"><br /> 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.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22px;"><br /> Purchase a Home with a Reverse Mortgage<br /><br /> 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.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22px;"><br /> Call us today just to see how much money you can get.</p><br /><p style="border: 0px; margin: 0px 0px 20px; padding: 0px; font-size: 14px; color: rgb(92, 92, 92); font-family: Arimo, Arial, 'Liberation Sans', FreeSans, sans-serif; line-height: 22px;"><br /> 801-277-5100</p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-58112113883269752012013-11-13T13:46:00.001-08:002013-11-13T13:46:45.386-08:00Reverse Mortgage Exposed Video - Can You Lose Your Home?<div><br /> Reverse Mortgage Exposed Video - The Truth About Costs and Your Obligations</div><br /><div><br /> are</div><br /><div><br /> let's start with the most negative thing about reverse mortgages</div><br /><div><br /> the fact that you can lose your home you enter into reverse mortgage</div><br /><div><br /> he mortgage company and the Department of Housing and Urban Development</div><br /><div><br /> is under contract not require you to make any interest payments</div><br /><div><br /> or payoffs as long as you keep your into the deal</div><br /><div><br /> so what you're into the deal number one</div><br /><div><br /> need to live there and let the lender no one's here in writing</div><br /><div><br /> you live there number two pay your taxes and insurance</div><br /><div><br /> and prove it number three</div><br /><div><br /> maintain the home and number four</div><br /><div><br /> this is the 1i promise to tell you in the last video</div><br /><div><br /> he on the loan this is the issue</div><br /><div><br /> Thanksgiving reverse mortgages some bad press little old lady is forced out over</div><br /><div><br /> home because a foreclosure on reverse mortgage</div><br /><div><br /> was not alone pilots flying</div><br /><div><br /> if your spouse is not over 62 and therefore cannot be on the way home</div><br /><div><br /> or if you remarry after getting a reverse mortgage</div><br /><div><br /> your spouse will not have the protections if you do against payment of</div><br /><div><br /> interest</div><br /><div><br /> should use dire permanently moved out will be forced to repay the loan within</div><br /><div><br /> six months to a year</div><br /><div><br /> your death for permanent vacancy in the house so unless you have a contingency</div><br /><div><br /> plan</div><br /><div><br /> a place for the non signer to go all funds to pay off the loan should the</div><br /><div><br /> signer dire moves out</div><br /><div><br /> tell your spouse turns 62 I personally will not do the phone with a strongcontingency plans in place</div><br /><div><br /> and I have notarized consent from non borrow</div><br /><div><br /> same problem when the borrowers dire move out permanently</div><br /><div><br /> so unless your kids are others that live with you can get their own loan to pay</div><br /><div><br /> off the reverse mortgage</div><br /><div><br /> he'll have to sell the house and move out after you're gone</div><br /><div><br /> so keep that in mind to what other horrible things are there about reverse5</div><br /><div><br /> ortgages</div><br /><div><br /> how about medicaid issues medicaid is government-sponsored welfare</div><br /><div><br /> to pay for your nursing home stay if you don't have money to pay for 'em</div><br /><div><br /> you can't have a faithful love money and qualify for Medicaid</div><br /><div><br /> and when you make your application the state can look back five years into your</div><br /><div><br /> financial records</div><br /><div><br /> to determine if your money has been hidden make it look like your brokers</div><br /><div><br /> are you qualified</div><br /><div><br /> large unexplained withdrawals in the last five years</div><br /><div><br /> can disqualify you from medicated if they can be adequately explained</div><br /><div><br /> so how could reverse mortgages mess you up for qualifying for medicaid</div><br /><div><br /> well if you allow your money to be shuttled into your kids account</div><br /><div><br /> we have a large withdrawal you can't explain</div><br /><div><br /> may be disqualified for medicaid this can happen with any funds and yours not</div><br /><div><br /> so make sure that you can account for all of your money if you plan to meet</div><br /><div><br /> medicaid down the road</div><br /><div><br /> which can also be a good reason to say no your kids if they ask you for some of</div><br /><div><br /> your mom</div><br /><div><br /> on the bright side Social Security and Medicare</div><br /><div><br /> are not affected in any way on the other hand</div><br /><div><br /> if you don't need the money for yourself not be needing medicaid down the road</div><br /><div><br /> how much more satisfying would be to give your kids part of their inheritance</div><br /><div><br /> before you pass away that way you can be there to see them enjoy it</div><br /><div><br /> why reverse mortgage is so expensive or lenders is taking advantage of seniors</div><br /><div><br /> by charging exorbitant feesthe answer is simple you know impact lender fees are regulated</div><br /><div><br /> have strict caps on what can be charged Paul FHA loans contain</div><br /><div><br /> and upfront mortgage insurance charge it is added to the loan amount</div><br /><div><br /> ever explain an earlier video if you work for FHA insuring lenders against</div><br /><div><br /> losses</div><br /><div><br /> reverse mortgages probably wouldn't exist FHA has to charge</div><br /><div><br /> up front and monthly mortgage insurance in order to pay claims to lenders when</div><br /><div><br /> they lose money</div><br /><div><br /> in the wrist for losses were higher on reverse mortgages</div><br /><div><br /> so the insurance costs more is it any other way around</div><br /><div><br /> but they're is a reverse mortgage program that has drastically reduce</div><br /><div><br /> rates for this insurance</div><br /><div><br /> asking about their program when you call just to be clear to</div><br /><div><br /> these fees can be financed with the loan and do not have to be paid out of pocket</div><br /><div><br /> must of course you don't have enough equity to cover them</div><br /><div><br /> what about our pocket costs for other any most lenders will require you to pay</div><br /><div><br /> for your praise or and your FHA counseling up front</div><br /><div><br /> independent counsel is required before you can make formal application for a</div><br /><div><br /> reverse mortgage</div><br /><div><br /> this is the law and its for your protection they can be done over the</div><br /><div><br /> phone</div><br /><div><br /> more in person and it takes about 45 minutes its to ensure that you</div><br /><div><br /> understand everything and are making the right choice</div><br /><div><br /> and I'll provide you with a list of approved counseling companies to choose</div><br /><div><br /> from</div><br /><div><br /> stand-up</div><br /><div><br /> take control you're insured</div><br /><div><br /> the side right now to stop suffering a reverse mortgage from legend reverse</div><br /><div><br /> mortgage</div><br /><div><br /> may be the answer to your financial problems contact Mark Emmons</div><br /><div><br /> the financial planners to East today I'm not just some person on the phone five</div><br /><div><br /> states away</div><br /><div><br /> you'll never meet actually live in Utah I'm in the business for twenty years</div><br /><div><br /> you have a good reputation in the community are</div><br /><div><br /> </div><br /><div><br /> Call Mark Hammond, Your Utah Reverse Mortgage specialist. 801-277-5100. Based in Salt Lake City, Utah. </div><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-10052296646329216652013-10-01T05:40:00.001-07:002013-10-01T05:40:01.397-07:00Reverse Mortgage Exposed Video - Can You Lose Your Home?<div><br /> </div><br /><div><br /> </div><br /><div><br /> Hi welcome to my reverse mortgage expose videos!</div><br /><div><br /> </div><br /><div><br /> in these videos we will get into some of pitfalls to avoid</div><br /><div><br /> and some other bad things about reverse mortgages that you must be aware of.</div><br /><div><br /> So let's start out with something they never tell you in the TV commercials.</div><br /><div><br /> </div><br /><div><br /> A reverse mortgage is similar to a regular mortgage except instead of</div><br /><div><br /> making payments on the loan the interest is added on to the end of the lone.</div><br /><div><br /> 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</div><br /><div><br /> and none for interest.</div><br /><div><br /> </div><br /><div><br /> 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. </div><br /><div><br /> Pay for Health at home where you may need it, and postponed the need of uproot </div><br /><div><br /> yourself from your home in order to get the care you need.</div><br /><div><br /> So aside from your loan balance going up, doesn't sound too bad.</div><br /><div><br /> So let me get this straight, each month the amount you owe goes up.</div><br /><div><br /> Horrible right? So you end up owing more and more and more until they come in and</div><br /><div><br /> 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.</div><br /><div><br /> </div><br /><div><br /> As long as you live in the home, pay your taxes and insurance, maintain your home.</div><br /><div><br /> and there's one more than all talk about it next video.</div><br /><div><br /> </div><br /><div><br /> 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.</div><br /><div><br /> 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.</div><br /><div><br /> </div><br /><div><br /> This can be challenging though because the longer you have the reverse mortgage</div><br /><div><br /> the higher the balance gets. So you should not look at a reverse mortgage</div><br /><div><br /> as a short term solution. You should use as a way to tap into your equity</div><br /><div><br /> without having to make mortgage payments. Way to live off your equity</div><br /><div><br /> without having to sell your home. and reverse mortgages don't require that you</div><br /><div><br /> 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</div><br /><div><br /> ask for payments?</div><br /><div><br /> </div><br /><div><br /> Well actually they wouldn't! Not unless our federal government ensured that they</div><br /><div><br /> wouldn't loose money. Our government wants to help seniors many of whom are more vunerable</div><br /><div><br /> financially. and so they ensure lenders against loss so they can continue to offer</div><br /><div><br /> the program. Otherwise reverse mortgages probably wouldn't exist.</div><br /><div><br /> So you can thank our federal government for your reverse mortgage!</div><br /><div><br /> It's Great to be an American.</div><br /><div><br /> </div><br /><div><br /> Butt what if you die right away after getting a reverse mortgage</div><br /><div><br /> think take a letter to the right wrong you still have a lot of the equity in your home</div><br /><div><br /> of money that you haven't spent yet, and the lenders only entitled to the</div><br /><div><br /> interest was built up on the long think you got the loan. Your kids would inherit the home.</div><br /><div><br /> Either sell it re finances than pay off the balance owed.</div><br /><div><br /> They would keep the remaining equity, just like they would if you didn't have a reverse mortgage</div><br /><div><br /> </div><br /><div><br /> But What if you live forever? Eventually you'll spend all the money</div><br /><div><br /> and if you're actually doesn't increase money you could end up owing more than</div><br /><div><br /> your house is worth. </div><br /><div><br /> What Then? Well your kids would inherit the home as usual.</div><br /><div><br /> if they determine that there is no equity in the home</div><br /><div><br /> 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.</div><br /><div><br /> Only the house can satisfy the debt and if it doesn't, then FHA steps in and pays the lender the difference.</div><br /><div><br /> </div><br /><div><br /> 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</div><br /><div><br /> Government Picks up the Tab. </div><br /><div><br /> </div><br /><div><br /> I guess that's not so bad after all.</div><br /><div><br /> So here's how it works: if you're over 62, lenders will lend you a percentage of your home's value</div><br /><div><br /> based on your age. I can tell you how much that would be with a simple phone call.