Posts Tagged ‘Mortgage Banker’
Saturday, December 26th, 2009
It’s not to late. Act before December 31, 2009!
The open season for selecting or changing medicare supplemental plans began Nov. 15 and ends Dec. 31. The number of Medicare drug plans varies from state to state, from a low of 39 in Alaska to 53 in Pennsylvania and West Virginia. In the District, there are 45 drug plans, with monthly premiums ranging from $11.60 to $99.90. Maryland seniors can choose from 45 plans with premiums from $11.60 to $120.20. In Virginia, there are 44 plans with premiums from $16.30 to $97.90.
Medicare’s easy-to-use “plan finder” allows seniors to plug in their medications and see which plan would have the lowest overall annual costs. But many seniors are uncomfortable going online or unable to use computers to sort through the different policies. Last year, only 688,000 seniors, or 2.5 percent, went online to enroll in Medicare drug or health plans. The rest did it the old-fashioned way: by telephone or letter.
Only an average of 7 percent of the 17 million seniors on Medicare drug plans switch plans each year, according to the Centers for Medicare and Medicaid Services, the federal agency that runs Medicare. Experts on Medicare say this suggests that millions of beneficiaries could be paying more than they should for their drug coverage.
It’s not too late, check out your coverage and compare it to other plans.
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For more information or to ask a question, you
can email by using the form at the top of this
page or contact me at the email below.
**********************************************
If you want to see how much you qualify to receive,
for your reverse mortgage, you are welcome to use our
Free reverse mortgage calculator: http://www.seniorsrighttoknow.org/calculator.html
Sam Collins, President, Senior Advisor
Delaware Financial Capital Corp.
Licensed Mortgage Banker, DE, MD
Licensed by the PA Dept. of Banking
info@delawarefinancial.com
Tags: Centers For Medicare And Medicaid, Centers For Medicare And Medicaid Services, December 31, Drug Coverage, Email, Medicaid, Medicare, Medicare Drug Plans, Medicare Experts, Medicare Medicaid, Mortgage Banker, reverse mortgage calculator, Sam Collins
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Tuesday, December 15th, 2009
Is a Reverse Mortgage Right for You?
post by Sam Collins
Daily I am asked the question, “Should I do a reverse mortgage, and if so, is it the right thing for me ?”
My answer is not always what my clients want to hear, because quite frankly there is no one answer. Why? Because everyone is different. Yes, we all have different wants and needs. We could put 10 clients in a room and I guarantee you we would have 10 different perceptions of what they want and need. This is good, because if we were all the same then life would be very boring for us all.
If you follow these steps, you will be able to answer, if a reverse mortgage is right for you?:
1. Be sure to read the facts about reverse mortgages, (this web site will tell you a lot)
2. Learn the truth, don’t accept hearsay.
3. Request information from a trusted reverse mortgage professional. If you are not comfortable them, get someone else.
4. Do a budget to see where your money is going?
5. List all your assets to make sure you are currently using them properly.
6. Consult with an advocate or family member.
7. Ask yourself if you are going to be staying in your home for an extended period.
8. Is there a chance your finances might change soon?
9. Would it be better to sell or move to a smaller home?
10. Make sure the program you choose works for you.
These are just a few choices for consideration. You may think of others. If you have any further questions please let me know.
*********************************************
For more information or to ask a question, you
can email by using the form at the top of this
page or contact me at the email below.
**********************************************
If you want to see how much you qualify to receive,
you are welcome to use our Free reverse mortgage
calculator: http://www.seniorsrighttoknow.org/calculator.html
Sam Collins, President, Senior Advisor
Delaware Financial Capital Corp.
Licensed Mortgage Banker, DE, MD
Licensed by the PA Dept. of Banking
info@delawarefinancial.com
Tags: Advocate, Assets, Budget, Choices, Delaware, Family Member, Free Calculator, Mortgage Banker, myths, reverse mortgage calculator, Reverse Mortgages
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Monday, August 10th, 2009
post by Sam Collins
I often find when I visit folks in their homes they are concerned about how much money they will receive from their reverse mortgage?
This is a question you should ask, since one of the many reasons for considering a reverse mortgage is exactly that; “show me the money!”
Here are the 4 basic ingredients that determine how much money you will receive with your reverse mortgage:
- Your age. The older you are the more money you will receive from your reverse mortgage. Don’t forget you must be at least 62 or better.
