Michael Branson's Articles - Credit-Voitures.com

Michael Branson's Articles

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How does a Reverse Mortgage Work? Many people get very confused when they try to grasp how a reverse mortgage really works. They look at the different interest rates, the mortgage insurance, the servicing fees, principal limits, net principal limits and before long, they just want to know the bottom line! Pro's & Con's of the Reverse Mortgage I can almost hear it now, This is an article written by a guy who does reverse mortgages? There probably won't be any con's! Purchase Reverse Mortgages: Enjoying No Payments in 2009 Starting January 1, 2009, FHA will begin to insure reverse mortgage loans for purchases. What does this mean? Senior borrowers age 62 and over can now purchase a home using a reverse mortgage rather than a traditional forward mortgage. Foreclosures Soar: Reverse Mortgages to Aid Distressed Seniors With the weakening economy and with the jobs lost, the effect on seniors has been devastating. Seniors have seen their life savings and their retirement funds disappear lately with the $2 Trillion Dollars that the State Department has estimated has been lost in the capital markets... Secondary Market Halts Jumbo Reverse Mortgages This comes as no surprise at a time when credit is so tight and the jumbo product is not readily marketable in the secondary mortgage market... Purchase Reverse Mortgages to Boost Real Estate Coming Jan. 1 2009 to a neighborhood near you: Senior + New Home & No Mortgage Payments! 5.68% Fixed Rate Announced for Reverse Mortgages It means that senior homeowners have a better opportunity now to obtain a low fixed rate Reverse Mortgage than at any time... $2T Lost in Retirement:, Seniors Eye Reverse Mortgages For some, the shock of seeing their lives suddenly altered regardless of their careful planning is devastating, but there is hope for many senior retirees. Miami Reverse Mortgages & Statistics Even with this large number of HUD Reverse Mortgages, Miami/Dade County is also home to some extremely high dollar cities including beach communities with larger and more expensive properties... Jumbo Reverse Mortgages - a Dying Breed If Ms. Boxer is correct and the national limit is now $625,500.00, that would fill the need of many borrowers currently seeking proprietary products and soften the effect of the disappearing jumbo product. Reverse Mortgage: Pros & Cons Since first offering reverse mortgages, I've often been asked, "How do I/we know if a reverse mortgage is right for me/us?" This is a question that has a different answer for different people... Equity Key, the Jumbo Reverse Mortgage Alternative There is another option for senior homeowners out there which is not considered a loan but rather a real estate transaction known as the Equity Key Product. The Equity Key is unique in a number of ways. Homeowners are actually agreeing to give up a percentage of future equity for a cash settlement today Reverse Mortgages = Journalistic Opportunism Obviously neither Mr. Powell nor FINRA has ever sat across a table from a borrower or a couple who couldn't meet their monthly obligations during these times of rising costs, they never talked to borrowers who had $25 left in their account on the fifteenth of the month Housing Bill: Seniors and Reverse Mortgages On 7/30/2008 President Bush signed HR 3221 into law which has many significant effects on homeowners. The Bill, in its final form, covered a number of subjects that Congress had been trying to resolve from the modernization of FHA, to foreclosure assistance for homeowners... Credit Lines Freeze...but not for Reverse Mortgages The "comfortable income" many seniors thought they had planned is often eroded by rising costs and incomes which don't keep pace with those costs. Are there any guarantees anymore...? Independence Day...Seniors Independence with a Reverse Mortgage What better day to talk about obtaining your financial independence than on Independence Day?! I don't think our forefathers ever considered the right to a reverse mortgage when framing the Bill of Rights and our Constitution... Reverse Mortgages & Oil What is the connection, you might ask between reverse mortgages and the price of oil? Jumbo Reverse Mortgages...What's Happening To The Market? But then the credit crunch came that everyone has been reading about that tightened up market liquidity and made these proprietary loans less salable. What once was selling on Wall Street easily is now much more difficult for lenders to find investors willing to take the chance to buy.... Reverse Mortgages, Bank or a Broker? When asked why we chose to do this rather than accepting positions with large banks, we tell people it was an easy decision to make, we love what we do, and we believe in servicing our