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HUD/FHA Reverse Mortgage Guide

Included in your reverse mortgage guide:

  1. 28 Page FHA Reverse Mortgage Guide. Gain complete understanding of the reverse mortgage.
  2. How to Avoid Five Costly Mistakes. Learn to easily avoid these pitfalls and save thousands in your home’s equity.
  3. Reasons Not to Get a Reverse Mortgage. Learn the three reasons avoiding the reverse mortgage may be the correct choice.
  4. Four Cash Out Options and which may work best for you to maximize your financial future.
  5. 7 Myths debunked. Get the right information – not misinformation.
  6. How benefits of program may be shrinking soon…
  7. New! Bonus Informational Kit Lists Typical Costs and Fees. Now included with your guide, along with 9 important questions to ask your lender.

This website is used for the primary purpose of educating those seeking information regarding the reverse mortgage. Obtaining a reverse mortgage is a big decision in one’s life and getting the proper balanced education prior to that decision is of the utmost importance. After receiving your reverse mortgage guide, our system will automatically send you a series of 15 educational emails. Thereafter, you will receive no more correspondence from us unless you sign up for our reverse mortgage newsletter, in which case you will receive the email newsletter once per month. Your personal information will not be sold or shared with any other company.

What is FHA and why is it important to the mortgage industry? The Federal Housing Administration (FHA) was established in 1934 to facilitate homeownership in the United States during the depression of the 1930’s. Its primary role was and is to insure FHA approved mortgage loans, protecting lenders from potential losses. With the backing of this governmental agency lenders can more confidently loan money in cases that, without this backing, the lender would not normally consider.

Traditionally, FHA insured mortgages were obtained as a low down payment option for first time homebuyers and others with little cash for a down payment. Once considered the ugly sister to the more popular conventional mortgage products, the number of new FHA insured mortgage loans have surged dramatically since the financial collapse of 2008.

What is an FHA insured reverse mortgage? In 1988, President Reagan signed the FHA Reverse Mortgage Bill into law which placed FHA, an insuring and regulatory body, in the reverse mortgage industry. Since 1988, FHA has insured over 1,000,000 reverse mortgages and FHA reverse mortgages account for at least 98% of all reverse mortgages in the U.S.

Very much like regular forward mortgages, FHA insures reverse mortgage lenders against foreclosure losses, thereby opening up the market to more possible reverse mortgage borrowers than would normally exist without FHA involvement.

Furthermore, acting as the regulatory body, FHA sets the rules for the entire industry and actively and prodigiously audits FHA approved lenders for compliance reasons.

At least 10% of all FHA loans are eventually audited by FHA for compliance purposes. Those lenders failing to comply with the set rules are subject to heavy fines and, if problems persist, a lender can be stripped of its FHA approved status. For most lenders, the latter penalty is tantamount to expulsion from the mortgage industry.

Phone: (855) 469-7383. Ext. 802 • Fax: (972) 332-4135

GenEquity Mortgage • 6060 N. Central Expwy. Ste. 500 • Dallas, TX 75206

NMLS #773830 | Corporate NMLS #2236

State of Texas Disclosures:
GenEquity Mortgage is licensed under the laws of the state of Texas and by State law is subject to regulatory oversight by the Texas Department of Savings and Mortgage Lending. Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at A toll-free consumer hotline is available at 1-877-276-5550 .

The Department maintains a Recovery Fund to make payments of certain actual out of pocket damages sustained by borrowers caused by the acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the deparment’s website at .

This information is not from HUD or FHA and was not approved by HUD or any government agency.

GenEquity Mortgage is licensed in the following states: Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Louisiana, Minnesota, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin.

White Label Crowdfunding Platform #crowdfunding #software, #white #label #crowdfunding #platform, #crowdfunding #platform, #crowdfunding #blog, #equity #crowdfunding


Oberlin s crowdfunding platform connects students, faculty, staff, alumni, and friends interested in supporting specific projects to help raise them to success. You can show your interest for featured programs by donating online and by sharing a project page. This is more than a way to raise money; it s a way to become an engaged part of the Oberlin community. It provides a space to network and share some of the many Oberlin stories about academic research, community outreach, entrepreneurship, and student projects.

