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User Name:
Terry Dyer
(member since 9/2/2007)
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0 Questions and 5 Answers
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Hi Brightcloudy, All persons on title to the home must be over 62yrs old AND the loans (FHA) are ...
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Hi Brightcloudy, All persons on title to the home must be over 62yrs old AND the loans (FHA) are considered owner occupied therefore all people on title need to live in the property. What many of our clients do is to modify/create a will (you may want to get one in conjunction with a trust if you haven't already) and through the will establish the future title/dispostion of the property. Best, Terry J. Dyer President All American Reverse Mortgage 800-201-0343 x 227 terry@jettfi.com
Hi Elida, You of course can sell you home after getting a reverse mortgage however...because the ...
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Hi Elida, You of course can sell you home after getting a reverse mortgage however...because the closing costs are relatively high on these loans it rarely makes sense to get a reverse mortgage if you are able to afford the payments (if any) and other costs when you are planning on moving within 5yrs. If however getting a reverse mortgage would enable you to stay in you home and that is you desire but for the expense and you can see yourself staying there for the forseeable future then perhaps an reverse mortgage is appropriate. Best, Terry Dyer President All American Reverse Mortgage 800-201-0343 x 227 terry@jettfi.com Lic. CA,AZ,WA,IL,OR,FL
This is a frequent question that is addressed considering a reverse mortgage. In the end only the h...
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This is a frequent question that is addressed considering a reverse mortgage. In the end only the homeowner can decide which is best for them and their family. Most of the time however our clients have lived in their home for quite some time. Often they have raised families, have done inumerable improvements, have strong ties to the immidiate community, and the comforting feeling familiarity brings. My point is when considering moving as a "$$" decision it is impossible to put a dollar figure on those things I mentioned. Then of course the cost of moving is high. As a licensed R.E. Broker (CA DRE Lic. 01144254) it is my experience that most sellers prefer an established real estate firm/agent when selling their property. This being said plan on paying a 5% commission on the sales price of the home so a $400K home would be $20K+/-. Plus the closing costs and the cost of getting the home ready to sell. In this market the house that sells best is the one that is virtually perfect in appearance and priced below other similar properties in the area. So how much money will it cost to get the house "ready" to sell? Then there are the costs associated with the move. Because most people would be moving into a smaller space there are also the "what do I do with my stuff" questions. Storage for a couple hundred dollars a month? Of course one has to consider the frustration of trying to find a new place to live....and the cost. Don't forget about possible tax consequences of selling the current residence. You probably have lived in your house for 2 of the last 5 years which means that up to $500K of gain is tax free for two people assuming both have been on title. Only $250K is tax free if only one person has been the resident and on title for 2 of the last 5 years. So what if any tax consequences will there be on the sale? Of course if you are living in a large home (large to you) and it is too much to maintain then moving might make a lot of sense. Perhaps moving to be closer to family or for other ease of living issues makes good sense too. At the "end of the day" however when it just comes down to which decision is best based on affordability then there are several issues to consider. Best, Terry Dyer President All American Reverse Mortgage 800-201-0343 x 227 terry@jettfi.com Lic. in CA,AZ,OR,WA,FL,IL
Hi Bill, The origination fee is negotiable but mostly in states like California where the FHA len...
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Hi Bill, The origination fee is negotiable but mostly in states like California where the FHA lending limit is $367,790 and borrowers pay upwards of $7,200 when using the larger lenders. Fortunatly borrowers have options and should always ask 3 lenders if they will offer to discount the fee. With the larger lenders the loan officer often does not have the flexibility that we smaller lenders have. Best, Terry Dyer President All American Reverse Mortgage 800-201-0343 x 227 terry@jettfi.com CA,WA,IL,FL,OR,AZ
Hi Barbara, When getting a reverse mortgage on a manufactured home there are 3 essentials that ne...
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Hi Barbara, When getting a reverse mortgage on a manufactured home there are 3 essentials that need to be established; 1. Date of build..must be post 6/76 2. Must be permanently attached to a foundation... 3. You must own the land on which it sits. We are doing some manufacturd homes that are in parks that have been converted to condominiums as well. The other thing that you mention is that your home is on 3 acres of land. When and if the property is considered rural or when comprable properties are not available it also makes the approval process difficult. When getting a reverse mortgage most lenders (except me) ask you to pay for the appraisal up front. Unfortunately you cannot get an approval on a reverse mortgage without the appraisal so in some instances with there being a question about a property the applicant might be better off having an experienced agent review the property prior to the investment. I am happy to help with any questions regardless of which company you choose. Best, Terry Dyer President All American Reverse Mortgage 800-201-0343 x 227 terry@jettfi.com
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