When the first Camaro debuted, Baby Boomers were teenagers. Today, they’re retiring with more wealth than any preceding generation. What could be better than driving a Camaro, eating at Bob’s Big Boy and enjoying a drive in movie? Well…. Those days are long gone, but Chevy has made reintroduced the Camaro and for those of us with excess cash, even from a reverse mortgage consider the possibilities. Press the play button to watch CarTV.com’s interview with the car affecianado and late night talk show host:
Sunwest a mortgage company located in California, has introduced their own proprietery reverse mortgage called the Cash Keeper. Seniors can use this loan for 2nd homes, oh my! Sunwest says, “This special type of home loan lets homeowners convert a portion of his or her home equity into cash providing for a secure financial future. Without selling the home, giving up title, or taking on a new monthly payment senior homeowners have the benefit of maintaining a lifestyle they have earned. The money from the reverse mortgage provides seniors with the financial security they need to fully enjoy their retirement years.”
Cash Keeper™ Features:
If you are in a position to take a loan, I would surmise that the best loan has the most benefits. Of course you want to strive for the best interest rate, lowest fees and best general terms but everyone wants perks. Perks like a a gift card, or cash or even a trip are all nice, but the biggest perk of all is the ability to deduct interest paid. I came across an insightful question in the San Francisco Chronicle asking whether or not Reverse Mortgage interest is deductible or not: (more…)
Florida’s top reverse mortgage lenders thru April 2007. Look for Wells Fargo’s lead to fall as the year goes on with Bank of America and Countrywide making noise at the party.
Statistics don’t lie, however they can be used in many aspects to tell the story the author wants you to understand. Think of these two headlines for instance. One in three Dallas Cowboy fans are overweight. Now take the same data and read the headline, Dallas Cowboys’ fans lead the country in health and fitness at over 66%. An interesting piece in The Call, illustrates that African Americans are more likely to accept unfavorable lending terms than others. The data presented tells a unique story. Judge for yourself and consider the data when applying for a Reverse Mortgage.
Predatory lending has faced severe public scrutiny in recent months. The federal government, as well as subsequent state legislatures, have passed legislation designed to protect American consumers from predatory lending practices. Community organizations, including ACORN, have followed suit — launching campaigns and studies to examine these practices. Unfortunately, Africans Americans fall victim to higher interest rates in every sector of the finance industry — albeit auto, home mortgages and personal (payday/title) loans. Read Entire Article
None of us would like to run out of gas in the middle of the road, where the gas station is miles away and there is no one present to aid us. The inconvenience is unthinkable more so if you’re only minutes away from home. And in Texas, the possibilities of being that far from fuel is a real one.
This same idea can be compared to a state of being financially challenged in our Golden years, wherein every single minute should be filled with lavish assortment of spa-like treatments and continuous dosage of rest and relaxing activities. But without the dough, how can we afford this ideal lifestyle?
The answer is to liquidate your assets to gain substantial amount of cash, and to accomplish this you can choose the Texas Reverse Mortgage. Now, what exactly is this plan? We will soon find out!
The Texas Reverse Mortgage is a cash loan for Texan seniors wherein the equity in their homes is liquidated as either one lump sum, equal monthly payments, through increasing credit line or a combination of all three which is effective as long the debtor still resides in their home. Equity being the value of the property minus the owner’s outstanding mortgage.
When we retire, the only thing that concerns us is to have a peaceful and relaxing day in your own house but how can you do this if your only source of income is your pension and you have tons of bills from hospitals and other maturing debts that you have to pay?
The answer is Wells Fargo Reverse Mortgage because it is not just a typical loan Wells Fargo Reverse Mortgage will be the one who will give you the money instead of the other way around and the requirements is simple, you just have to be 62 and above and be the owner of a house that has met the minimum property standards of The Department of Housing and Urban Development (HUD).
There are many benefits in getting a Wells Fargo Reverse Mortgage. First, as we pointed out earlier the lender will be the one giving you money. Wells Fargo Reverse Mortgage will turn your house into a source of income rather than it giving you additional expenses. Instead of having an idle investment (your house) you will be able to convert it to money trough Wells Fargo Reverse Mortgage. (more…)
Reverse home mortgage is the transfer of possession of a property by the reverse home mortgagor to the reverse home mortgagee for a particular consideration. The agreement incorporates the right of the reverse home mortgagor to redeem the property by paying the principal amount received during the transfer of possession. The contract also provides for the right of the mortgagee to collect income from the property to serve as interest for the money loaned to the reverse home mortgagor.
Contemporary reverse home mortgage evolved to provide incentives to banks to forward full payment without violating any law. There are two alternative actions. First, the bank buys the property and pays for it in full. It then acts as tenant collecting payment that is higher than the original purchase price to gain profit. Second, the bank makes full payment then resells the house at a higher price to gain profit. These alternatives benefit both the buyers and banks because the buyers do not pay interest with the banks gaining profit for their part in advancing full payment. This involves trust, payment of higher price by the buyer and non-imposition of an exorbitant price by banks.
Popular misconceptions regarding reverse home mortgage often stem from the assumption that it is a commodity, where prices alone equilibrate supply and demand. In fact, unlike most market debt transactions, which can largely be summarized in terms of prices and quantities, reverse home mortgage is a highly complex contract. This is because reverse home mortgage entails a promise to repay principal and interest on a loan or advance. It is a promise whose fulfillment is by its nature uncertain and will differ among the mortgagors. Key features of reverse home mortgage include different things such as quantity advanced; specification of interest, whether fixed or variable in relation to a benchmark rate; specification of maturity; collateral that the mortgagor must provide as security, if any; specification of the circumstances in which the reverse home mortgage is in default, thus giving the tender the right to seize the mortgagor’s assets. In the simplest case this will be failure to pay interest or principal; specification of the law under which default is to be adjudicated; specification of the seniority of the claim; pledges in relation to further borrowing, for example the lender can insist no further debt be incurred, or no further debt senior to it; any furthe (more…)
As if the prospect of $4 gasoline, communicating with the Social Security Administration and droves of American jobs being outsourced overseas wasn’t enough, Baby Boomers must not seriously guard their nest eggs from get rich quick schemes that abound.
The Chicago Tribune focuses on such scoundrels, giving particular attention to a gentlemen that “pied pippered” nearly $50 million from 500 seniors looking to pad their retirements. (more…)
Texas’ top reverse mortgage lenders thru April 2007. Look for Wells Fargo’s lead to fall as the year goes on with Bank of America and Countrywide making noise at the party.
