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. 

Mortgage Broker Salt Lake City Utah - Testimonials

 

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



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



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



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

Reverse Mortgage Exposed. Get your Free Videos.

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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!





 

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!!

Mortgage Broker in Utah - Testimonial Video

Mark's Credit Tips

 

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

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

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

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

1. 
   

   
   Public Record and collection items

   
   


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

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

1. 
   Number of balances recently reported


2. 
   Average balance across all trade lines


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

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

1. 
   Age of oldest trade line


2. 
   Number of new trade lines

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

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


2. 
   Amount of time since last inquiry

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

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

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


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


• 
  Installment loans

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

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

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

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

This is a fallacy.

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

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

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

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

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

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.