Make you home to work for you in times of need(Part two).
If you need money on an urgent basis, which one is a better solution? Home Equity Loan or A Second Mortgage?
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Welcome to “Selling the Dream” – Real estate news and trends. I’m your host Dan Moyle with AmeriFirst Home Mortgage. Today is Friday, October 21st. This week in real estate and housing news … I want to share information with you to hopefully help your clients. Today we’re diving into what a “Renovation Mortgage Loan” is.
If your client’s dream home includes a modern kitchen … A cozy den with a place to read … or maybe a home theatre for movies or sports… you both may be left wondering how to make it happen. After all, you can’t take out a home equity loan if the home doesn’t have equity…
Here’s how it’s always seemed to work. Someone buys a fixer upper and puts “sweat equity” into it. This of course means they have to find the time to do the work (goodbye evenings and weekends), ask for help if they aren’t a builder, find the finances to pay for it (credit cards, store credit, slowly gathering cash, hope for a home equity loan) and keep the excitement of their dream alive during the whole ordeal.
Another option you may not realize even exists is a renovation mortgage. This option allows a borrower to take out money based on the after-improved value of the home directly in the mortgage. Here’s why this is so great: The finances are amortized into the mortgage so it’s affordable in monthly payments, it’s part of the low interest rate of the mortgage and the home buyer gets to pay for a professional to do the work correctly and timely.
With interest rates where they’ve been for the last few years, for every ,000 you roll into the mortgage you’ll only pay about more per month on your house payment. So if your client wants a ,000 kitchen upgrade, they can plan for about 0 more per month. Not too bad!
What are my renovation loan options?
Depending on the programs a lender offers, you have a few choices for financing your dream home remodeling goals. Here’s a look at a few popular options: FHA 203k Standard, FHA 203k Limited, HomeStyle Renovation.
The FHA 203k loans are essentially the same product, with differing requirements or allowable repairs. With this loan, you can borrow up to 96.5% of the appraised value – based on the value when the improvements or repairs are completed – to purchase (or refinance) a home and complete the renovations. A few key differences between the two are that the Limited 203k doesn’t cover structural repairs. Anything structural needs to be bumped to the Standard 203k. Also, the Standard 203k requires a HUD consultant on the loan. This person draws up the paperwork and works with the buyer and their contractors to get a write-up before the appraisal. The Limited 203k does NOT require a HUD consultant. And finally, there’s a cost difference. The allowable cost of renovations for the Limited 203k is ,000 MAX. If your repairs and renovations go above ,000 then you need to get into a Standard 203k loan.
The HomeStyle Renovation mortgage enables a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property.
With a 10% down payment you can add your taste & style to a house to make it your home with remodeling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle Renovation allows you to buy a home and fix it up, or refinance and remodel your current home.
As you can see, renovation loans can be a great tool to help you achieve your goal of a dream home. With so much information today, we’ll skip the marketing tips – after all … knowing about renovation loans should spur some marketing ideas for you.
That’s your “real estate news and trends” update for agents and Realtors for Friday, October 21st… Be sure to subscribe to our channel to get “Selling the Dream” delivered weekly to you. I’m Dan Moyle. Here’s to helping hopeful home buyers, together. See you on social!
Reference link: http://www.amerifirst.com/renovating
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AmeriFirst Home Mortgage 950 Trade Centre Way, Suite 400 Kalamazoo, Michigan 49002
AmeriFirst Home Mortgage is a home buyer’s resource center and community mortgage banker. We focus on educating homeowners and home buyers in the details of the housing market and more.
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HSBC provided £46.8bn in new loans to UK businesses and mortgage borrowers in 2012.
Antonio Simoes, head of HSBC in the UK, commented:
“Last year we continued to increase lending to both our business and individual customers, and our mortgage market share has continued to grow. We are committed to helping the UK economy recover by continuing to support our customers through the coming years.”
< things kind="application/x-shockwave-flash" style="size:425 px; height:355 px;" data ="// www.youtube.com/v/QJIASHGW6bw?color2=FBE9EC&version=3&modestbranding=1" >< param name="movie" value ="// www.youtube.com/v/QJIASHGW6bw?color2=FBE9EC&version=3&modestbranding=1"/ > If someone defaults on a bank loan, the process is essentially the like with the initial home loan. Discover just how a loan provider can foreclose on a 2nd home mortgage default with assistance from an economic professional in this cost-free video on mortgage help and personal financing.
Expert: Matthew McKillen
Get in touch with: www.innovativefg.com
Biography: Matthew McKillen has even more compared to 21 years of industry experience in setting up car loans for his clients.