The work of local parks and recreation takes on some of our nation’s toughest challenges like obesity, the economy and environmental sustainability and offers solutions. Local parks and recreation are uniquely positioned to make significant contributions in these areas, and do by providing critical front-line services and resources. National Recreation and Park Association s Fund Your Park site is helping supplement these resources one donation at a time.

J-Kick is the crowdfunding platform for Washington State’s Jewish community, where you can learn about exciting and innovative new projects and choose to get involved by helping to fund them. The Jewish Federation of Greater Seattle is operating J-Kick as a service to the community.

Entrepreneurs hailing from East Africa tackling some of the most pressing social and environmental challenges we face for example in health care, sanitation and poverty alleviation – they are the Unreasonable entrepreneurs working to define progress in our time.

To commemorate and celebrate the National Park Centennial, the Outdoor Foundation and Outdoor Industry Association have launched a major campaign that is galvanizing the outdoor industry as well as other sectors and the public in a collective effort to fund local projects that connect young people with parks.

Parks4Kids was created to provide micro grants to teachers, schools and nonprofits to connect our next generation with our nation’s parks.

The GottaGrooveBot enables musicians, record labels, developers, live event organizers, and entrepreneurs to launch crowd funding pre-order campaigns for vinyl records and other music-related projects connecting music fans to new projects and material.

The UNDP Innovation Facility will support initiatives that enable national development actors to co-create value, increase understanding of the role and value of innovation for development, support social innovators both within the organization and from the broader development community. Lastly, the Innovation Facility will enhance UNDP’s own performance efficiency through innovative practices, in particular to identify new solutions to increasingly complex development challenges.

FHSSA connects partners from organizations across the US with a hospice in African countries through our Partnership Program to promote comprehensive hospice and palliative care. FHSSA believes with the appropriate support and care, patients and families can lead productive and fulfilling lives.

This platform empowers you to make an impact in compassionate care across Africa.

The Pace Effect is an online crowdfunding platform through which student organizations and groups can request funding for specific projects. Alumni, students, parents and friends may choose from a menu of causes on which they can have an “effect”.

From August 1 31, is raising $20,000 through the Bike to Work Challenge. Using the Launcht system is empowering individual fundraisers to garner support from friends and family as they help to shape our climate future!

Exchange Traded Gold #gold, #gold #bullion, #bullion, #gold #invest, #gold #investment, #gold #investing, #gold #shares, #gold #equity, #gold #equities, #gold #fund, #gold #etf, #gold #securities, #gold #bullion #limited, #world #gold #council, #australian #stock #exchange, #buy #gold, #gold #trading, #australian #gold #council, #gold #australia, #australian #gold, #uk #gold, #gold #uk, #listed #gold, #listed #gold #bullion, #gold #asx, #gbs #lse, #london #bullion #market, #london #bullion #market #association, #lbma, #gold #securitisation, #gold #bullion #securities, #gold #prospectus, #asx, #gbs, #dgs, #dubai, #tokyo, #hong #kong, #japan, #singapore


SPDR Gold Shares

Gold Bullion Securities

ETFS Physical Gold

These securities offer investors a new, innovative, relatively cost efficient and secure way to access the gold market. All of the securities are backed by allocated gold held in a vault on behalf of investors. They are intended to offer investors a means of participating in the gold bullion market without the necessity of taking physical delivery of gold, and to buy and sell that interest through the trading of a security on a regulated stock exchange. The introduction of exchange-traded gold securities is intended to lower many of the barriers such as access, custody, and transaction costs, which have prevented some investors from investing in gold.

The securities referred to on this website, other than SPDR Gold Shares (GLD) and ETFS Physical Asian Gold Shares (AGOL) have not been and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act or applicable state securities laws.

