What Is A Reverse Mortgage And Should You Get One?

Who qualifies for a reverse mortgage?

You must be at least 62 years old and have equity in your home. You have equity in your home if your home is worth more than you owe on it.



Here’s how it works

When you bought your home, the bank loaned you the money to buy it and you paid them back with monthly mortgage payments. A reverse mortgage is the opposite. With a reverse mortgage, the bank pays you a monthly payment from the equity in your home. You repay the money when you sell your home, refinance, permanently move out, or pass away. At that time, you or your heirs must repay the loan plus interest in one payment.



How do I get a reverse mortgage?

Reverse mortgages are available through most major banks and lenders. Here’s what happens when you contact the lender: An appraiser will determine the value of your home. The lender will tell you how much you qualify for based on your age, the equity in your home, and the cost of the loan. You decide how you want to receive the money. You can receive the money: As a lump sum In monthly payments As a credit line that lets you decide how much of the loan to use, and when to use it You sign a contract. The contract will outline the payments you will receive and the amount you have to repay including interest.



Maintaining your reverse mortgage

To keep your reverse mortgage in good standing you must: Pay your property taxes on time Maintain and repair your home Have homeowner’s insurance Your lender can end the reverse mortgage and require immediate repayment if you: File for bankruptcy Rent out part of your home Add a new owner to title Take a new loan against your property



Things to consider

Reverse mortgages are more costly than typical home loans or home equity credit lines. They also have higher interest rates and fees. Interest is charged on the outstanding balance and is added to the amount you owe each month. This means that your total debt increases each month. Keep in mind that you are borrowing equity from your home. This means fewer assets for you and your heirs.



Shopping for a reverse mortgage

Shop around and get offers from several lenders. You should compare the terms, and look for a loan with the lowest interest rate, points and fees.

For sale by owner tips for the buyer

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Buying a house is a major investment so there are some things you want to watch for. It is likely that you have been out looking at a home to buy at one point or another in your lifetime. possibly you purchased a home that you fell in love with, and now you are not as happy as you thought you would be. Here are a few simple things to keep that from happening again.

Examine the neighborhood . Does it look clean? Does it appear to be safe ? How are the yards kept? You take pride in your home and that includes the yard. If majority of the houses that will be around you have old junk cars in the yard, or trash piled up on the porch, chances are this is not the neighborhood you want to live in. Another main factor would be the crime rate. How often do you hear about this area on the news? You could always visit the local police department and inquire about the crime in the area.

The quality of the school district will be important for those that have children . You can talk to other parents that have children and see what their take is on it or you could get the names of the schools in that area and call and see what they have to say. Yard space is another big issue, especially when you have children. Is the yard close to a main street or highway? Is it fenced it? These are questions to keep in the back of your mind while house hunting, even with a for sale by owner home.

One thing you might want to think about is what if you decide to resell years down the road. If the area seems to be up and coming, this would benefit you. If places are shutting down and disappearing, you may want to rethink the location. You don’t want to be stuck in something should you ever decide to move. All of these things can be covered even with a for sale by owner home.

A guide to being a for sale by owner buyer

Buying a house is a major investment so there are some things you want to watch for. It is likely that you have been out looking at a home to buy at one point or another in your lifetime. Maybe you purchased a home that you fell in love with, and now you are not as happy as you thought you would be. Here are a few simple things to keep that from happening again.
Examine the neighborhood . Does it look clean? Does it appear to be safe ? How are the yards kept? You take pride in your home and that includes the yard. If majority of the houses that will be around you have old junk cars in the yard, or trash piled up on the porch, chances are this is not the neighborhood you want to live in. Another main factor would be the crime rate. How often do you hear about this area on the news? You could always visit the local police department and inquire about the crime in the area.

The quality of the school district will be important for those that have children . You can talk to other parents that have children and see what their take is on it or you could get the names of the schools in that area and call and see what they have to say. Yard space is another big issue, especially when you have children. Is the yard close to a main street or highway? Is it fenced it? These are questions to keep in the back of your mind while house hunting, even with a for sale by owner home.