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Zia Abbas with Salman Arif, Broker, Mortgage Alliance
Discussing what a “second mortgage” is and what it means for the property or properties you own.
And how to arrange for a second mortgage through a private lender. Video Rating: / 5
In This Episode:
The housing market in Canada, Australia, New Zealand, and a few others, barely took a dip during the housing crisis. It was a breather and escalated way beyond that. Home prices in the U.S. came down significantly and allowed the restoration of sanity to temporarily resume. Since the Financial Crisis, we have witnessed historically low interest rates which will absolutely keep this bubble going. But what happens when rates go up?
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WSJ rounds up who stands to benefit and lose the most whenever the Federal Reserve decides to raise interest rates.
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Hello, and welcome to Your Money 2.0. I’m Justin Lally, a reverse mortgage specialist at Cambridge Credit Counseling Corp. Over the next 20 years, over 70 million baby boomers will be entering a retirement, and if current statistics are correct, a large percentage of these individuals are woefully underprepared. According to reports from Reverse Mortgage Magazine, only 38% of baby boomers had saved enough to get them through retirement. Although that statistic in and of itself is unsettling, a review of the overall retirement landscape is even more startling. Approximately 78 million Americans have no retirement savings plans. The sad fact is social security will do little to accommodate the financial circumstances of retirees, and many may need to rely on the equity in their home for survival.
Some of you may be saying, “That’s what Social Security is for.” Well, Social Security was never intended to be the sole source of income for retirees. Social Security was created to provide retired persons and with the resources to cover basic expenses. When it was established, the average life expectancy was 65 years old; however, the average lifespan for Americans has increased by almost 30 years. Needless to say, this has compromised the effectiveness of Social Security. The average senior citizen receives ,000.00 a month for Social Security; however, their median annual expenses are ,000. The math alone tells us we must do far more to build appropriate retirement funds.
For those of you who are retired, or will soon be, there are financial tools available to help you if your retirement savings are lacking. A reverse mortgage enables homeowners who are 62 years or older to convert part of the equity in their homes to subsides retirement. The unique aspects of a reverse mortgage can provide much needed funding without having to sell the home, transfer title, or take on a new monthly mortgage payment. In essence, a reverse mortgage is a regular mortgage reversed – instead of the homeowner making payments to a lender; they receive money from the lender. Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits.
There are three types of reverse mortgages homeowners can choose from, each with its own purpose. A Single-purpose reverse mortgages is generally the least expensive, and restrictive option. These mortgages are offered by state and local government agencies and nonprofit organizations. As is indicated by their name, this type of reverse mortgage can be used for only one purpose, which is stipulated by the lender. Homeowners can also apply for a Home Equity Conversion Mortgages (HECMs) which are backed by the U. S. Department of Housing and Urban Development (HUD). And finally, proprietary reverse mortgages are private loans that are backed by the companies that develop them. The proceeds from a HECM or proprietary reverse mortgage can be used for multitude of options including supplemental retirement income, home repairs, meeting healthcare needs, preventing foreclose, and so on.
Before applying for a HECM, and some proprietary reverse mortgages, you must receive a counseling session as a condition of financing. The counselor must review additional options available to the homeowner, including home equity conversion options currently available. Furthermore, the counselor will discuss the financial implications of entering into a reverse mortgage, including tax consequences and the impact of a reverse mortgage on the homeowner’s estate. Most counseling agencies charge around 5 for their services, and the fee can be paid from the loan proceeds.
Just how much can a reverse mortgage add to your retirement portfolio? The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow. To learn more about reverse mortgages, please visit www.aarp.org/revmort, a website established by AARP’s Reverse Mortgage Education Project or contact your local HUD Certified Housing Counseling agency. Well, that’s it for this edition. As always, we welcome your feedback and ask for your thoughts and suggestions by e-mailing us at email@example.com. Thank you for watching. Until next time, I’m Justin Lally for Cambridge Credit Counseling. Video Rating: / 5
Want to know how much you would qualify for?
“How Does a Reverse Mortgage Work?” is clearly and simply explained in this short video. Completely understand HECM in 4 minutes.
Hi, I’m Deborah Nance and today we’re going answer the question – “How Does A Reverse Mortgage Work”
So here we go. First the lender must determine the loan amount. They will use a formula set out by FHA that takes into account the value of the home, the age of the borrowers and the current interest rates to determine the loan amount.
