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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.

VA Loans – Home Loan Benefits for Veterans and Active Military #va #mortages, #va #mortgages


Why Choose a VA Loan?

What to Expect from Qualification Standards

Like any other mortgage program, homebuyers must meet basic qualifications to be eligible. However, with the VA Loan program, in addition to credit and income requirements, potential applicants must meet basic service requirements.

These service requirements include only one of the following:

  • The homebuyer served 90 consecutive days of service during wartime, OR
  • The homebuyer served 181 days of services during peacetime, OR
  • The homebuyer spent more than 6 years of service in the National Guard or Reserves OR
  • The homebuyer is the spouse of a service member who died in the line of duty or as a result of a service-related disability.

Want to see what a VA mortgage can do for you? Take two minutes to answer a few questions. There is no obligation and your credit will not be pulled. A VA loan specialist will simply contact you to let you know what you pre-qualify for.

Receive Your Free Quote Today!

Take the first step in your VA Loan by getting in touch with a VA Specialist.

Why Choose

Unlike the vast majority of lending institutions, we specialize in VA Home Loans. This dedication and focus gives our loan officers far more experience over a typical loan officer who may do only a handful of VA mortgages per year.

Our specialization enables you to unlock the power of a Veterans Affairs loan to maximize your financial benefits and get you to closing quicker.

We Make the VA Process Fast and Simple

  • This extensive VA experience enables us to streamline the VA mortgage process, making it smooth and easy for you.
  • Once you get started, your VA loan officer will be there with you every step of the way, gathering the necessary paperwork and will work with the VA on your behalf.

We are a VA Approved Lender

The Department of Veteran Affairs requires those who offer VA Loans go through a stringent approval process. We are a VA approved lender and are proud that over 500,000 military families have come to us to learn more about their VA loan benefits.

To get started, simply answer a few questions. A VA loan specialist will contact you within just a couple of hours to let you know what you pre-qualify for.

In order to use the form on this page, you need to enable Javascrpit in your browser settings. If you would prefer to continue to our standard form, please do so here

Getting Started is Easy

At this time, VAMortgageCenter cannot help with Home Refinancing.

Reverse Mortgage Facts #reverse #home #mortgages


Are you considering whether a reverse mortgage is right for you or an older homeowner you know? Before considering one of these loans, it pays to know the facts about reverse mortgages.

A reverse mortgage does not work the same as other home loans.

A reverse mortgage, sometimes known as a Home Equity Conversion Mortgage (HECM), is a unique type of loan for homeowners aged 62 and older that lets you convert a portion of the equity in your home into cash. But unlike a traditional home equity loan or second mortgage, you don’t have to repay the loan until you either no longer live in the home as your principal residence or you fail to meet the obligations of the mortgage.

Taking out a reverse mortgage is a big decision, since you may not be able to get out of this loan without selling your home to pay off the debt. You also need to carefully consider your options to avoid using up all the equity you have built up in your house.

Learn more about how reverse mortgages work in our free consumer guide Use Your Home to Stay at Home © .

Most reverse mortgage borrowers use the funds for paying for basic needs in retirement.

Reverse mortgages generally are not used for vacations or other fun things. The truth is that most borrowers use their loans for immediate or pressing financial needs, such as paying off their existing mortgage or other debts. Or they may consider these loans to supplement their monthly income, so they can afford to continue living in their own home longer.

Learn more about ways to improve your budgeting and save money with Savvy Saving Seniors ® financial education tools.

Reverse mortgages may be less expensive than other home equity loans.

Taking out any home loan can be costly because of origination fees, servicing fees, and third-party closing charges such as an appraisal, title search, and recording costs. You can pay for most of these costs as part of the reverse mortgage loan.

Reverse mortgage borrowers also must pay an upfront FHA mortgage insurance premium. This insurance guarantees that you will receive the expected loan payments. It also ensures that, when the loan does become due and payable, you (or your heirs) don’t have to repay more than the value of the home, even if the amount due is greater than the appraised value.

While the closing costs on a reverse mortgage can sometimes be more than the costs of the home equity line of credit (HELOC), you do not have to make monthly payments to the lender with a reverse mortgage. A HELOC requires regular monthly interest or principal and interest payments on the loan.

Reverse mortgages should not be used as a last resort.

It’s never a good idea to make a financial decision under stress. Waiting until a small issue becomes a big problem reduces your options.

If you wait until you are in a financial crisis, a little extra income each month probably won’t help. Reverse mortgages are best used as part of a sound financial plan, not as a crisis management tool.