</div><br /><div><br /> </div><br /><div><br /> 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.</div><br /><div><br /> </div><br /><div><br /> Stand Up! take control, you're in charge!</div><br /><div><br /> Decide right now to stop suffering.</div><br /><div><br /> </div><br /><div><br /> A reverse mortgage from Legend Reverse Mortgage may be the answer to your</div><br /><div><br /> financial problems.</div><br /><div><br /> </div><br /><div><br /> Contact Mark Hammond, the financial planners to Choice, today!</div><br /><div><br /> </div><br /><div><br /> I'm not just some person on the phone five states away, that you'll never meet, I</div><br /><div><br /> actually live in Utah. We've been in business for twenty years</div><br /><div><br /> you have a good reputation in the community!</div><br /><div><br /> </div><br /><div><br /> Call Mark Hammond, Your Utah Reverse Mortgage specialist. 801-277-5100. Based in Salt Lake City, Utah. </div><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-76522024414411340232013-09-07T00:45:00.001-07:002013-09-07T00:45:54.453-07:00Mortgage Broker Salt Lake City Utah - Testimonials<h1><br /> Mortgage Broker Salt Lake City Utah - Testimonials</h1><br /><p><br /> </p><br /><p><br /> <span style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);">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.</span><br style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);" /><br /> <br style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);" /><br /> <span style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);">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.</span><br style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);" /><br /> <br style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);" /><br /> <span style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);">You can assure sellers of your viability and negotiate more effectively when you're pre-approved. </span><a href="https://homeloans.securesites.com/page1.html?custid=6860&b=6860" style="margin: 0px; padding: 0px; border: 0px; outline: none; font-size: 13px; background-color: rgb(249, 249, 249); text-decoration: none; font-weight: bold; -webkit-transition: color 0.2s linear; transition: color 0.2s linear; color: rgb(37, 150, 207); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;" target="_blank">Apply online now to be pre-approved</a><span style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);">.</span><br style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);" /><br /> <br style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);" /><br /> <span style="color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.796875px; background-color: rgb(249, 249, 249);">*Contact your tax advisor to confirm tax deductibility of any loan.</span></p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-43529424122238135902013-07-30T11:15:00.000-07:002013-08-12T11:16:14.318-07:00Reverse Mortgage Exposed. Get your Free Videos.<iframe width="560" height="315" src="//www.youtube.com/embed/HxVVQjukrGY?list=PL2UN9l7pZLF99hiNjr9jMyAyQZlT39yLa" frameborder="0" allowfullscreen></iframe>
Get your Free Videos by going to <a href="http://www.legendreversemortgage.com/">http://www.LegendReverseMortgage.com</a>Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-71270143024137812452013-07-12T11:17:00.000-07:002013-08-12T11:18:26.847-07:00What is a Reverse Mortgage? Utah Reverse Mortgage<a href="http://www.legendreversemortgage.com/">http://www.LegendReverseMortgage.com</a> What is a Reverse Mortgage? -<br />
Reverse Mortgage in Utah- 801-277-5100 Call Mark Hammond,<br />
Your Utah Reverse Mortgage specialist. Based in Salt Lake City, Utah.<br />
Learn about Reverse Mortgages and save!<br />
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<iframe allowfullscreen="" frameborder="0" height="315" src="//www.youtube.com/embed/jorRf2gqZsU?rel=0" width="560"></iframe>Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-26601743439845897012013-06-22T00:08:00.001-07:002013-06-22T00:08:59.395-07:00Utah Mortgage Broker - Testimonial Videos for Mark Hammond<h1 style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; font-size: 34px; background-color: rgb(249, 249, 249); line-height: 0.9em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; color: rgb(81, 85, 84); visibility: visible;"><br /> </h1><br /><h3><br /> Utah Mortgage Broker - Mark Hammond</h3><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> </p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; width: 540px; height: 359px; background-position: initial initial; background-repeat: initial initial;" title="remodel 3"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;">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.</span></span><br /><br /> </p><br /><div class="rt-demo-grid-6 title5" style="margin: 0px 10px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; float: left; width: 440px; font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <div class="rt-demo-grid-6 title5" style="margin: 0px 10px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; float: left; width: 440px;"><br /> <h1 style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; font-size: 34px; background-color: rgb(249, 249, 249); line-height: 0.9em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; color: rgb(81, 85, 84); visibility: visible;"><br /> <img border="0" src="http://www.legendfinancialservices.com/images/remodel_3b.jpg" style="margin: 0px 15px 0px 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; float: left;" /></h1><br /> </div><br /> <p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;"><br /> </p><br /> <div class="rt-demo-grid-6 title5" style="margin: 0px 10px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; float: left; width: 440px;"><br /> <img border="0" src="http://www.legendfinancialservices.com/images/remodeler.jpg" style="margin: 0px 15px 0px 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; float: left;" /></div><br /></div><br /><h1 class="title" style="margin: 0px; padding: 0px 0px 4px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.2em; letter-spacing: inherit; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; width: auto; text-transform: uppercase; font-weight: normal; display: inline-block; visibility: visible;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; font-family: TitilliumText22LThin, Helvetica, Arial, sans-serif;">IS</span> THERE A HOME YOU WANT TO BUY THAT NEEDS WORK?</h1><br /><h1 style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; font-size: 34px; background-color: rgb(249, 249, 249); line-height: 0.9em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; color: rgb(81, 85, 84); visibility: visible;"><br /> </h1><br /><div class="rt-demo-grid-6 title5" style="margin: 0px 10px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; float: left; width: 440px; font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <div class="module-title" style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;"><br /> </div><br /> <p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;"><br /> Then buy the home with an FHA 203k loan and finance the improvements with one combined loan at the time of purchase!!!<br /><br /> <br /><br /> 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:<br /><br /> </p><br /> <ul class="checkmark normalfont" style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; list-style: square outside none;"><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> <h1 style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; font-size: 34px; background-color: rgb(249, 249, 249); line-height: 0.9em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; color: rgb(81, 85, 84); visibility: visible;"><br /> Repair or Replace:</h1><br /> <ul style="margin: 10px 0px; padding: 0px 0px 0px 15px; border: 0px; outline: 0px; background-color: transparent; list-style: square outside none;"><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> <h1 style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; font-size: 34px; background-color: rgb(249, 249, 249); line-height: 0.9em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; color: rgb(81, 85, 84); visibility: visible;"><br /> –Roofs, gutters, and downspouts</h1><br /> </li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> –Heating, ventilation and air conditioning systems</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> –Finish Flooring and non structural sub flooring– (does not include structural sub-floor elements such as floor joists)</li><br /> </ul><br /> </li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Upgrade or Replace Plumbing and Electrical systems</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Painting - Interior/Exterior – including lead-based paint stabilization or abatement of lead-based paint hazards</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Bathroom and Kitchen remodels that do not involve any structural repairs.</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> New Appliances (Range and/or Oven, Range hood, Microwave, Refrigerator, Trash Compactor and Washer/Dryer - built in or Free Standing)</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Energy Efficient Improvements – may include windows, doors, HVAC systems, furnaces, solar panels – etc.</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> 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)</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Windows and Doors</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Exterior improvements such as decks, patios, porches and fences</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Basement finishing and remodeling – including adding walls and bathrooms provided that there are no structural elements involved.</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Basement Waterproofing</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Mold Abatement if performed by a licensed Mold Abatement Contractor</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Treatment of active termite infestation and repairs (tenting, etc)</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Connection to Public Water or Sewer</li><br /> <li style="margin: 0px 0px 8px; padding: 0px 0px 0px 30px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em; list-style-type: none; position: relative;"><br /> Repair or replacement of septic tank or well systems</li><br /> </ul><br /></div><br /><h1 class="title" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: rgb(249, 249, 249); line-height: 1.2em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; width: auto; font-weight: normal; display: inline-block; color: rgb(81, 85, 84); visibility: visible;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 26px; background-color: transparent; font-family: TitilliumText22LThin, Helvetica, Arial, sans-serif; background-position: initial initial; background-repeat: initial initial;">Improvements</span> for this program are limited</h1><br /><h1 style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; font-size: 34px; background-color: rgb(249, 249, 249); line-height: 0.9em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; color: rgb(81, 85, 84); visibility: visible;"><br /> </h1><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> 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.<br /><br /> <br /><br /> 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.<br /><br /> <br /><br /> 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.<br /><br /> <br /><br /> 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.<br /><br /> <br /><br /> So don’t put off that project any longer!! Contact a Legend Financial Services loan consultant right now to see if you qualify!!</p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-78096587718259354952013-06-21T06:27:00.001-07:002013-06-21T06:27:18.841-07:00Mortgage Broker in Utah - Testimonial Video<h1 style="margin: 0px 0px 25px; padding: 0px; border: 0px; outline: 0px; font-size: 34px; background-color: rgb(249, 249, 249); line-height: 0.9em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; color: rgb(81, 85, 84); visibility: visible;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; font-family: TitilliumText22LThin, Helvetica, Arial, sans-serif;">Mark's</span> Credit Tips</h1><br /><h1><br /> </h1><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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."