Reverse mortgages in Utah – A message from Legend Financial Services

Dear friends,

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.

Remodeling

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.

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.

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.

New Rules

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!

Purchasing a home

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.

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.

Senior Care

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.

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!

Referrals

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.

Contact me today!   801-808-MARK (6275)

Mark Hammond

President

Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah

 

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

Reverse Mortgage Utah - Testimonial of Reverse Mortgage in Utah

 

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

Testimonial of Reverse Mortgage in Utah - Mark Hammond

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

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

 

Reverse Mortgage Exposed Video - Different Ways to Receive Your Money

Reverse Mortgages

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

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

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

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

Purchase a Home with a Reverse Mortgage

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

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

801-277-5100

Reverse Mortgage Exposed Video - Can You Lose Your Home?

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

are

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

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

he mortgage company and the Department of Housing and Urban Development

is under contract not require you to make any interest payments

or payoffs as long as you keep your into the deal

so what you're into the deal number one

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

you live there number two pay your taxes and insurance

and prove it number three

maintain the home and number four

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

he on the loan this is the issue

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

home because a foreclosure on reverse mortgage

was not alone pilots flying

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

or if you remarry after getting a reverse mortgage

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

interest

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

six months to a year

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

plan

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

signer dire moves out

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

and I have notarized consent from non borrow

same problem when the borrowers dire move out permanently

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

off the reverse mortgage

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

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

ortgages

how about medicaid issues medicaid is government-sponsored welfare

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

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

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

financial records

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

are you qualified

large unexplained withdrawals in the last five years

can disqualify you from medicated if they can be adequately explained

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

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

we have a large withdrawal you can't explain

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

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

medicaid down the road

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

your mom

on the bright side Social Security and Medicare

are not affected in any way on the other hand

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

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

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

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

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

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

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

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

losses

reverse mortgages probably wouldn't exist FHA has to charge

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

they lose money

in the wrist for losses were higher on reverse mortgages

so the insurance costs more is it any other way around

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

rates for this insurance

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

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

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

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

for your praise or and your FHA counseling up front

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

reverse mortgage

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

phone

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

understand everything and are making the right choice

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

from

stand-up

take control you're insured

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

mortgage

may be the answer to your financial problems contact Mark Emmons

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

states away

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

you have a good reputation in the community are

 

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

Reverse Mortgage Exposed Video - Can You Lose Your Home?

 

 

Hi welcome to my reverse mortgage expose videos!

 

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

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

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

 

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

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

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

and none for interest.

 

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

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

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

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

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

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

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

 

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

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

 

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

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

 

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

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

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

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

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

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

ask for payments?

 

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

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

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

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

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

It's Great  to be an American.

 

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

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

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

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

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

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

 

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

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

your house is worth. 

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

if they determine that there is no equity in the home

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

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

 

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

Government Picks up the Tab.  

 

I guess that's not so bad after all.

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

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

 

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

 

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

Decide right now to stop suffering.

 

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

financial problems.

 

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

 

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

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

you have a good reputation in the community!

 

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