If you live on a limited income, there are many public and private benefits that can be an alternative or supplement to a reverse mortgage. Find out if you may qualify for help with expenses such as property taxes, home energy, meals, and medications at BenefitsCheckUp ®.

Reverse mortgages are best used as part of an overall retirement plan, and not when there is a pending crisis.

Younger Boomers are increasingly likely to take out a reverse mortgage.

When HECMs were first offered by the Department of Housing and Urban Development (HUD), a large proportion of borrowers were older women looking to supplement their modest incomes. But that has changed.

During the housing boom, many older couples took out reverse mortgages to have a fund for emergencies and extra cash to enjoy life. In today’s economic recession, younger borrowers (often Baby Boomers) are turning to these loans to manage their existing mortgage or to help pay down debt.

Reverse mortgages are unique because the age of the youngest borrower determines how much you can borrow. It is important to note that borrowers deplete their home equity as their loan balance grows over time.

Anyone considering a reverse mortgage must get counseling.

Deciding whether to take out a reverse mortgage loan is challenging. It’s hard to estimate how long you’ll stay in your home and what you’ll need to live there over the long term.

Federal law requires that all individuals who are considering a HECM reverse mortgage receive counseling by a HUD-approved counseling agency. A trained and certified counselor can help you understand the costs and features of different types of reverse mortgages, and evaluate the pros and cons of these loans for your situation. They will also discuss other options including public and private benefits that can help you stay independent longer.

It’s valuable to meet with a counselor before talking to a lender, so you get unbiased information about the loan. Telephone-based counseling is available nationwide, and face-to-face counseling is available in many communities.

You can get counseling provided through a partnership between NCOA and GreenPath Financial Wellness by calling toll-free 855-899-3778. You can also find a counselor in your area at the HUD HECM Counselor Roster .

Some reverse mortgage borrowers may still face foreclosure.

It is possible for reverse mortgage borrowers to face foreclosure if they do not pay their property taxes or insurance, or maintain their home in good repair. This is especially a risk for older homeowners who take the entire loan as a lump sum and spend it quickly—perhaps as a last-ditch effort to salvage a bad situation. Those who struggle to pay the bills each month can become overwhelmed by health or other large expenses, making it difficult to keep up with borrower obligations.

However, beginning in 2015, new rules require that reverse mortgage applicants undergo a lender financial assessment at the time of application. This is similar to the underwriting process in a traditional mortgage. The lender will look at credit reports, payment history, and household debt before initiating a loan.

That’s why reverse mortgage counseling is so critical. The counselor will help you look at the long-term responsibilities of the loan, not just the short-term benefits. They will also look at your financial situation more broadly to help you determine if a HECM is right for you.

Always avoid any unsolicited offers for a reverse mortgage or for help with these loans. If you suspect you or your family have been targeted by a scammer, call 800-347-3735 to file a complaint with HUD.

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DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

Des Moines, Iowa Attorney practicing in Iowa primarily in Estate Planning. Trust, Wills Probate. Business Law. Family Law. Personal Injury. Real Estate. Attorneys at Howes Anderson, P.C. Law Office are dedicated to serving their clients in Iowa, including the cities of West Des Moines and throughout the state of Iowa, including the communities of Polk County, Dallas County, Warren County, Clive, Waukee, Urbandale, Johnston, Windsor Heights, Ankeny, Norwalk, Grimes, Granger, Pleasant Hill, Altoona, Indianola, Carlisle, Adel, Des Moines and surrounding communities.

Why you can t get a mortgage – Apr #credit, #mortgages, #borrowers, #lenders, #fdic, #government, #home #builders


Prices are low! Mortgages cheap! But you can’t get one

Mortgage rates are low, prices have fallen, and you may want to buy a Manhattan condo such as this unit in the Grammercy 19 building. But banks aren’t wanting to lend — even to good credit. By Les Christie, staff writer April 6, 2011: 8:20 AM ET

NEW YORK (CNNMoney) — Yep, mortgage interest rates are low, but there’s a catch: It doesn’t matter how cheap rates are if you can’t get a loan.

And these days, only highly qualified borrowers can get financing — let alone the best rates.

Nearly a quarter of people who apply for loans are turned down, according to the Federal Reserve.

Good borrowers with one or two blemishes on their credit are being denied credit, said Lawrence Yun, chief economist for the National Association of Realtors.

The denial rates tell only half the story. Many potential buyers aren’t even applying for loans because they assume they can’t get one.

A lot of people know it’s very difficult to get a mortgage and they’re not even trying, said Alan Rosenbaum, CEO of GuardHill Financial, a New York-based mortgage broker.