Once they know what you qualify for, then they will want to know how you would like recieve your loan funds. The closing costs of the loan will be rolled into the loan itself. This means you will have a starting balance equal to those costs plus any other funds you decide to take at closing.
Perhaps you have your home paid off and do not need to have all of the loan money right now. You could choose to take the loan proceeds in the form of TENURE, (a monthly payment for as long as you live in the home.) In this scenario, on the first of every month you would recieve tax free funds from the lender. Each month you would also recieve a mortgage statement showing you the prior month’s loan balance, the amount of the payment to you, the amount of interest and insurance charged and the new loan balance.
Or perhaps you would like to have all the loan funds ready and available as you need them, in a line of credit. In this scenario, you would receive a statement each month from the lender showing the existing loan balance, and the amount of funds previously available in a line of credit. The statement would also show any withdrawals you made from the line of credit the prior month and the new available line of credit.
One of the coolest features of this particular scenario is that the line of credit on a reverse mortgage grows over time. The amount available to you in a line of credit grows at a rate equal to the rate charged on the loan itself, plus 1.25%. So, a reverse mortgage line of credit in the amount of 0,000 today could be 4,000 plus next year. That is a great incentive to limit your withdrawals for emergencies building up the line of credit over time so that when you are 70,80, or 90 and really need the funds for home health care or other emegencies, you have more to draw from.
Another scenario would be to take all the money right now. Maybe to make a major purchase, like a second residence or investment property.
The last (and most popular) scenario is to combine the different payout options. Perhaps taking some funds at closing to payoff other debts and leaving the rest of the proceeds in the growing line of credit. It’s your choice. I have had clients who choose some cash, some line of credit and a tenure payment as well. It’s up to you.
If you currently have a traditional or forward mortgage, you can use the reverse mortgage to pay it off. In fact it is required by the lenders that any existing mortgages on the property must be paid off with the reverse loan proceeds..
You know the bank is going to make money on the Reverse Mortgage, right? They’re a bank, that’s what they do. I mean really!… they’re in those big tall buildings downtown and they are happy to make money off the millions of us living in our little home sweet homes.
Basically, the banks and investors are just very patient. They wait. They wait until you die, sell, or permanently leave the home due to medical reasons. Then all the funds that have been borrowed, plus all the accrued interest and insurance is due and payable. Usually the heirs will sell the home, payoff of the reverse and keep the change. But, if the home does not have enough value to payoff the balance, then what? This part is pretty cool….The reverse mortgage is a non-recourse loan. This means if the proceeds from the sale of the home are not sufficient to payoff the mortgage the bank has “NO RECOURSE” to the borrower (or their heirs) for the shortfall. So, the worst that can happen is that your kids get nothing from the home when you pass away.
Well that took a little longer than I thought, so thanks for sticking with me.I hope you found it to be helpful. I’d appreciate you leaving a comment and any other questions you might have in the comments section below. I’ll be answering more questions in the following weeks so don’t forget to Subscribe to my YouTube Channel and be notified when a new video is released.
If you want to know specifically what you or your parents might qualify for on a reverse mortgage, please click on the link below to provide me with the basic information needed for an analysis. You’ll have your numbers in no time at all!
The postings and opinions on this site are my own and do not necessarily represent the position of my employer.
Deborah Nance, NMLS#202003 Equal Housing Lender
To Retirees Just who Dream to-be Mortgage complimentary forever But incapable of Get Started
Are you about to retire but nonetheless have a large mortgage repayment in retirement?
what are Next Step?
Do you really know how to purchase the stock exchange while increasing your investment? No, people usually do not. Outside a monthly or weekly payment to their 401K, the average man or woman’s understanding of the monetary areas will be based upon the information and knowledge delivered to all of them by their companies.
Are you a specialist in buying the stock market?
If not, dont be discouraged. It is not your fault you aren’t an expert. It will take years of research and training and thats everything you pay a professional for, to deal with your assets even in the event it’s your 401 k.
Without a clear objective and objectives you might be bound to lose finances even if you are handling your own money or having an expert control your nest egg.
If you wish to grow your web well worth rapidly with an investment you’ll understand relatively well and get a grip on, then real-estate remains among the best opportunities you could make. And even if for example the residence value falls there’s no reduction to you and in case you hold this for a long time the worth will increase once again and you also return your entire gains.
What Happens if your home loan Is Paid Off Early
We are normally required into believing that people have to pay down our mortgages over 30 years or longer and thats just the way it really is supposed to be. But do you know making use of a system like home loan free for a lifetime can accelerate the method, without altering your chosen lifestyle?