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Undergraduate admissions 2016–17

Applications and change of preferences for study in semester 2, 2017 have closed.

Applications for study in 2017 18 will open on Wed 2 August 2017.

We’ve just launched a new version of our online application. All the functions previously available in Check Change can be accessed by logging in to your application .

Thinking about applying for undergraduate study? UAC offers year-round undergraduate admissions to applicants who meet our participating institutions’ admission requirements.

Find out if you can apply through UAC Undergraduate then read admission requirements for information about the qualifications you’ll need to get into uni. Also, check our offer dates to ensure you apply and submit your documents in time for offer dates.

If you’ve already left school and you’re interested in applying for tertiary study, read our non-Year 12 information about admission requirements and the application process.

After you apply you can log back in to your application to manage and track the status of your application and participate in our many offer rounds.

We recommend that you log in to your application regularly to check for correspondence from UAC.

If you’ve already applied in this admissions period (ie since Aug 2016) and have changed your mind about what you want to study don’t submit a new application ; simply log in to your existing application and change your preferences. Have you forgotten your UAC application number or UAC PIN ?

If you’re a non-Year 12 applicant and want to apply for advanced standing/credit for prior studies, you must do this directly with the institution after you receive an offer.

How do offers work?

We release offers to courses from September 2016 to July 2017. Most offers for first semester courses are released in the Main Round in January 2017. Read about the selection process and offers to find out more.

Quick Undergraduate links

Manage your application

Refinancing vs #refinancing #vs #home #equity #loan


Refinancing vs. a Home-Equity Loan: The Difference

One good thing about owning a home: It’s not just a place to live and an investment (a good one, you hope), it also can be a source of ready cash, should you need it.

If you’re already living in your home – and you have for a few years – two financial terms probably keep popping up: refinancing and home-equity loans. Maybe you know a little about them but not enough to make financial decisions. They’re often used in the same sentence, but they’re drastically different.

While different, both of these terms have one thing in common: They relate to raising money using your home. Here’s a scenario: Ten years ago, when you first purchased your home, interest rates were nearly 6% on your 30-year fixed-rate mortgage. In 2015, you could get a mortgage for around 4%. Two points could knock a couple of hundred dollars off your monthly payment and far more off the total cost of financing your home.

Or consider a second scenario: You already have an outstanding interest rate but you’re looking for some extra cash to pay for a new roof or add a deck to your home. That’s where a home-equity loan might become attractive. Over time, a combination of paying down your loan and your home appreciating in value produces equity —debt-free value in your home that you can borrow against to raise cash.

Let’s look at each of these options in detail.


Refinancing is basically finding a new lender to pay off your old mortgage balance in exchange for a new mortgage at a lower rate. Sometimes your current lender will do a refinance, too.

Two Types. There are two types of “refis” (mortgage lingo for refinance): the rate and term refinance and the cash-out loan. A rate/term refi doesn’t involve money changing hands other than the costs associated with closing. With a cash-out refi, you get some cash back – taking equity from your home in the form of cash. See Cash-Out vs. Rate/Term Mortgage Refinancing Loans for more information.

One good use of that cash is to pay off other debts – credit cards, student loans. medical bills and the like.

Consider the Costs. A lower interest rate that saves you hundreds per month must be a no-brainer, right? Very few financial decisions are cut and dried, and this is no exception. The problem is closing costs. Even on a refinance, these costs are likely to be 1% to 1.5% of your loan amount. If you refinance, you should plan to live in your home for well over a year. In fact, if you can recoup your closing costs through a lower monthly payment within 18 months, it’s probably a good idea to do the refi. To read more, see: When (and When Not) to Refinance Your Mortgage.

Home-Equity Loans

Because they are secured by your property, home-equity loans tend to have lower interest rates than personal, unsecured loans. The only hitch: If you default on your home-equity loan, the lender comes after your home.

Two Choices. There are two types of home-equity loans. (Technically they’re quite different but we’ll lump them together.) A traditional home equity loan is much like a 30-year mortgage. If you’re approved, you receive a loan that you pay over the course of a set period with a set interest rate (in most cases). See Home-Equity Loans: What You Need to Know and Home-Equity Loans: The Costs to learn more.

