Mortgage rates seem to be steady (or stuck!) in the same range since early April. Check out my latest Mortgage Rate Update to get the details.
If you’re thinking about buying, selling, refinancing or remodeling your home, please contact me! And don’t forget, we have our Reverse Mortgage Workshop this week on Thursday, “Retire Like a Boss”. This is a virtual event from noon-1pm so you can grab a lunch, your laptop and learn more about this tool for a comfortable retirement!
Mortgage Rate Update for the Week of May 19, 2025
May 19, 2025 by Leave a Comment
Join Me! Retire Like a Boss: Reverse Mortgage Workshop
May 8, 2025 by Leave a Comment
Grab a lunch and your computer to learn more during our one-hour workshop where we discuss reverse mortgages. Whether retirement is on the horizon for you or if you’re wanting to learn about possible options for your parents, this workshop will help answer questions and address common misconceptions about the modern reverse mortgage.
I’m hosting the event along with Charles Butler, Retirement Mortgage Advisor – NMLS#2262315.
When: Thursday, May 22, 2025 from 12:00 – 1:00 pm PST.
Click here to RSVP or scan the QR code below. [Read more…]
Mortgage Rate Update for the Week of May 5, 2025
May 5, 2025 by Leave a Comment
How are mortgage rates doing after the conflicting jobs data last week?
Will the Fed lower rates on Wednesday? (Spoiler alert – the Fed does not directly control mortgage interest rates).
What’s going on with federal student loans?
And an announcement on our upcoming webinar “Retire Like a Boss” on this week’s episode!
How King County Senior Citizens Can Reduce Their Property Taxes
October 25, 2024 by Leave a Comment
As the October 31 property tax payment deadline nears, King County Assessor John Wilson has a clear message for seniors: Take advantage of the county’s property tax relief program, which is designed to help seniors reduce their tax burdens and stay in their homes longer.
Thanks to recent legislative changes, the property tax relief program is now accessible to even more seniors. The income threshold has increased to $84,000, making many more residents eligible for a tax exemption that could lower their property taxes by as much as 90%. [Read more…]
Searching for your Dream Home? Consider a Renovation Mortgage.
May 5, 2024 by Leave a Comment
If you have been finding the current lack of inventory a challenge, you may want to consider a renovation mortgage. A renovation mortgage (or rehab loan) allows you to finance improvements to the property beyond the sales price of the home. The renovations begin after closing and there are no restrictions on the types of improvements. You can even use this on your existing home as a refinance if you love your location and neighbors and just want to make changes to your home. [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…]
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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