Los Angeles Reverse Mortgage CA Forclosures + HOPE Assistance

Just last week I was reading the Los Angeles Times and my interest was peaked when I read an associated press article about California forclosure rates in June 2008. The article states that over 40% or 14,749 homes sold in June in CA were as a result of foreclosures. So I began to wonder where is the HOPE Program when you need it most??? Well, it looks like Under the legislation, the HOPE program could start as early as Oct. 1. You can read about the `HOPE for Homeowners Act of 2008′ or H.R.3221 here.

The issue for Reverse Mortgage eligible Seniors in California

is that there are strings attached to this program so its no free lunch as “homeowner beneficiaries share any appreciation profits or equity gains from sales of their houses in subsequent years. ” as Kenneth R. Harney with the Washington Post explains. Furthermore, the bill points out that a second lien (refinance) can not be made on the property for 5 years after the assistance is granted. This means anyone in trouble who is a Senior Citizen eligible for a Reverse Mortgage in California would waive their right to tax-free income if they take the assistance. Here’s why:
Up to 1 year the Government would gain 100% of the proceeds of the loan if refinanced. After 2 years 90% and so on.

So while some of us are waiting for the HOPE bill to go though our congress (we all want assistance for Californian’s in trouble) it is the California Senior in need who needs to consider that their options are not only to wait for help and to default on their loans strapped in Mortgage payments for another 5 years. For example, if you are a qualified senior and a home owner, and lets say you have bad credit as a result of an expensive or missive loan: You can qualify for a reverse mortgage, eliminate your monthly payments and realize any equity in your home you currently have stored up.

Again the issue is that as a senior you still have options. You shoud always consult your financial advisor, or your tax person regarding your decision to move forward with a reverse mortgage or other financially impacting decision. If you are in a tight spot and are 62 years or older bring up a REVERSE MORTGAGE if its the first time you’ve thought about one. If you’ve looked extensively and know your best option is to move forward with a reverse mortgage in los angeles or anywhere in California, Arizona, Washington, Florida or Oregon. Give us a call and mention the ‘Living in Revere’ blog and Joe Rizzo will give you a discounted rate. (800) 681-3340
We’re here 7 days a week.

Senior Trends: Senior Lenders Reverse Mortgage

Living where you want in Reverse

Some people who live in high cost areas would like to move to a more accomodating area before they decide to settle down for retirement. In this case, a reverse mortgage can still be a valuable tool in creating a no payment situation where ever you move.

Reverse Mortgages on the Go.

Who says you have to live in your current home in order to qualify for a reverse mortgage. Today the Senior Lenders Reverse Mortgage company is helping seniors to move to cheaper areas to settle down and get a reverse mortgage. Although this is right for some people others find their home to be the place they wish to reside for the rest of their lives.

How do I plan for the future?

The baby boomers and their parents who lived through times that most likely helped shape their attitudes and also made them more aware and think about their future plans. This lesson does not stop with age, yet hopefully with some of the right training and the extra income you can spend, you will grow accustomed as in your “formative” years. Now you can rest on the cushion of finances built into your home. Actually, in California there are a number of ways to secure up to 50% of the equity in your home for your heirs if you wish to leave a significnt amount behind and still never mke another mortgage payment again.

Should I talk to my family about a Reverse Mortgage.

Some of those planners out there already have a living trust set up or a will that is designed to leave their heirs a ’sum’ of money. For those of you with standing wills or trusts, we can consult with your family or trust lawyer to make sure the changes have been sufficient to your documents. Although, some clients even take the proceeds form a reverse mortgage and put them towards more lucrative investments turning the money into a larger sum towards the trust than before. Talk to your financial advisor about how you can best invest the money.

So I really dont have to make another payment again?

Sometimes it is enough just not to have to make a mortgage payment every month so you can keep all of your pension or social security money for your needs. Then a line of credit can be established so that when ever you need cash you can take out a portion and never pay it back either. In the mean time your line of credit will gain interest and you will not have to pay taxes on the interest earned. This is just one way you can withdraw the cash form your home. We receommend makeing this planning stage a complete analysis once again. But this is fun, how do I either invest, spend or save hundreds of thousands of dollars? There are obviously, many creative options out there today.