A home equity line of credit (HELOC) is kind of like a credit card tied to the equity in your home. You can borrow as little or as much of that credit line as you want. During the draw period you pay only interest. Once the repayment period kicks in, you pay principal and interest (see Home-Equity Loan vs. HELOC: The Difference ).

These types of loans have closing costs and you’ll have to submit various documents to prove you qualify. In general, home equity loans have a higher interest rate than traditional mortgages, but that isn’t always the case. Also watch for lenders who advertise just an introductory rate. You might see 1.99% for one year, followed by a range of up to nearly 10%. There may also be a minimum amount you have to borrow. (See How HELOCs Can Hurt You to learn more about the disadvantages of these loans.)

Can You Refinance. In fact, you can. As with a traditional mortgage, if you can lower your interest rate, convert from an adjustable-rate loan to one with a fixed rate or avoid a balloon payment – or if you want to extract more cash from your equity – this might make sense for you. Just remember that every time you refinance something, you’re paying extra closing costs and you might be extending the loan, making your total interest payments higher.

One Caveat: Your Credit Score

Your ability to borrow in either strategy depends on your credit score. If you’re looking to refinance, and your credit score is lower than when you originally purchased your home, refinancing may not be in your best interests. Before going through the process of securing either of these loans, get your three credit scores. (See Top Places to Get a Free Credit Score or Report .) If they aren’t above 740, talk with any potential lender about how your score might affect your interest rate.

If you’re not planning to stay in your home for a long period of time, a home-equity loan might be the better choice since the closing costs are less than a refi.

The Bottom Line

Refinancing and home equity loans have downsides, of course. If you’re refinancing, try not to take on another 30-year loan. Instead of putting the money you save into your pocket, opt for a shorter duration loan – maybe a 15-year mortgage. Or, take a 30-year loan and make extra payments. Remember that the payment isn’t as important as the total amount of money you pay over the life of the loan. Paying on your first loan for 10 years and refinancing for another 30 probably cancels out any positive effect of the refinance. The goal should always be to eliminate debt as quickly as possible.

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Refinancing Your Property

There are many reasons you may want to consider refinancing your most important asset. With today’s low interest rates, it may be worthwhile to refinance your existing mortgage to either reduce your monthly payments, or to tap into your home equity to help with your short or long terms goals, including:

  • Renovating your home to improve your property value
  • Consolidating high interest loans and credit cards into one lower monthly payment
  • Investing in your RRSP and using your tax refund to pay down your mortgage
  • Paying for your child’s education
  • Purchasing another property

If your mortgage is closed and you refinance before your renewal date, you may face a penalty. However, it may still be worthwhile to refinance. The key is to determine whether the potential interest-rate savings outweigh the penalty.

You can also add a second mortgage on your property if refinancing your mortgage is not worthwhile. Our Home Trust Equityline Visa Card is a unique alternative to other second mortgage products, with all the flexibility of a line of credit and all the benefits
of Visa. Find out more .

To help you decide if refinancing is an option for you, contact a Home Trust Mortgage Specialist today at 1-877-903-2133 x5820. We’re available Monday through Friday from 9 am to 5 pm EST.

Mortgage Application

Ready to apply? Complete our easy online application in minutes, or call 1-855-270-3630.

Mortgage Calculators

Use our calculators to see how much you can afford and how much you can save with a Home Trust mortgage.

Auto Trade-ins and Negative Equity #buy #auto #parts #online

#auto loan payment calculator

Related Items

“We’ll pay off your loan no matter how much you owe.”

Some car dealers advertise that when you trade in one vehicle to buy another, they will pay off the balance of your loan – no matter how much you owe. But some people owe more on their car than the car is worth. They have “negative equity,” and for them, the dealer’s promises to pay off their entire loan may be misleading.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, says that people with negative equity should pay special attention to vehicle trade-in offers. That’s because although the ad claims that they will have no further responsibility for any amount of their old loan, the ad may be untrue. Dealers may include the negative equity in consumers’ new car loan. That would increase their monthly payments by adding principal and interest.