</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;"><em style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Payment History</em> - 35% of what determines your score - <strong style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">DON'T BE LATE</strong></span></p><br /><ol start="1" style="margin: 10px 0px 10px 5px; padding: 0px 0px 0px 20px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); list-style-position: outside; color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <h1><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Public Record and collection items</span></h1><br /> </li><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Recency, frequency, and Severity of delinquencies (in that order)</span></li><br /></ol><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;"><em style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Outstanding Debt</em> - 30% of what determines your score - <strong style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">DON'T MAX OUT</strong></span></span></p><br /><ol start="1" style="margin: 10px 0px 10px 5px; padding: 0px 0px 0px 20px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); list-style-position: outside; color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Number of balances recently reported</span></li><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Average balance across all trade lines</span></li><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Relationship between total balances and total credit limit on revolving trade lines</span></li><br /></ol><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;"><em style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Credit History</em> - 15% of what determines your score - <strong style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">DON'T CLOSE CREDIT CARDS</strong></span></span></p><br /><ol start="1" style="margin: 10px 0px 10px 5px; padding: 0px 0px 0px 20px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); list-style-position: outside; color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Age of oldest trade line</span></li><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Number of new trade lines</span></li><br /></ol><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;"><em style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Pursuit of new credit - </em>10% of what determines your score - <strong style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">ONCE ESTABLISHED, LAY LOW</strong></span></span></p><br /><ol start="1" style="margin: 10px 0px 10px 5px; padding: 0px 0px 0px 20px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); list-style-position: outside; color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Number of inquiries and new accounts opened in last year</span></li><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Amount of time since last inquiry</span></li><br /></ol><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;"><em style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Types of credit in use</em> - 10% of what determines your score - <strong style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">KEEP A GOOD MIX OF CREDIT</strong></span></span></p><br /><ol start="1" style="margin: 10px 0px 10px 5px; padding: 0px 0px 0px 20px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); list-style-position: outside; color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">The number of trade lines reported for each type:</span></li><br /></ol><br /><ul style="margin: 10px 0px; padding: 0px 0px 0px 15px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); list-style: square outside none; color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Bank cards, travel/entertainment cards, dept. store cards</span></li><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Personal finance company references ("Same as cash" NOT good)</span></li><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Installment loans</span></li><br /></ul><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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.</span></p><br /><ul style="margin: 10px 0px; padding: 0px 0px 0px 15px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); list-style: square outside none; color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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.</span></li><br /></ul><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">This is a fallacy.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;"><em style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">Maintaining stability and control with <strong style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent;">large credit limits</strong> will help to produce very high scores.</em> 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!</span></span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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.</span></p><br /><ul style="margin: 10px 0px; padding: 0px 0px 0px 15px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); list-style: square outside none; color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <li style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: transparent; line-height: 1.7em;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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 to</span><a href="http://www.legendfinancialservices.com/index.php/2012-12-19-11-23-22/rapid-quote" style="margin: 0px; padding: 0px; border: 0px; outline: none; font-size: 1.2em; background-color: transparent; text-decoration: none; -webkit-transition: color 0.2s linear; transition: color 0.2s linear; color: rgb(37, 150, 207); line-height: 1.8em;" target="_blank" title="Get me some basic info so I can help"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">get qualified</span></a><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">. Get with me months before, so that if something needs to be fixed, you'll have time to do it.</span></li><br /></ul><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small; background-color: transparent; background-position: initial initial; background-repeat: initial initial;">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. </span>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.</p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-77060739900775713312013-06-20T02:50:00.001-07:002013-06-20T02:50:24.086-07:00Reverse Mortgage in Utah - Testimonial Video<h1><br /> <span class="s1">Hi I’m <strong>Mark Hammond,</strong> 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! </span></h1><br /><p class="p2"><br /> </p><br /><p class="p1"><br /> <span class="s1">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.</span></p><br /><p class="p2"><br /> <span class="s1"> </span></p><br /><p class="p1"><br /> <span class="s1">Call 801-277-5100 or click </span><a href="mailto:mark@legendfinancialservices.com?subject=HI"><span class="s2"><b>here</b></span></a><span class="s1"> to email me. </span></p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0tag:blogger.com,1999:blog-6221519930191697991.post-83575252944824947172013-05-15T06:19:00.001-07:002013-05-15T20:56:48.485-07:00What is a Reverse Mortgage - Reverse Mortgage in Utah<div>
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What is a Reverse Mortgage - Reverse Mortgage in Utah</div>
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If your home is fully paid off, and</div>
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If you have enough cash in the bank, and</div>
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If you have a monthly income sufficient to pay all your bills, </div>
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YOU DO NOT NEED A REVERSE MORTGAGE!</div>
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Help a child go to college, or pay for a mission, or</div>
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Travel or do or buy??</div>
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MAYBE A REVERSE MORTGAGE IS FOR YOU!</div>
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For some a reverse mortgage is not needed; but </div>
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For others a reverse mortgage is a God-send.</div>
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Why Lillie and Jim Chose a REVERSE MORTGAGE</div>
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Lillie and Jim purchased a home in 2005:</div>
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Purchase Price…………$220,000.00</div>
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20% Down Payment...........44,000.00</div>
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30 Yr. @ 6.82%..............$176,000.00 loan amount</div>
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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.</div>
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WHAT WERE THE OPTIONS?</div>
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Let the home go into foreclosure</div>
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Ask the children to make the mortgage payments</div>
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Put the home on the market and try to sell it.</div>
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Refinance the home </div>
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Rent out the home.</div>
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Get an FHA Reverse Mortgage Loan </div>
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What is a Reverse Mortgage - Reverse Mortgage in Utah</div>
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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!</div>
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<br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Sandy, UT, USA40.572500000000012 -111.8597221999999640.476010500000015 -112.02108369999996 40.668989500000009 -111.69836069999997tag:blogger.com,1999:blog-6221519930191697991.post-52386683878790963872013-05-08T08:34:00.001-07:002013-05-15T20:57:38.137-07:00Legend Reverse Mortgage in Utah - Testimonial Video<div>
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<span class="s1"><b>REVERSE MORTGAGES ARE NOT FOR EVERYONE!</b></span></div>
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<span class="s1">If your home is fully paid off, and</span></div>
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<span class="s1">If you have enough cash in the bank, and</span></div>
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<span class="s1">If you have a monthly income sufficient to pay all your bills, </span></div>
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<span class="s1"><b>YOU DO NOT NEED A REVERSE MORTGAGE!</b></span></div>
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<span class="s1"><b>But</b></span></div>
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<span class="s1">If you are still making mortgage payments, or</span></div>
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<span class="s1">If you need to have more cash in the bank, or </span></div>
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<span class="s1">If you need more monthly income to live comfortably, or</span></div>
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<span class="s1">If you need a lump some of cash to pay off bills, or </span></div>
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<span class="s1">Help a child go to college, or pay for a mission, or</span></div>
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<span class="s1">Travel or do or buy??</span></div>
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<b>MAYBE A REVERSE MORTGAGE IS FOR YOU</b></div>
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<span class="s1">For some a reverse mortgage is not needed; but </span></div>
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<span class="s1">For others a reverse mortgage is a God-send.</span></div>
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<span class="s1">Why Lillie and Jim Chose a REVERSE MORTGAGE</span></div>
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<span class="s1">(Ages 72 AND 77)</span></div>
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<span class="s1">Lillie and Jim purchased a home in 2005:</span></div>
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<span class="s1">Purchase Price…………$220,000.00</span></div>
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<span class="s1">20% Down Payment...........</span><span class="s2">44,000.00</span></div>
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<span class="s1">30 Yr. @ 6.82%..............$176,000.00 loan amount</span></div>
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<span class="s1">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.</span></div>
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<span class="s1">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. </span></div>
