Tuesday, July 30, 2013

Reverse Mortgage Exposed. Get your Free Videos.

Get your Free Videos by going to http://www.LegendReverseMortgage.com

Friday, July 12, 2013

What is a Reverse Mortgage? Utah Reverse Mortgage

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

Saturday, June 22, 2013

Utah Mortgage Broker - Testimonial Videos for Mark Hammond

Utah Mortgage Broker - Mark Hammond

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

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

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

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

Repair or Replace:
- –Roofs, gutters, and downspouts
- –Heating, ventilation and air conditioning systems
- –Finish Flooring and non structural sub flooring– (does not include structural sub-floor elements such as floor joists)

Upgrade or Replace Plumbing and Electrical systems

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

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

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

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

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

Windows and Doors

Exterior improvements such as decks, patios, porches and fences

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

Basement Waterproofing

Mold Abatement if performed by a licensed Mold Abatement Contractor

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

Connection to Public Water or Sewer

Repair or replacement of septic tank or well systems

Improvements for this program are limited

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

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

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

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

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

Friday, June 21, 2013

Mortgage Broker in Utah - Testimonial Video

Mark's Credit Tips

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

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

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

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

Public Record and collection items

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

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

Number of balances recently reported

Average balance across all trade lines

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

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

Age of oldest trade line

Number of new trade lines

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

Number of inquiries and new accounts opened in last year

Amount of time since last inquiry

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

The number of trade lines reported for each type:

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

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

Installment loans

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

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

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

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

This is a fallacy.

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

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

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

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

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

Thursday, June 20, 2013

Reverse Mortgage in Utah - Testimonial Video

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

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

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

Wednesday, May 15, 2013

What is a Reverse Mortgage - Reverse Mortgage in Utah

If your home is fully paid off, and

If you have enough cash in the bank, and

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

YOU DO NOT NEED A REVERSE MORTGAGE!

But

If you are still making mortgage payments, or

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

If you need more monthly income to live comfortably, or

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

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

Travel or do or buy??

MAYBE A REVERSE MORTGAGE IS FOR YOU!

For some a reverse mortgage is not needed; but

For others a reverse mortgage is a God-send.

Why Lillie and Jim Chose a REVERSE MORTGAGE

(Ages 72 AND 77)

Lillie and Jim purchased a home in 2005:

Purchase Price…………$220,000.00

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

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

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

WHAT WERE THE OPTIONS?

Let the home go into foreclosure

Ask the children to make the mortgage payments

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

Refinance the home

Rent out the home.

Get an FHA Reverse Mortgage Loan

What is a Reverse Mortgage - Reverse Mortgage in Utah

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

Wednesday, May 8, 2013

Legend Reverse Mortgage in Utah - Testimonial Video

REVERSE MORTGAGES ARE NOT FOR EVERYONE!

If your home is fully paid off, and

If you have enough cash in the bank, and

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

YOU DO NOT NEED A REVERSE MORTGAGE!

But

If you are still making mortgage payments, or

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

If you need more monthly income to live comfortably, or

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

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

Travel or do or buy??

MAYBE A REVERSE MORTGAGE IS FOR YOU

For some a reverse mortgage is not needed; but

For others a reverse mortgage is a God-send.

Why Lillie and Jim Chose a REVERSE MORTGAGE

(Ages 72 AND 77)

Lillie and Jim purchased a home in 2005:

Purchase Price…………$220,000.00

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT WERE THE OPTIONS?

Let the home go into foreclosure

Ask the children to make the mortgage payments

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

Refinance the home

Rent out the home.

Get an FHA Reverse Mortgage Loan

CONSIDERING THE 6 OPTIONS!

Let the home go into foreclosure.

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

Let the children make our mortgage payments.

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

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

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

Refinance the home.

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

Rent out the home.

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

6. Get an FHA Reverse Mortgage Loan.

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

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

HOW MUCH IS THE REVERSE MORTGAGE SAVING?

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

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

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

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

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

What Happens In The End?

When does the Reverse Mortgage have to be paid off?

When the home is sold.

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

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

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

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

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

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

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

The Future Real Estate Market?

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

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