Here’s how that might play out: Say you want to trade in your car for a newer model. Your loan payoff is $18,000, but your car is worth $15,000. You have negative equity of $3,000, which must be paid if you want to trade-in your vehicle. If the dealer promises to pay off this $3,000, it should not be included in your new loan. Nevertheless, some dealers add the $3,000 to the loan for your new car, deduct the amount from your down payment, or do both. In either case, this would increase your monthly payments: not only would the $3,000 be added to the principal, but you would be financing it, too.

The FTC says that understanding how negative equity works in a vehicle trade-in can help you make a better informed choice about purchasing and financing a car, and help you identify whether the claims in car ads that promise to pay off your loan are misleading.

Federal law requires that before you sign a contract to finance the purchase of a car, the dealer must give you certain disclosures about the cost of that credit. Read them, and look for the details about the down payment and the amount financed. Make sure you understand how your negative equity is being treated before you sign the contract. Otherwise, you may wind up paying a lot more than you expect.

Dealing with Negative Automobile Equity

Here are some tips to help you avoid the snowball effect of negative equity:

  • Find out what your current vehicle is worth before you negotiate the purchase of a new car. Check the National Automobile Dealers Association’s (NADA) Guides , Edmunds. and Kelley Blue Book . 
  • If you have negative equity, either because of your current car loan or a rollover from a previous loan:
    • think about postponing your purchase until you’re in a positive equity position. For example, consider paying down your loan faster by making additional, principal-only payments.
    • think about selling your car yourself to try getting more for it than its wholesale value.
    • if you decide to go ahead with a trade-in, ask how the negative equity is being treated in the trade-in. Read the contract carefully, making sure that any promises made orally are included. Don’t sign the contract until you understand all the terms, and the amount you will be paying every month.
    • keep the length of your new loan term as short as you can manage. If the negative equity amount is rolled into the new loan, the longer your loan, the longer you will take to reach positive equity in the vehicle.

Where to Complain

To report problems with dealer advertising and sales and finance contracts, including ads that falsely promise to pay off the negative equity in your car loan, contact:

This article was previously available as Negative Equity and Auto Trade-ins.

Family-owned Burson Auto Parts sold to private equity for $148 million #oreily #auto #parts

#burson auto parts

Family-owned Burson Auto Parts sold to private equity for $148 million

Garry Johnson, co-founder of the 40-year-old Burson Auto Parts, admits to mixed feelings about the sale of his automotive parts distribution and accessories repair company to private equity firm Quadrant for $148 million.

His reason for selling? “It was part age, and partly time for somebody young with more energy and IT savvy to run the business.”

“I have mixed emotions, but at the end of the day it was time for somebody else to continue another era for Burson.”

The 70-year-old will remain a minority shareholder of Burson Auto Parts, which has about 100 staff members from Darwin to Hobart. With revenue of around $300 million, it is second in its market to Repco and has 92 company-owned and branded trade distribution centres in Australia.

Johnson says he was a bit more of a part-time CEO and that “in the absence of family or business succession” he decided to sell.

“There wasn’t a family succession situation there, which I probably would have preferred.”

“I looked inside my business, and there was nobody there that I thought was appropriate or who wanted the job.”

“So I looked around for trade opportunities to sell to.”

Johnson is confident the incoming chief executive Darryl Abotomey, a former Repco employee, will do a good job.

“Sometimes with private equity, they appoint somebody who doesn’t have industry knowledge.That concerned me but I’m confident that won’t be the case,” Johnson says.

Chris Hadley, Quadrant managing director, said the Melbourne-based business had performed very well during the global financial crisis and operated in an industry which is “very resilient in the current challenging environment.”

Johnson’s plans for the future are “some travel, some family, limited business.”