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<span class="s1">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. </span></div>
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<span class="s1">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:</span></div>
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<span class="s1">Down Payment………………………………...………..$44,000.00</span></div>
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<span class="s1">Five years P.I… ………………………..…………….…..60,000.00</span></div>
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<span class="s1">Property taxes and insurance ($300.00 X 60 months)……18,000.00</span></div>
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<span class="s1">30X40 two story barn and other improvements…….….....</span><span class="s2">36,000.00</span><span class="s1"> </span></div>
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<span class="s1">Total cash in the home…….............................................$158,000.00</span></div>
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<span class="s1">Is it wise to pay another?……………….…….…….….…</span><span class="s2">300,000.00</span></div>
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<span class="s1">Total cost plus 25 more years for taxes and insurance.....$458,000.00</span></div>
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<span class="s1">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. </span></div>
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<span class="s1"> WHAT WERE THE OPTIONS?</span></div>
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<li class="li7"><br /> <span class="s1">Let the home go into foreclosure</span></li>
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<li class="li7"><br /> <span class="s1">Ask the children to make the mortgage payments</span></li>
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<li class="li7"><br /> <span class="s1">Put the home on the market and try to sell it.</span></li>
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<li class="li7"><br /> <span class="s1">Refinance the home </span></li>
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<li class="li7"><br /> <span class="s1">Rent out the home.</span></li>
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<li class="li7"><br /> <span class="s1">Get an FHA Reverse Mortgage Loan </span></li>
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<span class="s1"><b>CONSIDERING THE 6 OPTIONS!</b></span></div>
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<li class="li13"><br /> <span class="s1"><b>Let the home go into foreclosure.</b></span></li>
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<span class="s1"><b>Unthinkable:</b> lose our $158,000.00 investment, our credit and a place to live.</span></div>
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<li class="li13"><br /> <span class="s1"><b>Let the children make our mortgage payments.</b></span></li>
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<span class="s1"><b>Unthinkable:</b> 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.</span></div>
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<li class="li13"><br /> <span class="s1"><b>Put the home on the market and try to sell it.</b></span></li>
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<span class="s1"><b>Unrealistic:</b> 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.</span></div>
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<li class="li13"><br /> <span class="s1"><b>Refinance the home.</b></span></li>
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<span class="s1"><b>Impossible:</b> 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.</span></div>
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<li class="li14"><br /> <span class="s1"><b>Rent out the home.</b></span></li>
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<span class="s1"><b>Impractical:</b> The mortgage payments are more than the home could be rented for in today’s market. And…where would Lillie and Jim live? </span></div>
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<span class="s1"><b>6. Get an FHA Reverse Mortgage Loan.</b></span></div>
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<span class="s1"><b>Practical: </b>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.</span></div>
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<span class="s1">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.</span></div>
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<span class="s1"><b>HOW MUCH IS THE REVERSE MORTGAGE SAVING?</b></span></div>
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<span class="s1"><b>If Jim and Lillie live 5 years they will save $60,000.00 in mortgage payments.</b></span></div>
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<span class="s1"><b>If Jim and Lillie live 10 years they will save $120,000.00 in mortgage payments.</b></span></div>
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<span class="s1"><b>If they live 15 years they will save $180,000.00 in mortgage payments</b></span></div>
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<span class="s1"><b>If they live 20 years they will save $240,000.00 in mortgage payments.</b></span></div>
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<span class="s1"><b>If they live 25 more years they will save $300,000.00 in mortgage payments. </b></span></div>
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<span class="s1"><b>What Happens In The End?</b></span></div>
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<span class="s1">When does the Reverse Mortgage have to be paid off? </span></div>
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<li class="li7"><br /> <span class="s1">When the home is sold.</span></li>
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<li class="li7"><br /> <span class="s1">When the home is no longer the primary resident of the senior couple.</span></li>
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<li class="li7"><br /> <span class="s1">A year after the death of the last senior living in the property.</span></li>
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<li class="li7"><br /> <span class="s1">A year after the last senior abandons the property (i.e. rest home, etc.)</span></li>
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<li class="li7"><br /> <span class="s1">If the taxes and insurance are not paid, or the property not kept in repair.</span></li>
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<span class="s1">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.</span></div>
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<span class="s1">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.</span></div>
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<span class="s1">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.</span></div>
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<span class="s1"><b>The Future Real Estate Market? </b></span></div>
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<span class="s1">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. </span></div>
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<span class="s1"><b>IN SUMMARY: </b>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.</span></div>
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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!<br />
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<br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Draper, UT, USA40.5246711 -111.8638225999999940.4280676 -112.02518409999999 40.6212746 -111.7024611tag:blogger.com,1999:blog-6221519930191697991.post-44427904436887412272013-03-04T08:55:00.001-08:002013-05-15T20:59:55.223-07:00Reverse Mortgage for Seniors in Salt Lake City<br /> <br />
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<br /> How do you begin to learn about a reverse mortgage? You contact a reverse mortgage professional at a lender who specializes in these loans.<br />
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<br /> Reverse Mortgage Process:<br />
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<li><br /> Present you with a full range of reverse mortgage products that are available from his/her company;</li>
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<li><br /> Explain the terms, benefits and costs of each product;</li>
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<li><br /> Clearly explain his/her responsibilities to you;</li>
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<li><br /> 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;</li>
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<li><br /> 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;</li>
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<li><br /> Meet with you as frequently as you need and, at your request, also meet with other members of your family or your financial advisors;</li>
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<li><br /> 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);</li>
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<li><br /> 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.</li>
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<br /> Types of Reverse Mortgages</h2>
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<br /> The products, all or some of which a lender may have available, include:<br />
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<br /> Home Equity Conversion Mortgage (HECM)</h3>
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<br /> 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).<br />
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<br /> 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.<br />
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<br /> HECM OPTIONS</h4>
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<li><br /> HECM Standard<br /><br /> 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.</li>
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<li><br /> HECM Saver<br /><br /> 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.</li>
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<li><br /> HECM for Purchase<br /><br /> 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.</li>
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<br /> Proprietary Reverse Mortgages</h3>
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<br /> 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.<br />
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<br /> 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.<br />
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<br /> Proprietary reverse mortgages are sometimes called “jumbo” reverse mortgages, because they are taken on higher-valued homes, generally $750,000 or more.<br />
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<br /> REDLIGHT</h4>
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<br /> 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.<br />
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<br /> Additional Information:</h3>
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<br /> 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:<br />
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<li><br /> An informational document called "Preparing for Your Counseling Session" </li>
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<li><br /> A printout of loan comparisons, so the counselor may review what you are potentially eligible to receive from the reverse mortgage</li>
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<li><br /> 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.</li>
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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/</div>
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Watch a Video at http://www.youtube.com/watch?v=ejzyNK3c2qg</div>
<br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Orem, UT, USA40.2968979 -111.6946474999999740.2000099 -111.85600899999997 40.3937859 -111.53328599999998tag:blogger.com,1999:blog-6221519930191697991.post-29657431975944782402013-03-01T01:00:00.001-08:002013-05-15T21:00:42.703-07:00Reverse Mortgage in Salt Lake City<br />
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<big><var>How do you begin to learn about a reverse mortgage? You contact a reverse mortgage professional at a lender who specializes in these loans. </var></big></div>
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<big><var><strong class="first-child last-child" style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Reverse Mortgage Process:</strong></var></big></div>