senior borrowers with nothing but the best. To Sell or To Reverse? Many people are not aware of all the opportunities available to senior borrowers with the Reverse mortgage program. For example, did you know that HUD does not require any title seasoning or seasoning for time off the market when doing a Reverse Mortgage? The Power of 2.1%, The Clear Choice of Jumbo Reverse Mortgages So for the borrower who is really trying to determine the lowest cost reverse mortgage for proprietary or jumbo reverse mortgage programs, they need to also review the missing element the margin. Reverse Mortgage Costs Explained to really understand Reverse Mortgage charges, I would like to go in the order of a Calculator Results page to explain the various charges you will find Is It a Good Time for a Reverse Mortgage? Now is the perfect opportunity to make the most of the property's value before they fall to a lower level and the borrower does not qualify for as much money. Comfort in Your Reverse Mortgage For Homeowners with traditional forms of financing, this could spell disaster if they are on an adjustable rate that is about to go up and if they try to sell their home Purchase your home with a Reverse Mortgage The current bills in congress are going to change the way the FHA does business NBC Nighly News: Reverse Mortgage Ripoff? I just finished reading an article about a network news program that did a negative report on reverse mortgages, citing an incident in Los Angeles of a senior borrower who was talked into buying annuities that did not mature until the year 2033 without a substantial penalty The FHA Modernization Bill, What It Means To You In 2006 both the House of Representatives and the Senate approved Bills known as FHA Modernization Bills designed to help the Federal Housing Administration modernize their approach to how they deal with the lending needs in this country. "Non-Recourse" a Reverse Mortgage Cunsumer Protection One of the things that we always explain to senior borrowers when they ask about reverse mortgages is that they are non-recourse loans. The next question is always, What is a non-recourse loan? Stop Foreclosure with a Reverse Mortgage Reverse Mortgages are not short term, hard money, bridge or balloon loans normally associated with the type of loans people are forced to get to stop a foreclosure proceeding. What Does the Lender need to Know on a Reverse Mortgage? You've made the decision to get a reverse mortgage and you've heard that there is no income or credit qualifying so you think you will have no issues getting your loan. When is a Reverse Mortgage Right? Since first offering reverse mortgages, I've often been asked, How do I/we know if a reverse mortgage is right for me/us? This is a question that has a different answer for different people Reverse Mortgages and Their Growing Popularity There seems to be a new phenomenon in the mortgage world known as the reverse mortgage. Differences Between Reverse Mortgage Programs You've made the decision to get a reverse mortgage and now you talk to a bank or mortgage broker and the representative is telling you that you have a choice of the Government Home Equity Conversion Mortgage (HECM or Heck-um) or a Jumbo or Proprietary Program Common Use of Reverse Mortgage Funds As I talk to borrowers and their families, I'm often asked what restrictions there are on the use of the funds from a reverse mortgage. The answer is simple, there are no requirements or restrictions on what you can do with your money Staying At Home with a Reverse Mortgage I was asked to give a speech to a group in Boise, ID about how seniors can stay in their homes by using a reverse mortgage. Can You Refinance Your Reverse Mortgage Loan I received a call from the son and daughter of a senior borrower today and they wanted to know if their mother could refinance her reverse mortgage loan When is a Reverse Mortgage NOT Right? I've seen them change lives and living situations for the better. But is there a time when a reverse mortgage is NOT right? Honestly, yes. Using a Reverse Mortgage to Purchase a Home Did you know that if you are a senior borrower, aged 62 and over you can use a reverse mortgage to purchase a home as well as just to refinance your existing home? Uncovering Reverse Mortgage Myths & Misconceptions Have you been considering a reverse mortgage but are just afraid of some of the negative things you have heard? There are some negative myths that senior borrowers have heard about this type of financing that simply are not true and we are going to expose some of those here. HUD Insures First Fixed Rate Reverse Mortgage Many senior borrowers who start looking into reverse mortgages are not aware of it, but there is a fixed rate Home Equity Conversion Mortgage (HECM) available

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