Paying extra to your mortgage key on a monthly basis or biweekly is certainly one solution to eradicate your home loan quicker and reduce home loan interest.
But this involves some sacrifice from you. Your extra money happens to be being applied to your home loan in the place of you using these resources to spend or save your self disaster funds for the rainy time.
Are you in a fortunate circumstance where you can regularly spend much more towards your mortgage key monthly?
Dont forget that however wish to pay-off your home loan faster it creates monetary feeling to possess a well-balanced profile and invest during the same time
Do you know as you are able to expel your home loan faster without investing a lot more of your personal money and make use of the excess money you have got for investment purposes and at once be home loan free for life?
Accelerate Your Mortgage Payoff
Paying off your home loan in less than half the full time is very easily accomplished by utilising the mortgage no-cost for life system.
The home loan speed procedure addresses the truth that banks and financing establishments front load your loans with rates of interest, very high passions rates sometimes.
Using a mortgage acceleration system like Mortgage Freedom for life, you could effortlessly save thousands in interest in place of spending this into lender. And you can cut your home loan, and spend this in record time.
Making use of a financial calculator, a professional can show you tips accelerate your home loan.
Of program there clearly was a hidden system behind the home loan free for life program.
A HELOC (Home Equity credit line) is the secret to repay your mortgage and residing home loan no-cost for a lifetime.
Since the HELOC is very reasonable since the prime interest is reduced, within market the rate on your own HELOC is below your mortgage price. By utilizing your HELOC as a checking account you can make the most of this low-rate and instantly repay your home loan 15 years faster without a modification of your finances
You may be tempted to re-finance your mortgage to drop your monthly obligations. It seems sensible to do this as soon as your mortgage rates have dropped. By refinancing it generally does not make any difference toward term associated with mortgage. The home loan needs to be repaid.
Life Without A Mortgage
One explanation to repay your home loan is always to make use of the equity in your home to fund your children university training.
An simple way to make a stream on month-to-month passive earnings is by using the equity at home to finance the down-payment of a good investment property. The rental you can earn through the home might be regularly pay the home loan about this investment residence in addition to extra could be passive earnings within pocket.
Take action using Mortgage complimentary for a lifetime Program. It will be the best financial investment there is to cut many years off your property without spending more or altering your chosen lifestyle.
If you are a senior, who thinks that it is not that important, which reverse mortgage interest rate you select, because nothing will be paid back during the running time, please change your attitude right away! The interest rate is one of the costliest element in the final costs.
1. The Longer The Running Time, The More Difficult Is The Predict The Rates.
The interest rate is the cost of the money, which the lender uses to pay his interest rate, the operating costs and the profit. The central banks regulate the economy with the interest rate. When the rate is low, the borrowers take more loans and when it is high, the demand of the loans decreases. The loan amount influences on the operating costs of the borrowers and thus to the whole economy.
We can quite sure say, what is the reverse mortgage interest rate for the next year, but it is quite difficult to predict the average rate for 20 years, for example. Here also the history is not a good source of prediction, which we have seen during the finance crises, for instance.
The longer is the running time of the reverse loan, the more difficult is to predict the development of the economy and thus the interest rate. But if the borrower uses his or her own, strong idea of the rate development, then he may trust on that.
2. The Variable Rates And The Risks.
the variable rate means, that the rate follows some index during the running time of the loan. This means, that the rate can exceed the fixed rate alternative, but also be below that. This rate is for a risk taker, who trusts that the market rates work better, than the fixed rates.
3. The Fixed Rates And The Risks.
The good feature of the fixed rate is, that the borrower knows in advance, how much the rate will be for every single year of the running time. This helps the financial planning and gives quiter nights. If the borrower is interested, he can calculate afterwards, what would the difference have been between the variable and fixed rates.
4. Remember, That You Pay Interest On The Top Of The Earlier Interests.
Because with the reverse loan nothing will be paid back during the running time, all costs will be accumulated. This means, that the total loan amount includes the original capital, all earlier interests and costs and fees. So the borrower pays interest, which is calculated every year, or month, based on the total loan amount, which he owes.
5. Trust On The Idea, Which Fits To You.
Because nobody can say, what reverse mortgage interest rate is better for the whole running time, the solution to select one is to trust on your own idea. If you want the risk free alternative, then your choice is a fixed rate, but if you think, that the variable market prices fit to you, then the variable alternative is for you. It is wise to talk with the reverse loan counselor or your bank manager to get the expert view also. However, the responsibility is always with the borrower.
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plural noun: interest rates
the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
“reduced interest rates encourage people to spend money on home improvements”
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