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<ul style="background-color: #e9e8c0; border: 0px; color: #333333; font-family: Helvetica, Arial, sans-serif; font-size: 10px; line-height: 16px; list-style: none; margin: 0px 0px 20px 12px; outline: 0px; padding: 0px; vertical-align: baseline;"><br />
<li class="first-child" style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>Present you with a full range of reverse mortgage products that are available from his/her company;</var></big></li>
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<li style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>Explain the terms, benefits and costs of each product;</var></big></li>
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<li style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>Clearly explain his/her responsibilities to you;</var></big></li>
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<li style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>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;</var></big></li>
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<li style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>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;</var></big></li>
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<li style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>Meet with you as frequently as you need and, at your request, also meet with other members of your family or your financial advisors;</var></big></li>
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<li style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>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);</var></big></li>
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<li class="last-child" style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>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.</var></big></li>
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<br /> <big><var>Types of Reverse Mortgages</var></big></h2>
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<big><var>The products, all or some of which a lender may have available, include:</var></big></div>
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<br /> <big><var>Home Equity Conversion Mortgage (HECM)</var></big></h3>
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<big><var>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).</var></big></div>
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<big><var>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.</var></big></div>
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<br /> <big><var>HECM OPTIONS</var></big></h4>
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<li class="first-child last-child" style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var><strong class="first-child" style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">HECM Standard</strong> <br class="last-child" /><br /> 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.</var></big></li>
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<li class="first-child last-child" style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var><strong class="first-child" style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">HECM Saver </strong><br class="last-child" /><br /> 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.</var></big></li>
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<li class="first-child last-child" style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var><strong class="first-child" style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">HECM for Purchase</strong><br class="last-child" /><br /> 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.</var></big></li>
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<br /> <big><var>Proprietary Reverse Mortgages</var></big></h3>
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<big><var>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.</var></big></div>
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<big><var>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.</var></big></div>
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<big><var>Proprietary reverse mortgages are sometimes called “jumbo” reverse mortgages, because they are taken on higher-valued homes, generally $750,000 or more.</var></big></div>
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<br /> <big><var>REDLIGHT</var></big></h4>
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<big><var>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.</var></big></div>
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<br /> <big><var>Additional Information:</var></big></h3>
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<big><var>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:</var></big></div>
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<li class="first-child" style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>An informational document called "Preparing for Your Counseling Session" </var></big></li>
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<li style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>A printout of loan comparisons, so the counselor may review what you are potentially eligible to receive from the reverse mortgage</var></big></li>
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<li style="background-image: url(http://www.reversemortgage.org/Portals/_default/Skins/RM/DNNMega/Images/ui/icons/bullet_arrow_12x9.png); background-position: 0px 4px; background-repeat: no-repeat no-repeat; border: 0px; font-size: 1.2em; line-height: 1.5; list-style: none; margin: 0px 0px 6px; outline: 0px; padding: 0px 0px 0px 18px; vertical-align: baseline;"><br /> <big><var>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</var></big><span style="font-size: 1.2em; line-height: 1.5;">.</span></li>
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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/</div>
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Watch a Video at http://www.youtube.com/watch?v=ejzyNK3c2qg</div>
<br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0St. George, UT, USA37.0952778 -113.5780555999999736.892657799999995 -113.90077909999997 37.2978978 -113.25533209999998tag:blogger.com,1999:blog-6221519930191697991.post-82469378135343343462013-02-18T08:39:00.001-08:002013-05-15T21:01:45.395-07:00FHA Loan - Refinance your Home in Utah<br /> <br />
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Find out if now is the right time to refinance! You may be able to lower your monthly payments or reduce the time it takes to pay off your loan. Here are some important reasons to consider refinancing:</div>
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Get a lower mortgage rate and reduce interest costs.</div>
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Refinancing Advantages</div>
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The advantages we offer for your refinancing needs include:</div>
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801-277-5100 </div>
<br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Salt Lake City, UT, USA40.7607793 -111.8910473999999940.568390300000004 -112.21377089999999 40.9531683 -111.5683239tag:blogger.com,1999:blog-6221519930191697991.post-55839462870104977002013-02-02T13:53:00.001-08:002013-05-15T21:02:00.872-07:00Utah Mortgage Broker - Mortgage Broker in Utah<p><br /> </p><br /><p class="p1"><br /> </p><br /><p class="p1"><br /> </p><br /><p class="p2"><br /> <span class="s1"><b>IS YOUR EQUITY SAFE?</b></span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">Hi I’m Mark Hammond, president of Legend Financial Services. Do you think your home equity is safe? What about your parents’ home equity? Do your parents take pride in the fact that their home is paid off and that they will leave you a nice legacy? What if that were not true? What if by the time they pass away there won’t be much left at all? If that is true you might plan differently before it’s too late.</span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">The economic crash in 2008 is a wakeup call to a lot of things going on in the world right under our noses that most people are still unaware of. A bubble burst in the real estate market that was a long time coming. Our economy in the United States has become largely based on inflating real estate prices and little else. In the 50s, after World War II we had a large manufacturing base and lots of jobs. America rose to be a super power because most of the other developed nations were destroyed from the war. We prospered because we had a strong manufacturing base and little or no competition abroad. We also had laws and taxes on businesses that created large revenues and made America a great place to live with good education and social services. Our workers were protected and given stable jobs with great benefits. Since the early 80s, however, corporations have pressured the US government for more and more tax breaks, which has hurt the American way of life. It didn’t “trickle down” like Reagan said it would. In the 90s Clinton signed the North American Free Trade agreement, NAFTA. This and other legislation made it more profitable for corporations to move their manufacturing jobs out of America. </span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">So gradually we’ve been losing ground as an economic power in the world. But, what made this appear insignificant to most Americans was that real estate appreciation was fueling the economy. </span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">In the early 90s, banks and lenders figured out ways to make a lot of money by packaging mortgage loans into securities to be sold on Wall Street. I started working in the mortgage business right when this began and I watched as Wall Street investors paid more and more and more every year for pools of these loans, while all the along relaxing the lending guidelines steadily in order to allow more and more people to buy and refinance homes to keep the money rolling in. Our economy shifted more to services focused on housing and construction and there were many jobs available in that industry because houses kept appreciating. This appreciation created more spending and more jobs. And people borrowed money on credit cards only to then pay it off with a home equity loan. And that’s what America did, they lived beyond their incomes for the most part and borrowed the rest. It was an irresponsible financial strategy that can be blamed on both Wall Street and Main street. </span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">But eventually the weakness in the rest of the economy took its toll and people who were overburdened with debt began to default on their loans. And when that happened the house of cards we lived in began to fall down. </span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">Huge amounts of people in America rely on the real estate industry for their livelihood, and so much of what you’re hearing out there about the market is trying to reassure you that this is just a cycle and things will come back. “Everything will be ok and things will turn around again.” From Wall Street to Main Street, everyone is desperately hoping this is true. Well I’m here to tell you that it is a lie. The real estate market will not rebound for a very long time, and Utah, where our offices are located, is always following well behind the trends, so we have a lot of depreciation still ahead. You can expect your home equity to drop steadily for many years and I’ll give you 3 powerful reasons why:</span></p><br /><p class="p1"><br /> </p><br /><ol class="ol1"><br /> <li class="li3"><br /> <span class="s1"><b>Financing has been severely restricted</b> and will get stricter. Lenders and investors have recently learned from the school of hard knocks that people must have more “skin in the game” (bigger down payments) or they will stop paying if times get tough. Increased down payments and increased credit and income standards result in less people being able to buy and this causes prices of homes to drop. In other countries, getting a mortgage is far more difficult than it is in America and much higher down payments are required and fixed rates are rare. Since our lending system has failed in its ability to evaluate risk correctly, you’ll see lending get even more strict. Even at the severely restricted levels of risk that lenders are taking now, Fannie Mae and Freddie Mac are still very close to folding. </span></li><br /></ol><br /><p class="p4"><br /> </p><br /><p class="p5"><br /> <span class="s1">Ease of financing is a huge determinant of home values. There is a subdivision in Utah of mountain property that is close to Salt Lake and would have much higher property values except the county never approved the subdivision and you can’t hold legal title to your lot, but instead you own an undivided interest in the resort. Because of this lenders won’t lend on the property and so the land is very cheap and not very many cabins get built cause people can’t borrow money to do it. As it gets tougher to get financing, real estate values will drop more and more.