Posts Tagged ‘Delaware’
Sunday, September 12th, 2010
On July 13, 2010, HUD published the revised HECM Counseling Handbook. The new protocol expands existing requirements to which counselors must adhere during HECM counseling sessions. Additional new requirements help to ensure that senior borrowers thoroughly understand the Reverse Mortgage transaction.
Effective September 11, all borrowers should have in their possession the following five documents PRIOR to scheduling their counseling session:
1. Preparing for Your Counseling Session
2, Amortization Schedule
3. Use Your Home to Stay at Home
4. Total Annual Loan Cost (TALC)
5. Reverse Mortgage Comparison
********************************************************
For a free informational package on reverse mortgage programs,
call Sam Collins, Delaware Financial, 877-266-9500 toll-free.
********************************************************
For more information or to ask a question, you can email
Sam by using the contact form at the top of this page.
********************************************************
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
Tags: Amortization, Amortization Schedule, Black Swan, Borrowers, Counseling, Counselors, Delaware, Free Calculator, Godfather, Hecm, Home Watch, HUD, Informational Package, Mortgage Comparison, Mortgage Programs, Mortgage Transaction, Pirates Of The Caribbean, Possession, Protocol, reverse mortgage calculator, Reverse Mortgages, Sam Collins, September 11, Stranger Tides, Swan
Posted in Uncategorized | No Comments »
Saturday, July 31st, 2010
A reverse mortgage - recouping your Real Estate savings and investment
by Sam Collins
home equity from two distinctly different processes, and in most cases both.
The first process is amortization and the second is appreciation. When you combine both of these processes, time will help you build a valuable savings and investment machine.
First, amortization works like this: for example you bought your home for $100,000 with a 20% down payment and you borrowed the difference of $80,000. Over the course of the term of the mortgage, you make your monthly payments. Over time, you continue to reduce the mortgage balance and at the same time your home equity is building. At the end of few years, you now have a $100,000 in equity. So in reality, amortization looks a lot like savings.
Next, appreciation mirrors more like an investment. Investments have a tendency to go up and down over a period of time, but in most cases the investment will grow if you retain it long itself. In reality appreciation is a lot more fun than amortization, because we know that many times the appreciation will grow even faster than amortization, but not always.
When you combine amortization and appreciation, the result is home equity. It is this home equity that makes home ownership such a good investment. It’s one of the very few investments you can make that return both a place to live and a place to leverage.
If you have built up home equity, now may be the time to see if you can put that home equity to work for you with a reverse mortgage. Want to know more….
********************************************************
For a free informational package on reverse mortgage programs,
call Sam Collins, Delaware Financial, 877-266-9500 toll-free.
********************************************************
For more information or to ask a question, you can email
Sam by using the contact form at the top of this page.
********************************************************
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
Tags: Amortization, appreciation, Boating, Delaware, Divx, Estate Savings, Fun, Hd, Home Equity, Home Ownership, Informational Package, Investing, Investment Investments, Ipod, Leverage, Lot Like, Mirrors, Mortgage Balance, Mortgage Payments, Mortgage Programs, Packag, Paranormal Activity, Period Of Time, Real Estate, reverse mortgage, Sam Collins, Savings And Investment, Tendency
Posted in Uncategorized | No Comments »
Monday, May 17th, 2010
Finally, I can now qualify for a reverse mortgage!
Post by Sam Collins
Last December, I was contacted by a senior couple who applied for a reverse mortgage. Their primary goal for doing the reverse mortgage was to rid themselves of two mortgages totaling around $90,000. Mrs. Z, wanted to fully retire and did not have to worry about working. Mr. Z was unable to work, because of severe arthritic joint pain.
We took the application and ordered the appraisal. Unfortunately the home value came in around $10,000 less than we expected. This unexpected drop in value, left the loan shortfall. Shortfall is when there is not enough equity (based on appraised value) to cover the amount of money owed on the residence. In the case of Mr. & Mrs. Z the shortfall was around $3800 and they did not have enough reserves to cover the difference. Therefore, unfortunately we were unable to do their reverse mortgage in December.