One thing you might want to deliberate about is what if you decide to resell years down the road. If the area seems to be up and coming, this would benefit you. If places are shutting down and disappearing, you may want to rethink the location. You don’t want to be stuck in something should you ever decide to move. All of these things can be covered even with a for sale by owner home.

Heading to Whole Foods with a short list

Was She Asking For a Handout – Or Just a Hand?

Image via Wikipedia

Alice Perley will never forget the day she met Michael Guess – and vice versa.

In December 2002 just before the holidays, 48-year-old Alice wandered into a Tennessee investment office where Michael worked as a broker and told him she had an account with the company. Based on her disheveled appearance, Michael assumed that Alice was homeless. But rather than escort her out the door, he offered her a seat at his desk. He wanted to help her.

Michael asked Alice a few questions. Her answers were vague; she focused on her belief that she had invested money at his company, perhaps through an out-of-state branch. When Michael and another employee offered her money, Alice politely refused it, insisting that she was a client and not a charity case.

On the slim chance that Alice’s story was true, Michael phoned the firm’s Atlanta office where a colleague confirmed that Alice did, in fact, hold an account with the company. But the most astonishing news was yet to come.

The Atlanta office had maintained contact with Alice’s family and revealed that eight years earlier, Alice had suffered a breakdown and disappeared. Her family had been trying to locate her ever since.

The next day, Alice Perley was off the streets and reunited with her family, thanks to an investment broker who took the time to really listen to her. Michael’s take on it? “We’re supposed to help one another and not just walk on by – aren’t we?”

Michael could have sent her on her way; instead he helped her on her way. Here’s to the heroes in all walks of life!

So how exactly does Solar energy Operate? - A Summary of the Solar Power Concept

Image via CrunchBase

Solar powered energy is not any secret; the idea is actually an extremely easy feature. Typically the sun energy brings electricity which can be next transformed straight into electricity. This specific electricity enables you to power up our lamps and also equipment inside our houses. Solar energy can be used in one electronic devise most of us utilize every single day; our own calculators. Have you got a calculator which turns on whenever you open it and also shuts whenever putting it back into their sleeve, with no control keys for you to click on? That is solar technology on your side. The utility companies presently make use of solar power systems as well. When you covert your own home electrical power to solar power you'll acquire free of charge power directly from sunshine. Imagine a giveaway by Nature.

So that you can capture the sun's rays they need to be obtained through the use of solar energy collectors. Even so, we certainly have had the sun ray's offer warm without having them once the sun heats up the water in your swimming pool However, by using solar thermal panels we could capture heat and use it to warm buildings.

We are going to attempt to setup a step-by-step explanation of how geothermal energy works. The sunrays, when they strike your solar power panels are usually absorbed by silicon, which is usually a semi conducting materials.

When such things happen next electrons will be separated away from atoms and this enables them to create electrical power. This method is known as photovoltaic effect. The residential solar panels convert the energy into DC electricity which then enters the inverter which turns it straight into 120 volt Alternating current electricity in which all of us use within our homes. There is a utility solar panel in your home to which usually the AC electric power penetrates and uses it within our appliances and lamps, and many others. When you have a lot more electricity as compared to you need it is possible to store them in a battery or even in grid format. It can be used from the grid during cloudy times or even during the night time.

As we said, solar power panels just isn't any secret once you comprehend just precisely how it works. It's a extremely simple function and any person can use it within their home.

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Mortgage Relief, Bankruptcy or maybe Foreclosure?

In case you are in front of a fiscal catastrophe and fear losing your own home, understand you are not alone. Similar to millions of other property owners, maybe you have lost employment or suffered a pay cut, your adjustable rate mortgage could have reset and also you can't afford the payment, or falling property values mean you can't refinance. You could think that bankruptcy, foreclosure and loss of your house is inevitable. A single answer doesn't deal with every scenario, and you'll have possibilities that include keeping your house while you sort out financial challenges. Explore all options before concluding that all will be lost in foreclosure or bankruptcy proceedings.