</span></p><br /><p class="p4"><br /> </p><br /><p class="p5"><br /> <span class="s1">You should face the reality that the US government is no different from the person that is losing their home to foreclosure. The US is strapped with debt and is in the process losing its power grip on the world. The ease of financing in this country is largely due to federally insured mortgage programs which insure the lenders from loss so they can offer low-down-payment loans. As the US weakens, these guarantees will mean less to investors and our lending programs will start to resemble the rest of the world.</span></p><br /><p class="p4"><br /> <span class="s1"> </span></p><br /><ol class="ol1"><br /> <li class="li3"><br /> <span class="s1"><b>Incomes are dropping in America</b>, which causes demand for our high-priced real estate to drop too. So the equity in your home and in your parent’s home is dwindling away. Like the majority of its citizens, America is drowning in debt. We’ve allowed corporations to push us around with our tax and trade policies and we’ve lost the foothold we once had in the global economy. Corporations and the super wealthy are in charge and they have no allegiance to America or our workers. They’re skirting around their tax obligations and causing our schools and public services to fall apart. Profit is their only concern and we demand too high of a wage and too high of a lifestyle and that cuts into their profits. So they’ve cast us aside and our way of life is in serious jeopardy. Without rising real estate values, there’s not much to our economy. A large number of us depend on the building industry for our jobs. When real estate continues to drop in value, you’ll see the building industry shrink even more than it already has. How many people do you know that still work in building or some industry that supports building? It’s the biggest industry we have in America. Why is real estate so much cheaper in other countries? Cause people make less money, which is what is happening here. All the more reason to expect your home equity to shrink.</span></li><br /></ol><br /><p class="p4"><br /> </p><br /><ol class="ol1"><br /> <li class="li3"><br /> <span class="s1">Here’s the scariest one of all! Recent studies show that up to 15% of homes in America are VACANT! 15%!!! A large number of them are owned by banks, taken back in foreclosures. What’s even more scary is that <b>60-70% of those bank-owned properties aren’t even for sale!</b> What does that mean? Why aren’t the banks trying to sell them? Because the banks are trying to protect the value of their collateral and if they dropped all those houses onto the market, the real estate market would tank. It’s supply and demand. Too much supply will cause prices to fall. So our real estate market right now is a façade, it’s fake. The prices aren’t real. The banks are doing a high wire act to keep it from completely falling apart.</span></li><br /></ol><br /><p class="p4"><br /> </p><br /><p class="p3"><br /> <span class="s1">So we have huge problems with both sides of the supply and demand equation. Restricted financing and lower wages bringing down demand, and a glut of homes still to be introduced to the market increasing supply is a very destructive combination to bring down home values. Oh I know that population is growing, but that doesn’t matter if there are no jobs and no access to financing. Africa has a some big populations too, and how’s their real estate market?</span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">So let me ask you a question. Is your parents’ house paid off? Are you expecting to inherit that home at some point in the future? I’m sure you’d like that inheritance to be as large as possible and I’m sure your parents want the same thing. Banks and the mainstream news media don’t want you to see the writing on the wall. The truth is, your parent’s ability to support themselves in the future and the legacy they leave you can be drastically better or worse depending on how you plan NOW. At Legend Financial Services, we see the writing on the wall and have organized a group of key strategies to help make it possible for your parents to not outlive their money. And instead of gradually losing your legacy, we can help you to inherit up to 2-3 times what you would have inherited by sitting still. </span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">Understanding what’s to come is just the first step. The next step is doing something about it. It’s up to you to talk to your parents and help them understand what’s at stake if they do nothing. Give yourself the knowledge that can save you from financial ruin. Don’t go down with the ship. Get our free information that will explain how to avoid losing your nest egg in this declining real estate market. These are tried-and-true conservative financial strategies that your parents will understand. </span></p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">Email me at </span><span class="s2">Mark@LegendFinancialServices</span><span class="s3"> </span><span class="s1">to get this information. Put “Rescue my Equity” in the subject line. If you have a group you’d like to speak to about this please let me know that in the email.</span></p><br /><p class="p1"><br /> </p><br /><p class="p1"><br /> </p><br /><p class="p1"><br /> </p><br /><p class="p3"><br /> <span class="s1">Mark Hammond</span></p><br /><p class="p3"><br /> <span class="s1">President</span></p><br /><p class="p3"><br /> <span class="s1">Legend Financial Services</span></p><br /><p class="p3"><br /> <span class="s1">801-277-5100 x 303</span></p><br /><p class="p6"><br /> <span class="s1">Mark@LegendFinancialServices.com</span></p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Utah, USA39.3209801 -111.0937311000000133.0518081 -121.4208796 45.5901521 -100.76658260000002tag:blogger.com,1999:blog-6221519930191697991.post-71623377856105443392013-01-31T03:35:00.001-08:002013-05-15T21:02:23.706-07:00Reverse Mortgage Utah - REVERSE MORTGAGES ARE NOT FOR EVERYONE!<p><br /> </p><br /><div><br /> REVERSE MORTGAGES ARE NOT FOR EVERYONE!</div><br /><div><br /> </div><br /><div><br /> If your home is fully paid off, and</div><br /><div><br /> </div><br /><div><br /> If you have enough cash in the bank, and</div><br /><div><br /> </div><br /><div><br /> If you have a monthly income sufficient to pay all your bills,</div><br /><div><br /> </div><br /><div><br /> YOU DO NOT NEED A REVERSE MORTGAGE!</div><br /><div><br /> </div><br /><div><br /> But</div><br /><div><br /> </div><br /><div><br /> If you are still making mortgage payments, or</div><br /><div><br /> </div><br /><div><br /> If you need to have more cash in the bank, or</div><br /><div><br /> </div><br /><div><br /> If you need more monthly income to live comfortably, or</div><br /><div><br /> </div><br /><div><br /> If you need a lump some of cash to pay off bills, or</div><br /><div><br /> </div><br /><div><br /> Help a child go to college, or pay for a mission, or</div><br /><div><br /> </div><br /><div><br /> Travel or do or buy??</div><br /><div><br /> </div><br /><div><br /> MAYBE A REVERSE MORTGAGE IS FOR YOU!</div><br /><div><br /> </div><br /><div><br /> For some a reverse mortgage is not needed; but</div><br /><div><br /> For others a reverse mortgage is a God-send.</div><br /><div><br /> </div><br /><div><br /> Lillie and Jim purchased a home in 2005:</div><br /><div><br /> Purchase Price…………$220,000.00</div><br /><div><br /> 20% Down Payment...........44,000.00</div><br /><div><br /> 30 Yr. @ 6.82%..............$176,000.00 loan amount</div><br /><div><br /> </div><br /><div><br /> Their principle and interest payment was $1,000.00 a month for 30 years. There are</div><br /><div><br /> 360 monthly payments in a 30 year loan (12X30=360). In five years they had made 60</div><br /><div><br /> payments but still had 300 ($1,000.00) payments left to pay. In other words they had</div><br /><div><br /> paid $60,000.00 of the $360000.00 but still had $300,000.00 more to pay. They still had</div><br /><div><br /> 25 years to go or 300 more $1,000.00 payments.</div><br /><div><br /> </div><br /><div><br /> In the 2008 market crash they lost their investments and retirement income. In August of</div><br /><div><br /> 2010 Jim’s company downsized and Jim lost his job. They were not able to survive on</div><br /><div><br /> their meager social security payments.</div><br /><div><br /> </div><br /><div><br /> Their children volunteered to make the mortgage payments or assume the loan. That was</div><br /><div><br /> another 300 ($1,000.00) payments for another 25 years, totaling $300,000.00.</div><br /><div><br /> </div><br /><div><br /> Would it be wise for anyone to pay $1,000.00 a month, for the next 300 months to live in</div><br /><div><br /> their home, if they didn’t have to? Consider the costs so far:</div><br /><div><br /> </div><br /><div><br /> Down Payment………………………………...………..$44,000.00</div><br /><div><br /> Five years P.I… ………………………..…………….…..60,000.00</div><br /><div><br /> Property taxes and insurance ($300.00 X 60 months)……18,000.00</div><br /><div><br /> 30X40 two story barn and other improvements…….….....36,000.00</div><br /><div><br /> Total cash in the home…….............................................$158,000.00</div><br /><div><br /> Is it wise to pay another?……………….…….…….….…300,000.00</div><br /><div><br /> Total cost plus 25 more years for taxes and insurance.....$458,000.00</div><br /><div><br /> </div><br /><div><br /> After five years they still owed about $161.000.00 with 300 payments left. With no</div><br /><div><br /> income they immediately fell behind in their house payments.</div><br /><div><br /> </div><br /><div><br /> WHAT WERE THE OPTIONS?</div><br /><div><br /> </div><br /><div><br /> 1. Let the home go into foreclosure</div><br /><div><br /> 2. Ask the children to make the mortgage payments</div><br /><div><br /> 3. Put the home on the market and try to sell it.</div><br /><div><br /> 4. Refinance the home</div><br /><div><br /> 5. Rent out the home.</div><br /><div><br /> 6. Get an FHA Reverse Mortgage Loan</div><br /><div><br /> </div><br /><div><br /> CONSIDERING THE 6 OPTIONS!</div><br /><div><br /> </div><br /><div><br /> 1. Let the home go into foreclosure.</div><br /><div><br /> </div><br /><div><br /> Unthinkable: lose our $158,000.00 investment, our credit and a place to live.</div><br /><div><br /> </div><br /><div><br /> 2. Let the children make our mortgage payments.</div><br /><div><br /> </div><br /><div><br /> Unthinkable: Nice to know they offered and are capable but they have their own</div><br /><div><br /> expenses and trials. We do not want to become a financial burden on our children.</div><br /><div><br /> </div><br /><div><br /> 3. Put the home on the market and try to sell it.</div><br /><div><br /> </div><br /><div><br /> Unrealistic: The chances of selling a home in this market at a fair price are very</div><br /><div><br /> poor. It is also very expensive to sell (8-9%) and we would have only a little cash</div><br /><div><br /> after paying off the loan and no place to live.</div><br /><div><br /> </div><br /><div><br /> 4. Refinance the home.</div><br /><div><br /> </div><br /><div><br /> Impossible: Must have good income and qualify for the loan because you must make</div><br /><div><br /> payments for the duration of the loan. With no job it is impossible to refinance.</div><br /><div><br /> </div><br /><div><br /> 5. Rent out the home.</div><br /><div><br /> </div><br /><div><br /> Impractical: The mortgage payments are more than the home could be rented for in</div><br /><div><br /> today’s market. And…where would Lillie and Jim live?</div><br /><div><br /> </div><br /><div><br /> 6. Get an FHA Reverse Mortgage Loan.</div><br /><div><br /> </div><br /><div><br /> Practical: About 5% in costs; and because there are no mortgage payments we</div><br /><div><br /> needed no credit or income. We had already put many thousands of dollars into our</div><br /><div><br /> home. This option allowed us to stay in our home as long as we wished with no more</div><br /><div><br /> mortgage payments for the rest of our lives. For Lillie and Jim this was the perfect</div><br /><div><br /> solution.