Finally, some good news. About a month ago, we announced several changes in our programs. Our fixed rate HECM (reverse mortgage) program, no longer has a service fee set aside in it’s calculations, thereby yielding around $4500 more to Mr & Mrs. Z. Plus, our fixed mortgage program no longer has an origination fee, thereby yielding another $3000 for Mr. & Mrs. Z. The bottom line new calculation resulted in Mr. & Mrs. Z yielding about $3400 in cash, plus being able to pay off their two mortgages and eliminating their mortgage payment, yielding an additional cash flow of $12,000 per year.
Finally, some good news for seniors who may have had a shortfall in the past.
**************************************************
For a free informational package on reverse mortgage programs,
call Sam Collins, Delaware Financial, 877-266-9500 toll-free.
********************************************
For more information or to ask a question, you can email
Sam by using the contact form at the top of this page.
**********************************************
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
Tags: Amount Of Money, Amp, Bottom Line, Cash Flow, Delaware, Fixed Mortgage, Fixed Rate, Hd, Home Value, Informational Package, Joint Pain, Mortgage News, Mortgage Payment, Mortgage Program, Mortgage Programs, Mortgage Qualify, Mortgages, Origination Fee, reverse mortgage, Sam Collins, Seniors, Shortfall
Posted in Uncategorized | No Comments »
Saturday, May 8th, 2010
Senior Homeowners are real winners when doing a HECM reverse mortgage?
post by Sam Collins
One of the very first questions I am asked when meeting with my senior homeowner clients is, “Why are the closing costs to do a reverse mortgage are so expensive?” Thanks to recent changes within the reverse mortgage lending community, senior homeowners can now enjoy a much lower than ever expected costs to do a reverse mortgage.
Specifically most of the recent changes have affected the fixed rate HECM product. Most lenders have eliminated the service fee aside and some have eliminated or reduced origination fees. The bottom line is this; some of the highest cost associated with doing a HECM fixed mortgage have been significantly reduced.
The winner with all these changes are senior homeowners. Why? Because these reduced cost measures mean more money in the pockets for senior homeowners, making a good deal ever better.
**************************************************
For a free informational package on reverse mortgage programs,
call Sam Collins, Delaware Financial, 877-266-9500 toll-free.
********************************************
For more information
or to ask a question, you can email
Sam by using the contact form at the top of this page.
**********************************************
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
Tags: Bottom Line, Closing Costs, De Emma, Delaware, Fixed Mortgage, Fixed Rate, Free Calculator, Free Watch, Hd, Hecm Reverse Mortgage, Hornet, Human Resources Manager, Informational Package, Lenders, Measures, Money, Mortgage Lending, Mortgage Programs, Movie Download, Origination Fees, Pockets, Psp, reverse mortgage calculator, Reverse Mortgages, Sam Collins, senior homeowners, Seniors, Thor
Posted in reverse mortgage information | No Comments »
Sunday, May 2nd, 2010
I’m 77 Years Old & I Have No Electricity!
Post by Sam Collins
The perfect storm! You are retired, living on social security and a very small pension. The electric company knocks on your door and informs you the electric is being turned off in 30 minutes! Oh my!
Last Thursday, I received a call from a frightened daughter, who explained to me the scenario just described. Her Mom was desperate because her electric had been turned off. The only glimpse of hope was her Mom owned her home with no mortgage, “Could I help them with a reverse mortgage?”
My team sprung into immediate action to visit with the daughter and her Mom that evening. With flashlight in hand, I completed an application and by noon the next day, the daughter and her Mom had taken HUD counseling.
The next day we attempted to help get the electric turned back on in the house. Unfortunately, there was over $6000 past due. Not to detail it all, the Mom had been very benevolent and found herself in a pickle, unable to pay her electric. To top things off the house needs some repairs, but nothing that cannot be solved with a reverse mortgage.
Thanks to her daughter, her Mother will be able to stay with her, why we continue to work with social services to restore her electric. I feel confident we will have things on track soon, electric restored; Mom back in her home where she wants to live without worry! Yes, a reverse mortgage can help and improve seniors lives!
**************************************************
For a free informational package on reverse mortgage programs, call Sam Collins, Delaware Financial, 877-266-9500 toll-free.
********************************************
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
Tags: 30 Minutes, Amp, Delaware, Electricity, Email, Flashlight, Glimpse, HUD, Informational Package, Last Thursday, Lawyer, Mom, Mortgage Help, Mortgage Programs, Perfect Storm, Pickle, reverse mortgage, Sam Collins, Seniors, Social Security, Social Services
Posted in Uncategorized | No Comments »
|
|
