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Reverse Mortgages Usa - News

Reverse Mortgage USA Rolls into AAG
Texas-based lender Reverse Mortgage USA announced this week its employees will roll into American Advisors Group. The company, founded by John Mitchell, transitioned from being the largest reverse mortgage broker to become a mortgage banker in 

Financial Assessment Update, AAG Assumes Reverse Mortgage USA Workforce
In this week's Reverse Focus podcast, and the first of 2014, Shannon Hicks talks the Department of Housing and Urban Development's (HUD) delay of the financial assessment protocol for reverse mortgages. HUD has yet to come forth with a definite date as 

Public records for Jan. 25
Neri Soto et al (mortgage foreclosure). Reverse Mortgage Solutions Inc. vs. Valgo Association Inc. et al (mortgage foreclosure). Bankof America NA vs. Charles Alexander Forth et al (mortgage foreclosure). US Bank Trust NA et al vs. Brenda Denardis et

Matter of Record (Jan. 22)
NationStar Mortgage to Raed Ajlouni, L7, B50 of the Floral Heights Addition, No Amount Stated, V3937 P673. (SPECIAL) U.S.A., et al, to Chad L. McBride, L20, B15 of the Mimosa Heights Addition, Section A, $65,930.00, V3937 P678. Reverse Mortgage 

1st Reverse Mortgage USA San Antonio TX

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Borrowers More Interested in Benefits than New Reverse Mortgage Rules

According to Lisa Moriello, branch manager at loanDepot in Fairfield, Conn., discussions with family members rarely have to do with the most recent changes from the Department of Housing and Urban Development. Rather, the conversations and concerns are similar to those of the past.

“They are typically focused on what the benefit to their family member is, and what are the possible concerns,” Moriello said.

Some disappointment

Among those who are aware of the “old” and “new” reverse mortgages, there is some disappointment over the October 2 rule changes, which generally lowered the amount of money that borrowers could access.

“They don’t like that the principal limit is lowered,” Ed O’Connor, marketing manager for the HECM division of FirstBank, said. “Everyone would love to have access to more money.”

Yet Jeff Cota, senior HECM advisor at CrossCountry Mortgage, Inc. in San Diego, says the feedback he has received has been mostly positive.

Here's How to Retire When You Still Have Debt

People have the most options to deal with debt if they create a plan before they retire, financial planners say. Refinancing a mortgage, for example, is usually less of a hassle while people are still employed. It’s also typically easier to generate the extra income that may be needed to pay off debt.

“It is much easier to keep working for another year or two than to try and come back into the workforce when they are older and the employer needs have changed,” says Linda Farinola, a certified financial planner in Princeton, New Jersey.

Here are three loans to consider before you stop working:

Refinance (or recast) your mortgage

Certified financial planner Rebecca L. Kennedy of Denver would prefer that clients pay off their mortgages before they retire. But paying off a mortgage may not be feasible or advisable, especially if it would mean taking a lot of money from a 401(k), IRA or other account.

“Often the majority of the assets are pretax so it would require a much larger withdrawal to net the after-tax amount needed,” Kennedy says.

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The Differences Between Mortgages And Reverse Mortgages
There are many different types of mortgages, each with its own advantages and disadvantages, it is very important that you do your research. Understanding these differences will enable you to choose the right mortgage for your financial situation and housing goals. Now what is a mortgage? A mortgage is a loan secured by a property/house and paid in installments over a set period of time. The mortgage secures your promise that the money borrowed will be repaid. For most of us, a mortgage is the largest and most serious financial obligation we ever make.
You can get a mortgage direct from the lender like banks, building societies and specialist mortgage lenders, or you can use a mortgage broker. You can buy based on ‘information’ only or get advice and recommendation on a mortgage that suits your particular needs.
The two main ways to repay your mortgage are ‘repayment’ and ‘interest only’. With a repayment mortgage you make monthly repayments for an agreed period until you’ve paid back the loan and the interest (30 year-fixed rate being a common example). With an interest only mortgage you make monthly repayments for an agreed period but these will only cover the interest on your loan (example 5 year-fixed rate). You’ll normally also have to pay into another savings or investment plan that’ll hopefully pay off the loan at the end of the term.
Now you know what mortgage is, let’s take a moment to understand reverse mortgage. What exactly is a reverse mortgage?
Reverse mortgages are getting to be more and more common these days. Why? Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. Unlike a regular mortgage, the homeowner makes no payments and all interest is added to the lien on the property.
A reversed mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive loan money from your home in the form of a lump sum, regular monthly checks or a line of credit. The money is typically repaid with interest when you sell your house, permanently move away, or pass away.
You may be wondering how you can benefit from getting a reverse mortgage. Many people have found that the money they got from a reverse mortgage benefited them greatly. With a reverse mortgage you continue to get income, and defer repayment, for as long as you live at home – no matter how long that may be. A Reverse Mortgage maybe is exactly what you need!
There are many benefits that a reverse mortgage can give you. However, here are a few of the most significant. You will remain independent, no monthly mortgage payments are required, and you got freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.
Exciting isn’t? If you don’t know exactly how much you’ll spend or how soon you’ll need it, a line of credit may make sense. Some reverse mortgage lines of credit are “growing” lines of credit meaning you may have more and more money available to you as time goes on. Reverse mortgages have helped hundreds of thousands of homeowners improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.
Tim Jacobs Golden Years Mortgage Solutions Your Money…When You Need It (800)630-0650
Tim Jacobs @ Golden Years Mortgage Solutions (800)630-0650 Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.