</div><br /><div><br /> </div><br /><div><br /> Getting a Reverse Mortgage is less expensive than selling a home through a real</div><br /><div><br /> estate broker. The Reverse Mortgage costs about 5% of the appraisal; selling with a</div><br /><div><br /> broker costs about 8-9%. The seller of real estate has higher sales costs and pays taxes</div><br /><div><br /> on profits. The individual getting a reverse mortgage always owns his property, gets to</div><br /><div><br /> live in the home with no mortgage payments forever, gets tax free money, and focuses on</div><br /><div><br /> savings, not expenses.</div><br /><div><br /> </div><br /><div><br /> HOW MUCH IS THE REVERSE MORTGAGE SAVING?</div><br /><div><br /> </div><br /><div><br /> If Jim and Lillie live 5 years they will save $60,000.00 in mortgage payments.</div><br /><div><br /> If Jim and Lillie live 10 years they will save $120,000.00 in mortgage payments.</div><br /><div><br /> If they live 15 years they will save $180,000.00 in mortgage payments</div><br /><div><br /> If they live 20 years they will save $240,000.00 in mortgage payments.</div><br /><div><br /> If they live 25 more years they will save $300,000.00 in mortgage payments.</div><br /><div><br /> </div><br /><div><br /> What Happens In The End?</div><br /><div><br /> </div><br /><div><br /> When does the Reverse Mortgage have to be paid off?</div><br /><div><br /> 1. When the home is sold.</div><br /><div><br /> 2. When the home is no longer the primary resident of the senior couple.</div><br /><div><br /> 3. A year after the death of the last senior living in the property.</div><br /><div><br /> 4. A year after the last senior abandons the property (i.e. rest home, etc.)</div><br /><div><br /> 5. If the taxes and insurance are not paid, or the property not kept in repair.</div><br /><div><br /> </div><br /><div><br /> When the time comes to pay off the loan, if the amount of the loan is more than the</div><br /><div><br /> property is worth, the children can let the home go back to the lender. The property will</div><br /><div><br /> then be placed on the market at a fair market value and sold on the open market as in a</div><br /><div><br /> normal real estate sale. Any losses to the lender will be paid by the insurance company</div><br /><div><br /> that insured the loan originally. If the heirs are interested in buying the property they can</div><br /><div><br /> purchase the property when it is offered for sale on the open market. Regardless of how</div><br /><div><br /> much the loan has grown the heirs are not responsible for it.</div><br /><div><br /> </div><br /><div><br /> The reverse mortgage is a non-recourse loan. A non-recourse loan is a loan which</div><br /><div><br /> does not allow the mortgage company or anyone else to go to court and get a deficiency</div><br /><div><br /> judgment because they lost money on their loan. In other words, if there is a loss of</div><br /><div><br /> money when the property is sold and the lender cannot recover the full amount owed</div><br /><div><br /> on the mortgage, the lender can not come after the owners to recover any financial loss</div><br /><div><br /> whatever.</div><br /><div><br /> </div><br /><div><br /> If the amount of the loan is less than the market value of the property the heirs may</div><br /><div><br /> choose to sell the property and make a profit. Or they may elect to refinance the property</div><br /><div><br /> and occupy the property themselves. The heirs will never have to pay more than the</div><br /><div><br /> property appraises for at the time of the future sale.</div><br /><div><br /> </div><br /><div><br /> The Future Real Estate Market?</div><br /><div><br /> </div><br /><div><br /> How unstable will our economy be in the future? Two or three years ago we could</div><br /><div><br /> have sold our properties for much more than they are worth today. Some have struggled</div><br /><div><br /> and paid off a home mortgage of $200,000.00 only to see the market sink, buyers drop</div><br /><div><br /> off and property values tumble to 50% of what they paid for their property. No one can</div><br /><div><br /> predict the future. The home your children inherit from you could be worth a million</div><br /><div><br /> dollars or next to nothing, depending upon things completely out of your control, the</div><br /><div><br /> economy.</div><br /><div><br /> </div><br /><div><br /> IN SUMMARY: No one can predict what 10 or 20 years will bring. Today you</div><br /><div><br /> might be able to get a $100,000.00 reverse mortgage on your home; next year it will be</div><br /><div><br /> more or less, depending on the market. Two or three years ago you could have gotten</div><br /><div><br /> much more than you can today.</div><br /><div><br /> </div><br /><div><br /> <div><br /> 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/</div><br /> <div><br /> Watch a Video at <a href="http://www.youtube.com/watch?v=ejzyNK3c2qg">http://www.youtube.com/watch?v=ejzyNK3c2qg</a></div><br /></div><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Utah, USA39.3209801 -111.0937311000000133.0518081 -121.4208796 45.5901521 -100.76658260000002tag:blogger.com,1999:blog-6221519930191697991.post-55738196776328323932013-01-29T20:05:00.001-08:002013-05-15T21:02:39.469-07:00Reverse Mortgage Salt Lake City, UT (801)-277-5100<p><br /> <strong><span style="color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">7 Gas Saving Myths Busted</span></strong><br style="color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><br /> <span style="color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">If you're like most drivers, you've probably come across several quick fix ideas to help improve fuel economy. But many of these ideas are urban legends that don't actually improve gas mileage. Here are seven of the most popular:</span><br style="color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><br /> <br style="color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><br /> <span style="color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">1. Morning Fill-Ups Get You More Gas:</span><br style="color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;" /><br /> <span style="color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">Fluids are denser at lower temperatures, so if you fill up your gas tank in cold weather you'll get more </span><span class="text_exposed_show" style="display: inline; color: rgb(51, 51, 51); font-family: 'lucida grande', tahoma, verdana, arial, sans-serif; font-size: 13px; line-height: 18px;">gas, right? Wrong. Gas tanks are kept at a set temperature, so there's no benefit in waking up early to buy fuel.<br /><br /> <br /><br /> 2. Turning Air Conditioning Off and Rolling Down Windows Increases Fuel Economy:<br /><br /> Running your vehicle's air conditioning is no worse for your gas mileage than driving with your windows down. As your vehicle speeds up, air flow creates a drag against the vehicle, making the engine work harder and hurting gas mileage. In fact, air conditioning can be a more efficient option at higher speeds.<br /><br /> <br /><br /> 3. Letting Your Engine Idle Uses Less Gas Than Starting and Stopping: Modern vehicles use more gas while idling than they do starting the engine, so when you park your vehicle for a short period of time, you save fuel by turning the engine off and restarting it. And it's illegal in Utah.<br /><br /> <br /><br /> 4. Spoilers Add to the Aerodynamics of a Vehicle, Increasing Gas Mileage: Spoilers add additional weight to your vehicle, making your engine work harder and lowering gas mileage. Getting rid of unnecessary junk, such as an old toolbox in the trunk, is a great way to lighten your load and increase your fuel economy.<br /><br /> <br /><br /> 5. Dirty Air Filters Lead to Bad Gas Mileage:<br /><br /> Keeping your vehicle's air filter clean doesn't increase gas mileage. Your engine's performance may lag if the air filter is clogged, but it won't make a noticeable change in your fuel economy.<br /><br /> <br /><br /> 6. Purchasing Premium Gas Increases Fuel Economy:<br /><br /> Each make and model of vehicle requires a specific octane to run efficiently. Using a higher octane than required can make it harder for the engine to burn fuel, resulting in lower gas mileage.<br /><br /> <br /><br /> 7. Chemical Additives Make Your Vehicle's Engine More Efficient:<br /><br /> If a five dollar bottle of fuel additives could drastically improve gas mileage, gas stations would be scrambling to add it to their fuel. No additive can make gasoline burn more slowly, so don't bother wasting your money.<br /><br /> <br /><br /> If you want to save some real money, call Mark Hammond to refinance your mortgage. 801-277-5100. <a href="http://www.legendfinancialservices.com">http://www.legendfinancialservices.com</a></span></p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Salt Lake City, UT, USA40.7607793 -111.8910473999999940.568390300000004 -112.21377089999999 40.9531683 -111.5683239tag:blogger.com,1999:blog-6221519930191697991.post-40633333057084256212013-01-26T05:48:00.001-08:002013-05-15T21:02:53.389-07:00Reverse Mortgage Salt Lake City, UT (801)-277-5100<p><br /> </p><br /><div><br /> Reverse Mortgage Salt Lake City, UT | (801)-277-5100 </div><br /><div><br /> </div><br /><div><br /> A reverse mortgage is a form of equity release (or lifetime mortgage). It is a loan available to home owners or home buyers over 62 years old, enabling them to access a portion of the subject home's equity. The home owners can draw the mortgage principal in a lump sum, by receiving monthly payments over a specified term or over their (joint) lifetimes, as a revolving line of credit, or some combination thereof. The would be home buyers, would use the existing equity on the home they intend to acquire, to get a reverse loan with a down payment and no additional payments.</div><br /><div><br /> </div><br /><div><br /> </div><br /><div><br /> </div><br /><div><br /> In a conventional mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases by the amount of the principal included in the payment, and when the mortgage has been paid in full the property is released from the mortgage. In a reverse mortgage, the home owner is under no obligation to make payments, but is free to do so with no pre-payment penalties. The line of credit portion operates like a revolving credit line, so a payment in reduction of a line of credit increases the available credit by the same amount. Interest that accrues is added to the mortgage balance.</div><br /><div><br /> </div><br /><div><br /> Title to the property remains in the name of the homeowners, to be disposed of as they wish, encumbered only by the amount owing under the mortgage.</div><br /><div><br /> </div><br /><div><br /> If a property has increased in value after a reverse mortgage is taken out, it is possible to acquire a second (or third) reverse mortgage over the increased equity in the home in some areas. </div><br /><div><br /> </div><br /><div><br /> However most lenders do not like to take a second or third lien position behind a reverse mortgage because its balance increases with time. It is rare to find reverse mortgages with subordinate liens behind them as a result. A reverse mortgage may be refinanced if enough equity is present in the home, and in some cases may qualify for a streamline refinance if the interest rate is reduced.</div><br /><div><br /> A reverse mortgage line is often recorded at a higher dollar amount than the amount of money actually disbursed at the loan closing. This recorded lien is at times misunderstood by some borrowers as being the payoff amount of the mortgage. The recorded lien works in similar fashion to a home equity line of credit where the lien represents the maximum lending limit, but the payoff is calculated based on actual disbursements plus interest owing.</div><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Salt Lake City, UT, USA40.7607793 -111.8910473999999940.568390300000004 -112.21377089999999 40.9531683 -111.5683239tag:blogger.com,1999:blog-6221519930191697991.post-76014455444496729702013-01-25T11:15:00.001-08:002013-05-15T21:03:05.771-07:00Reverse Mortgage Utah - Home Loans for Seniors<p><br /> Reverse Mortgage Utah - Home Loans for Seniors Call 801-277-5100</p><br /><p><br /> </p><br /><p><br /> </p><br /><h1 class="title" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: rgb(249, 249, 249); line-height: 1.2em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; width: auto; font-weight: normal; display: inline-block; color: rgb(81, 85, 84); visibility: visible;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 26px; font-family: TitilliumText22LThin, Helvetica, Arial, sans-serif;"><span style="background-color: rgb(255, 255, 255);">Reverse</span></span><span style="background-color: rgb(255, 255, 255);"> Mortgages</span></h1><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small;"><em style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: transparent; background-position: initial initial; background-repeat: initial initial;"><span style="background-color: rgb(255, 255, 255);">“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!"