Can I own other property?

Sure. You can buy vacation property or own rentals or even your kid’s homes if you wished to back their house against your cash reserves. You are allowed to secure any debt (back a loan), make any purchase or invest your money as you see fit. With a reverse mortgage there are options to take care of your family including yourself by being smart with your plans. The bank that essentially buys your home while you live in it is federally guaranteed to hold their part of the bargain and never ask for the home back until you leave. The details of this are explained in our website, but we can get into more detail with you today at… 800-361-4378
For now, just think about some of the options you might have if you secure your financial future with Senior Lenders. Finally, if you have anything you would like to add, please email us.

Email:
info@seniorlendersreversemortgage.com

LIVING in REVERSE

Welcome to Living in Reverse

We all need accountability when it comes to dealing with our nations aging population. Today, the world is moving at such a fast speed we seem to forget sometimes that life is really a precious thing. When it comes to my parents, I want them to be happy in their older years as much as I was when I was a child with them. Now there really is no way to make that happen if I can’t be with them enough to even say hi or pick up the phone on a daily or weekly basis. Being as busy as we are on any given day, it seems we are negligent of our duties as children to our senior parents. They did raise us after all. Now that we are starting to see what that is really all about (some of us anyways), then we can see right away they spent a lot of time raising us. Now its time to take care of them.

My parents need a reverse mortgage. I am an agent who happens to do reverse mortgages. So I know about all of the “up” and “down” talk that goes on about these loans. One evening my dad called me and asked what I knew about the reverse mortgage process. I told him about the major banks that lend the money to cover the value of his home while he lived there. I also mentioned that there are smaller lenders who can sometimes make a loan work (within the FHA guidelines). I broke down the way a bank insures his loan and charges interest back to the loan. Finally we agreed that with a thousand dollar mortgage payment and a house that was worth over 6 hundred thousand, he would be able to get about 170 thousand from his home considering his age, and would not have to payback the amount he owed on the house. Being and agent who knows about these loans and knowing my mother and father needed some cash in reserves and could use $1000 a month I signed them up for a consultation with an FHA representative thinking they would come in to my office the following week.They did’nt show up right away. So the following weekend I went home to my parents (about 2 hours away) and I discussed at length the idea that this was their home and their lives we were talking about and not what they would “leave behind”.

Of course they would leave all that was here “behind” so I told them it is time now to be at one with “nature and each other.”

What I meant was, in this day and age the least I could do for my parents is assure them that it was going to be ok and that they were not selfish for taking the value of their house and turning it into a ‘new way of life’. Why would I, someone who had signed hundreds of people up for a reverse mortgage tell them I wouldn’t approve of their decision? I already had my fair share of conversations with people my age about the decision to take out a loan that would accrue interest. The fact was, I and my parents were no different than all those I helped through the process before. We were never ‘rich’ by the means of any standard. My parents both had jobs their whole lives and took care of every infraction or decision to better myself or our well being. So to me it was a simple decision. My father a savvy enough with his finances in his older years would make my mother happy with what ever she wanted while still having enough to plan their trips and buy his fishing outfit. This sense of freedom and happiness was overwhelming to me and for my parents it was enough to go out and “celebrate” together with my family. My father said to me six months later that this was what he was dreaming about when they called me from a gas station on the way to Moab.

This was really what I hoped for my parents and was glad to be of service in pointing out the cost/benefit analysis was on their side.

Reverse mortgage quote

Free Reverse Mortgage Quote

It has been some time since the last post. I am worried about home values going down. In the news I’m seeing possible 40% reductions in the housing industry. Well, that depends on where you live. In some areas houses are still gaining in value.

home value increases

As you can see, the values in many suburban areas are rising, despite the averaged statistics. There is still a way for many many of us to see our lifelong dreams come alive!

I’m excited! If you want to know more and receive a free appraisal worth up to $300. Just mention Living in Reverse to the person on the line if you call. 1-800-681-3340