Quadrant Private Equity Plans AU$300M Burson Auto Parts IPO #auto #loans #rates

#bursons auto parts

Quadrant Private Equity Plans AU$300M Burson Auto Parts IPO

According to three people with knowledge of the matter, Quadrant Private Equity, one of the leading private equity investment providers in Australia, is planning to complete a AUD$300 million initial public offering of Burson Auto Parts.

Advisors Morgan Stanley and UBS AG plan a final roadshow of the business through Australia and Asia in the second week of March, ahead of a listing before the Easter holidays starting Apr. 18, the people said.

Quadrant bought Burson from company founder Garry Johnson in Sept. 2011 for A$148 million, representing the first acquisition by the private equity firm’s A$750 million No. 3 fund. The company operates stores across Australia selling replacement car parts direct to trade customers, mostly automotive mechanics.

Burson has expanded rapidly since 2011, as the A$6.1 billion Australian car-parts market consolidates. The acquisition of Coventry Group Ltd.’s South Australian franchise has helped to increase its store footprint to 114 outlets from 92 before, one of the people said.

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Australian Private Equity, Australia, IPO, Initial Public Offering, Quadrant Private Equity, Burson Auto Parts, Morgan Stanley, UBS AG, Asia, Garry Johnson, Coventry Group Ltd. South Australia.

Home Equity Car Loan: Purchase Your Car With a Home Equity Loan #orielys #auto #parts

#auto loans rates

Using Your Home Equity for a Car Loan

Discover the pros and cons of using a home equity loan to buy a car

When you’re considering the purchase of a new or used car, you’re probably looking into traditional auto loans. Another option to consider is using your home equity to buy a car. Since home equity loans and lines of credit generally have lower interest rates and give you the opportunity of possible tax deductions, they may be more affordable choices and allow you to consolidate your debt. Be sure to consult your tax advisor regarding deductibility of interest.

The benefits of purchasing a car with a home equity loan

Using your home equity loan to buy a car affords you several benefits you would not receive with an auto loan. You could also use your home equity for outstanding car payments in order to consolidate some of your debt. Consider the following benefits when making your decision.

  • Lower rates. Home equity loans usually have lower interest rates than auto loans, so you can end up with a lower monthly payment.
  • Bargaining power. Walking into a car dealership to purchase a car with a home equity loan means you’re ready to buy. This may create some bargaining power to lower the price or other fees. When it comes to incentives, you’ll also be able to opt for rebates from dealers instead of going for 0% financing since you already have financing.
  • Tax benefits. Unlike interest paid on a car loan, interest paid on a home equity loan may be tax-deductible. Be sure to talk to your tax advisor about deducting interest. Or, check with the IRS for specific eligibility requirements.
  • Consolidate debt. Even if you’re not buying a new or used car, you could use your home equity loan to consolidate the debt on your current car. If the interest rate on a home equity loan is lower than the interest rate on your car loan, it would make sense to use your home equity to pay your car loan off.

The risks of buying a car with a home loan

While the lower interest rates and tax benefits of buying your car with a home loan are tempting, there are also some risks and expenses to take into account.

  • Putting your house as collateral. If you can’t make the payments on your car loan, you could lose your car. However, if you default on your home equity loan, you could lose your home. Your home ownership is a powerful asset, but that also means it’s a great risk to leverage it for something relatively small, like a new car purchase.
  • Still paying for car after you’ve sold or traded it in. Since a home equity loan repayment period can last between 10 and 30 years, you could end up paying for a car long after you’ve sold or traded it in. Typical car payments last three to six years, and though they have higher interest rates, the shorter time period could have you paying less in the long run.

Learn more about home equity loans to buy a car

If you have good credit and plan to pay off the loan in just a few years, then using a home equity loan to buy a car can be a good idea. While there are both risks and benefits to a home equity car loan, it’s important to discuss your particular situation with a financial advisor. To learn more about home equity loans. interest and repayment options, talk to a Citizens Bank home loan advisor at 1-800-340-LOAN today. We can help you decide which product is right for you.