</span></em></span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small;">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.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small;">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.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small;">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</span><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small;"> 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.</span></p><br /><h1 class="title" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; background-color: rgb(249, 249, 249); line-height: 1.2em; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; width: auto; font-weight: normal; display: inline-block; color: rgb(81, 85, 84); visibility: visible;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: 26px; font-family: TitilliumText22LThin, Helvetica, Arial, sans-serif;">Purchase</span> a Home with a Reverse Mortgage</h1><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: small;">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.</span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: medium;">Call us today just to see how much money you can get. </span></p><br /><p style="margin: 0px 0px 15px; padding: 0px; border: 0px; outline: 0px; font-size: 13px; background-color: rgb(249, 249, 249); color: rgb(81, 85, 84); font-family: Helvetica, Arial, sans-serif; line-height: 20.796875px;"><br /> <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; font-size: medium;">801-277-5100</span></p><br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Utah, USA39.3209801 -111.0937311000000133.0518081 -121.4208796 45.5901521 -100.76658260000002tag:blogger.com,1999:blog-6221519930191697991.post-35441611829403594122013-01-12T21:14:00.001-08:002013-05-15T21:03:45.251-07:00Shame On Banks - Mortgages in Salt Lake City, UT<br /> <br />
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<br /> <span style="background-color: transparent; border: 0px; font-family: TitilliumText22LThin, Helvetica, Arial, sans-serif; margin: 0px; outline: 0px; padding: 0px;">Mark's</span> Credit Tips</h1>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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."</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;"><em style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">Payment History</em> - 35% of what determines your score - <strong style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">DON'T BE LATE</strong></span></div>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Public Record and collection items</span></li>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Recency, frequency, and Severity of delinquencies (in that order)</span></li>
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<br /> <span style="background-color: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px;"><span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;"><em style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">Outstanding Debt</em> - 30% of what determines your score - <strong style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">DON'T MAX OUT</strong></span></span></div>
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<ol start="1" style="background-color: #f9f9f9; border: 0px; color: #515554; font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.799999237060547px; list-style-position: outside; margin: 10px 0px 10px 5px; outline: 0px; padding: 0px 0px 0px 20px;"><br />
<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Number of balances recently reported</span></li>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Average balance across all trade lines</span></li>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Relationship between total balances and total credit limit on revolving trade lines</span></li>
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<br /> <span style="background-color: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px;"><span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;"><em style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">Credit History</em> - 15% of what determines your score - <strong style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">DON'T CLOSE CREDIT CARDS</strong></span></span></div>
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<ol start="1" style="background-color: #f9f9f9; border: 0px; color: #515554; font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.799999237060547px; list-style-position: outside; margin: 10px 0px 10px 5px; outline: 0px; padding: 0px 0px 0px 20px;"><br />
<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Age of oldest trade line</span></li>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Number of new trade lines</span></li>
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<br /> <span style="background-color: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px;"><span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;"><em style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">Pursuit of new credit - </em>10% of what determines your score - <strong style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">ONCE ESTABLISHED, LAY LOW</strong></span></span></div>
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<ol start="1" style="background-color: #f9f9f9; border: 0px; color: #515554; font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.799999237060547px; list-style-position: outside; margin: 10px 0px 10px 5px; outline: 0px; padding: 0px 0px 0px 20px;"><br />
<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Number of inquiries and new accounts opened in last year</span></li>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Amount of time since last inquiry</span></li>
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<br /> <span style="background-color: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px;"><span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;"><em style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">Types of credit in use</em> - 10% of what determines your score - <strong style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">KEEP A GOOD MIX OF CREDIT</strong></span></span></div>
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<ol start="1" style="background-color: #f9f9f9; border: 0px; color: #515554; font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.799999237060547px; list-style-position: outside; margin: 10px 0px 10px 5px; outline: 0px; padding: 0px 0px 0px 20px;"><br />
<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">The number of trade lines reported for each type:</span></li>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Bank cards, travel/entertainment cards, dept. store cards</span></li>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Personal finance company references ("Same as cash" NOT good)</span></li>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">Installment loans</span></li>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></li>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">This is a fallacy.</span></div>
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<br /> <span style="background-color: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px;"><span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;"><em style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">Maintaining stability and control with <strong style="background-color: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px;">large credit limits</strong> will help to produce very high scores.</em> 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!</span></span></div>
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<div style="background-color: #f9f9f9; border: 0px; color: #515554; font-family: Helvetica, Arial, sans-serif; font-size: 13px; line-height: 20.799999237060547px; margin: 0px 0px 15px; outline: 0px; padding: 0px;">
<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<li style="background-color: transparent; border: 0px; line-height: 1.7em; margin: 0px; outline: 0px; padding: 0px;"><br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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 to</span><a href="http://www.legendfinancialservices.com/Apply_Now.html" style="-webkit-transition: color 0.2s linear; background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; color: #2596cf; font-size: 1.2em; font-weight: bold; line-height: 1.8em; margin: 0px; outline: none; padding: 0px; text-decoration: initial;" target="_blank" title="Get me some basic info so I can help"><span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">get qualified</span></a><span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">. Get with me months before, so that if something needs to be fixed, you'll have time to do it.</span></li>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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. </span><a href="http://www.legendfinancialservices.com/tell_a_friend.html" style="-webkit-transition: color 0.2s linear; background-color: transparent; border: 0px; color: #2596cf; font-weight: bold; margin: 0px; outline: none; padding: 0px; text-decoration: initial;" target="_blank" title="You know you know someone!">TELL A FRIEND</a> 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.</div>
<br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0Utah, USA39.3209801 -111.0937311000000133.0518081 -121.4208796 45.5901521 -100.76658260000002tag:blogger.com,1999:blog-6221519930191697991.post-56489801549318788472013-01-11T22:23:00.001-08:002013-05-15T21:05:13.229-07:00Reverse Mortgages in Utah<br /> <br />
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<h1 class="title" style="background-color: #f9f9f9; border: 0px; color: #515554; display: inline-block; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; font-weight: normal; line-height: 1.2em; margin: 0px; outline: 0px; padding: 0px; visibility: visible; width: auto;">
<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-family: TitilliumText22LThin, Helvetica, Arial, sans-serif; font-size: 26px; margin: 0px; outline: 0px; padding: 0px;">Reverse</span> Mortgages</h1>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;"><em style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: 13px; margin: 0px; outline: 0px; padding: 0px;">“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!"</em></span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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</span><span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;"> 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.</span></div>
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<h1 class="title" style="background-color: #f9f9f9; border: 0px; color: #515554; display: inline-block; font-family: TitilliumText22LMedium, Helvetica, Arial, sans-serif; font-weight: normal; line-height: 1.2em; margin: 0px; outline: 0px; padding: 0px; visibility: visible; width: auto;">
<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-family: TitilliumText22LThin, Helvetica, Arial, sans-serif; font-size: 26px; margin: 0px; outline: 0px; padding: 0px;">Purchase</span> a Home with a Reverse Mortgage</h1>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: x-small; margin: 0px; outline: 0px; padding: 0px;">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.</span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: small; margin: 0px; outline: 0px; padding: 0px;">Call us today just to see how much money you can get. </span></div>
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<br /> <span style="background-color: transparent; background-position: initial initial; background-repeat: initial initial; border: 0px; font-size: small; margin: 0px; outline: 0px; padding: 0px;">801-277-5100</span></div>
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<br /> Visit us on our Website <a href="http://www.legendfinancialservices.com/">http://www.legendfinancialservices.com</a></div>
<br />Anonymoushttp://www.blogger.com/profile/05832475608770054116noreply@blogger.com0St. George, UT, USA37.0952778 -113.5780555999999736.892657799999995 -113.90077909999997 37.2978978 -113.25533209999998