You’ve probably figured out by now that I’m a pretty big fan of the All In One Loan. I encourage you check out the simulator so that you can see how differently this mortgage works. The simulator shows a side by side comparison of a traditional 30 year mortgage to the All In One Loan that I think you’ll find interesting. [Read more…]
A Modern Mortgage: The All In One Loan
August 23, 2023 by Leave a Comment
Resource Guide on the All In One Loan
August 10, 2023 by Leave a Comment
I recently put together a new resource guide on the All in One Loan. The more I learn about this program, the more I appreciate this mortgage. I think it is probably the best mortgage available for most people if they qualify for it. [Read more…]
What is an Offset Mortgage?
June 19, 2023 by Leave a Comment
An “offset mortgage” also known as an “all-in-one loan” is basically a 30-year home equity line of credit that includes a sweep-checking account where the deposits go directly to paying the principal balance. Homeowners can still access the funds they deposit (and their home equity) from the account, using it to pay their day-to-day bills, vacations, home improvements, whatever the credit line has available. It is essentially a “normal” checking account. [Read more…]
Retirement, random thoughts and your mortgage
May 3, 2018 by Leave a Comment
I read an interesting article about planning for retirement. This is a topic that I find very important. I’m not a financial planner, however as a Mortgage Professional I see a financial snapshot of what people have when applying for a mortgage. I concur with this article from CNBC, most people do not have enough money saved up for their golden years. [Read more…]
My 50th Birthday!
March 21, 2017 by Leave a Comment
This past weekend, I celebrated my 50th birthday with family and friends. I have two (not much) younger sisters who love to ask “don’t you feel older” and my answer is typically “not really”. I’m actually pretty excited to be the big 5-0…beyond being able to join AARP! [Read more…]
Don’t let these things HAUNT your Preapproval
October 31, 2013 by Leave a Comment
I encourage anyone who is considering buying a home to start the preapproval process as soon as possible. Regardless of if you’re not planning on buying for a year or you think your credit, income and assets are prefect – you never know what underwriters may find lurking in your application.
Upcoming changes to FHA Reverse Mortgages
February 15, 2013 by Leave a Comment
A reverse mortgage is a program that is designed specifically for senior citizens (62 years and older). Unlike a traditional mortgage where monthly mortgage payments are required, reverse mortgages do not require a monthly mortgage payment (property taxes and home owners insurance is still due).
Reverse mortgages are a great option for seniors to consider if they want to reduce their monthly cash flow or require a sum of cash.
Recently HUD has announced they are changing some of their reverse mortgage (home equity conversion mortgage aka “HECM”) program guidelines which will go into effect with case numbers issued April 1, 2013 and after.
From HUD’s Press Release:
As discussed in its Annual Report to Congress, FHA will consolidate its Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate HECM pricing options. This change will be effective for FHA case numbers assigned on or after April 1, 2013. The Fixed Rate Standard HECM pricing option currently represents a large majority of the loans insured through FHA’s HECM program and is responsible for placing significant stress on the MMI Fund. To help sustain the program as a viable financial resource for aging homeowners, the HECM Fixed Rate Saver will be the only pricing option available to borrowers who seek a fixed interest rate mortgage. Using the HECM Fixed Rate Saver for fixed rate mortgages will significantly lower the borrower’s upfront closing costs while permitting a smaller pay out than the HECM Fixed Rate Standard product, thereby reducing risks to the Mutual Mortgage Insurance Fund. Read FHA’s new HECM Mortgagee Letter.
If you would like more information about a reverse mortgage for you or your parents on a home located anywhere in Washington state, please contact me.
Does Santa qualify for a Reverse Mortgage?
December 5, 2012 by Leave a Comment
EDITORS NOTE: This post is a re-print of an article that I wrote a couple years ago. With the holidays upon us, I couldn’t resist the opportunity to share this again and also remind my readers that we do offer reverse mortgages at Mortgage Master Service Corporation.
If Santa and the Mrs. would like to add a steady tax-free income each month while he’s volunteering, making toys and traveling around the world, he may want to consider how a Reverse Mortgage could benefit their lives.
Reverse mortgages can be a financial tool for Seniors who would like to have access to additional funds. A reverse mortgage is essentially a loan against home equity for borrowers who are at least 62 years old.
Unlike a traditional mortgage where you make monthly payments, a reverse mortgage pays from your equity. Instead of paying down your balance every month, your loan is actually growing as it provides tax free income to the Senior. The mortgage is paid off when the last senior leaves the home. Here is a calculator to see how much cash you may qualify for utilizing a reverse mortgage.
Reverse mortgages are easy to qualify for as long as their is enough equity in the property:
- Youngest borrower must be 62 years of age or older.
- No income or credit score requirements.
- Counseling is required from a HUD approved agency (no cost to the borrower).
- Property must be the primary residence. (It does not need to be mortgage free).
In addition, reverse mortgages are non-recourse (the borrower can never owe more than the appraised value).
Santa and Mrs. Claus can use a reverse mortgage to:
- receive a lump sum of money (with no payments due until the last borrower leaves the home).
- receive a monthly tax free payment.
- purchase a primary residence.
The money can be used for anything they wish from bridging the financial gap between what they planned for retirement and the reality of retirement to vacationing or what’s on their Christmas list.
I’m pleased to be able to offer Reverse Mortgages and the Family Opportunity Mortgage programs both designed to help Seniors. Questions? Please contact me or your local Mortgage Professional.
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