Your loan payment, which might include amounts for property insurance and taxes, is probably the biggest single bill you have to pay each month. The check covers your housing needs, and it presents an investment for most homeowners - you will find financial and emotional aspects also. If you fail to make your home loan repayments, you'll want to take a hard review of your situation, financially and otherwise, and come to a decision on an option that's most effective for you. Consulting a bankruptcy or real estate lawyer in your area can help with your decision-making process.

Consider All Options Listed here is a set of options and factors it is important to consider:

What is the magnitude of your financial crisis - is there a dominating element, like a job loss, or is paying one particular debt at the root of the financial problems, like medical bills or your mortgage?
Is your financial crisis short-lived, such as a short period of unemployment or underemployment, or is there an enduring change, say for example a disability that can affect your earning power on a long-term basis?

How much equity is in your house?

How does the value of your house compare to the debt it secures - do you owe more than the house is worth?

How does your current home meet your housing needs - is it the right size, what are the ongoing maintenance and ownership costs, and does the location meet your lifestyle, family, and employment needs?

Is home ownership the best way to meet your housing needs? Do you have the abilities and resources needed to own the place in which you currently live?
If you want to keep your home, have all options for loan modification been explored?
If you don't want to keep your home, have you tried to sell it, either through conventional means or through a short sale?
Is your lender willing to pursue foreclosure alternatives, such as accepting a deed in lieu of foreclosure?
Have foreclosure proceedings started, and if so, how far along is the process?
Would you qualify Chapter 7 or Chapter 13 bankruptcy relief?

Do you have other debts, and could those debts be discharged or restructured through bankruptcy?

Making Home Affordable Relief

In advance of reaching the significant stage of bankruptcy or foreclosure, determine if refinancing or changing your mortgage is possible. In reaction to common economic crises suffered by a multitude of homeowners, the Making Home Affordable program offers relief. Financialstability.gov is a government Internet site that has information on eligibility plus the process to get help. The Internet site has an interactive tool that will see whether you're a candidate for relief.

Making Home Affordable has two forms of relief:

1.Home Affordable Refinancing for homeowners who may have loans owned by Fannie Mae or Freddie Mac. This targets individuals who haven't got a possibility to refinance their mortgages at today's historically low rates as a result of declining home values, leaving them "underwater" with a mortgage balance that's over the home value.

2.Home Affordable Modification for homeowners who can't afford their mortgage payments thanks to loss or reduction of income, increased mortgage rates or who don't get a Home Affordable Refinancing. This program aims to modify your mortgage terms and bring the payment within an economical range.

Begin by contacting your lender or loan servicer, butbe patient and persistent. These programs are new, and lenders must work to quickly implement the programs and also the demand is high. In case you don't qualify for these programs, work with your lender to pinpoint a solution. Avoiding foreclosure is frequently best for all parties.

Today is National Homemade Bread Day...why?

19 days til Tom Clancy's new novel "Dead or Alive"
http://ping.fm/ymPRt

Busy day, checking in on listings and reviewing market stats and new listings

Gotta love when a Rocky theme song comes on the radio..Eye of the Tiger

To all my fellow Eagles fans, enjoy and savor last nights amazing victory, but don't get carried away it wasn't the Super Bowl

Heading into the office for a meeting

He who is not courageous enough to take risks will accomplish nothing in life

Am I watching Zmonday Night Football or Madden 2011 on xBox

Will McNabb choke this offensive series?

Can't believe it's still the 1st Quarter and it's 28-0

Mark, you do realize that with Vick at QB the Eagles are the team to beat

Do you think Dan Snyder is kicking himself right about now for signing McNabb's contract extension? $78 million down the drain

That's the McNabb everyone in Philly remembers Mr INT

E A G L E S!!!!!!!!