- Current interest rates. Interest rates are like a yo yo and can vary up and down, however, it stands to reason the lower the interest rates, the more money you will recieve.
- Home value. The value of your home is determined by an FHA appraisal. The amount of money you receive is based on either the appraised value or the maximum FHA loan limit in your county, whichever is lower. Currently FHA loan limit for a HECM reverse mortgage is $625,500 nationallly and is subject to change.
- Amount you owe. If you have a current mortgage, the amount you receive in your pocket will be lessened by that amount. For example, if it is determined you will receive $200,000 and you owe $50,000, then you will net the difference or $150,000. This is a good thing for you, since you will no longer have the payment you were incurring on the $50,000 mortgage, plus you the $150,000 to use however you wish.
If you want to know how much money you can receive, just contact me below or use the form at the top of the page to submit a question,
For more information on reverse mortgages you can email a question by using the form at the top of the page or contact me at the email below.
Sam Collins
Delaware Financial Capital Corp.
Licensed Mortgage Banker, DE, MD
Licensed by the PA Dept. of Banking
scollins@delawarefinancial.com
877-266-9500
Tags: Amount Of Money, Current Interest Rates, Current Mortgage, Delaware, Fha Appraisal, FHA Loan Limits, Hecm, Hecm Reverse Mortgage, Home Value, How Much Money, Information On Reverse Mortgages, Maryland, Mortgage Banker, Mortgage Md, Pennsylvania, reverse mortgage, Show Me The Money
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Saturday, August 8th, 2009
post by Sam Collins
When nearing retirement or while in retirement, you will perhaps start to ask yourself whether you should stay in your current home or consider moving. This question seems more prevalent as many move into their 70’s and later.
Most seniors are seeming to settle on staying put, according to a recent survey by the Home Safety Council, a nonprofit organization dedicated to preventing home-related injuries.
Staying put makes economic sense. It is not only more comfortable to live out your life in your own home, it’s much more affordable. Even if you consider downsizing, the housing market makes it difficult to consider a latteral move or even a move that might net you out additional cash.
However, staying in your home as you grow older, increases the chance of a safety issue, such as a fall. Consideration should be given to equipping your home with the proper safety equipment and modifications. Considering the cost of assistant living facilities ranging from $34000 to $70000, it might be worthwhile to hire a professional to safety fit your home.
A great place to visit is the Home Safety Council’s site, MySafeHome.net. While you are there consider taking a tour which points out the possible dangers. Many of the changes the site suggests are simple and inexpensive, like removing area rugs and installing brighter bulbs in hallways.
For more information on reverse mortgages you can email a question by using the form at the top of the page or contact me at the email below.
Sam Collins
Delaware Financial Capital Corp.
Licensed Mortgage Banker, DE, MD, PA
scollins@delawarefinancial.com
Tags: Area Rugs, Assistant Living Facilities, Bulbs, Capital Mortgage, Delaware, Delaware Mortgage, Economic Sense, Email, Fall Consideration, Hallways, Home Safety, Housing Market, Information On Reverse Mortgages, Mortgage Banker, Nonprofit Organization, Proper Safety Equipment, Retirement, Safety Council, Safety Issue, Sam Collins, Seniors
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Sunday, August 2nd, 2009
post by Sam Collins
 You’ve worked hard all your life to build up equity in your home. Now you are going to reap the benefits of your hard work. Congratulations!
Borrower Requirements:
- Age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Participation in a consumer information session given by an approved HECM counselor
Mortgage Amount Based On:
- Age of the youngest borrower
- Current interest rate
- Lesser of appraised value or the FHA insurance limit
Financial Requirements:
- No income or credit qualifications are required of the borrower
- No repayment as long as the property is the primary residence
- Closing costs may be financed in the mortgage
Property Requirements:
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes ; fee simple
- Meet FHA property standards and flood requirements
For more information on reverse mortgages you can email a question by using the form at the top of the page or contact me at the email below.
Sam Collins
Delaware Financial Capital Corp.
Licensed Mortgage Banker, DE, MD, PA
scollins@delawarefinancial.com
Tags: 62 Or Older, Capital Mortgage, Closing Costs, Condominiums, Consumer Information, Counselor, Credit Qualifications, Current Interest Rate, Email, Fha Insurance, Fha Requirements, Flood, Hecm, HUD, Information On Reverse Mortgages, Information Session, Mortgage Amount, Mortgage Banker, Reverse Email, reverse mortgage, Sam Collins, Seniors, Single Family
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