Bill Clinton joins the cast of Hangover 2. That is so badass.

"A real friend is one who walks in when the rest of the world walks out"

Heading out for a quick run, then getting ready for Open Houses

Looking forward to a quiet night at home

Easy Saturday run, taking the new shoes for their first trail run so they won't look new any more.

Always feel 100% better after a trip to the gym, nothing better to clear your head & improve your mood

What is a Veteran?

Some veterans bear visible signs of their service: a missing limb, a Jagged scar, a certain look in the eye.

Others may carry the evidence inside them: a pin holding a bone together, A piece of shrapnel in the leg or perhaps another sort of inner steel: The soul's ally forged in the refinery of adversity.

Except in parades, however, the men and women who have kept America safe Wear no badge or emblem. You can't tell a vet just by looking.

What is a vet?

He is the cop on the beat who spent six months in Saudi Arabia sweating two gallons a day making sure the armored personnel carriers didn't run out of fuel.

He is the barroom loudmouth, dumber than five wooden planks, whose overgrown frat-boy behavior is outweighed a hundred times in the cosmic scales by four hours of exquisite bravery near the 38th parallel.

She or he is the nurse who fought against futility and went to sleep sobbing every night for two solid years in Danang.

He is the POW who went away one person and came back another or didn't come back AT ALL.

He is the Quantico drill instructor who has never seen combat but has saved countless lives by turning slouchy, no-account rednecks and gang members into Marines, and teaching them to watch each other's backs.

He is the parade riding Legionnaire who pins on his ribbons and medals with a prosthetic hand.

He is the career quartermaster who watches the ribbons and medals pass him by.

He is the three anonymous heroes in The Tomb Of The Unknowns, whose presence at the Arlington National Cemetery must forever preserve the memory of all the anonymous heroes whose valor remains unrecognized with them on the battlefield or in the ocean's sunless deep.

He is the old guy bagging groceries at the supermarket, aggravatingly slow, who helped liberate a Nazi death camp and who wishes all day long that his wife were still alive to hold him when the nightmares come.

He is an ordinary and yet an extraordinary human being a person who offered some of his life's most vital years in the service of his country, and who sacrificed his ambitions so others would not have to sacrifice theirs.

He is a Soldier, Marine, Sailor or Airman, and also a savior and a sword against the darkness, and he is nothing more than the finest, greatest testimony on behalf of the finest, greatest nation ever known.

So remember each time you see someone who has served our country. When you see one just lean over and say Thank You.

That's all most people need, and in most cases it will mean more than any medals they could have been awarded or were awarded.

Two little words that mean a lot, "THANK YOU".


God Bless Our Veterans!

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Happy 235th Birthday to the United States Marine Corps

Some people follow their dreams, others hunt them down and beat them mercilessly into submission.

16 days to the big family holiday Thanksgiving..are you hosting family or traveling?

London Broil on the gril, the wine is ready

Very inspiring to watch Edison Pena run up the 59th street bridge nycmarathon ingnyc

What’s Going On With All Those Mortgage Mailers?

The other day a client called sounding panicked and frustrated. He’d been inundated with letters in his mail marked “Personal!” and “Confidential!” and “Dated Material!” that urged him to participate in a “mortgage protection insurance program,” and to “Act Now!” because this was his “Important Final Notice!” “Is this something I need?” he asked.

I told him he’d done exactly the right thing by calling me because, as his RealEstate Consultant, I’m here to take the mystery out of the mortgage market, answer questions, and provide accurate information to help people like you make informed decisions about their future. If you, a friend, family member or neighbor is also frustrated by the onslaught of mortgage mailers stuffed into your mailbox every week and you’re in need of some up-to-date information, feel comfortable enough to take out your cell phone, look up my number (609-868-2114) and call me immediately.
Be sure to call me when you or someone you care about has questions about all those mortgage mailers and wants to know the best options for managing a mortgage in today's market.

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