That shows up in credit scores for loans financed with backing from Fannie Mae and Freddie Mac. The average credit score has risen to 760 from 720 a few years ago. For FHA loans, the average score has gone to 700 from 660. Loans made to borrowers with sub-620 scores are almost nonexistent.

Another factor keeping people out of the mortgage market is that lenders now require much more up-front cash. The median down payment for purchase is about 15%. During the housing boom, it approached zero.

On most loans, banks want 20% down. On $200,000 purchases, that’s $40,000, an insurmountable obstacle for many young house hunters. Or, in New York City, where the median home price is $800,000. buyers need $160,000 up front.

Industry insiders say all these factors have reduced the pool of buyers, lowering demand for homes and hurting prices.

We feel it really reduces the demand for houses, said Mike D’Alonzo, president of the National Association of Mortgage Brokers. It’s an unbelievable buyer’s market, but there hasn’t been as much activity as you would expect because not as many people qualify for loans.

Jerry Howard, CEO of the National Association of Home Builders said, You only have to look at the recent sales reports to see what the impact of the credit crunch has had. The statistics speak for themselves.

Sales of existing homes in February, despite very affordable prices, were 30% off their peak, and home prices fell for the sixth consecutive month in January.

Anthony Sanders, director of Real Estate Entrepreneurship at George Mason University, speculates the tougher credit standards may have stripped as much as 30% of the buyers off the market, compared with normal times.

And it’s about to get harder for buyers. Federal regulators proposed rules last week that are designed to discourage risky lending but that will also likely further restrict lending.

Banks would be required to keep 5% of some loans, specifically those with less than 20% down payments, on their books rather than selling them all off as securities. As a result, banks make be unlikely to issue loans where less than 20% is put down. So much for first-time buyers.

We think the new rules are appalling, said the NAHB’s Howard. Only the wealthy will be able to buy homes at low interest cost.

It could also further erode consumer demand for homes.

It’s disturbing, said Lennox Scott, head of John LA. Scott Real estate in the Pacific Northwest. We’re just starting to feel healthier in inventory levels and prices and this is a potential headwind.

The immediate impact, should the new regulations get adopted, should be minor, according to Steve O’Connor, spokesman for the Mortgage Bankers Association. That’s because Fannie, Freddie and FHA loans are all exempt from the requirements and they represent more than 90% of the market right now.

The government, however, wants to reduce the presence of all three agencies in favor of private lenders, and banking experts fears the long-term impact of abandoning the field to mostly private companies.

For the first time in 100 years, said Howard, the government is discouraging you. It’s saying ‘We intend to make it more difficult for you and your kids to buy homes.’

No-Cost Refinancing: Getting your lender to pay costs can be a smart strategy in uncertain times #no #cost #refinance, #mortgage #mn, #mortgage #rates #mn, #mn #mortgages, #mn #refinance #best #deals, #best #way #to #refinance, #mortgages,


How To: Refinance Your Mortgage Without Paying Closing Costs

by Alex Stenback on September 22, 2011

Refinancing can be expensive. But it does not have to be.

That s because, with a little bit of creative thinking, or if you are working with a lender that knows what they are doing (and probably does not work under the thumb of a major national bank,) your lender will pay your costs for you.

This means: No closing costs. Zero. Nothing added to the loan or paid outright.

Sounds like the best deal ever, right?

Why doesn t everyone refinance this way?

To understand why, and how this works, we need to wade briefly – into the topic of how mortgage interest rates are offered, or priced.

Stay with me here.

Repeat After Me: There s No Such thing as Today s Rate

What s the 30 year rate today?

Whether I am at a cocktail party (confession: I don t think I have ever been to a cocktail party ) or picking up the phone, it is a question I hear all the time.

It echoes in my head, and will probably be engraved on my tombstone.

And it is the wrong question.

That s because there simply is no rate issued each day by the powers that be. There is a schedule, or stack of rates each with a corresponding price.

Here s a grossly (laughably) oversimplified version of what lenders see every day when rates are released:

Actual rate sheets are a good deal more complicated than what you see here – many more decimals and adjustments to price based on myriad factors, but the central point to be made is this:

On any given day, no matter the overall interest rate levels,

– Lower rates are more expensive than higher rates and require a borrower to pay points.

– You can also receive, or bepaid points for a higher rate.

The No-Cost Refinance, Explained

Once you undertsand the concept that there is no rate but rates, and you can both pay or be paid points, understanding the no-cost refinance is straightforward.

By accepting a higher rate (but still much lower than your current rate, of course) the lender will use the premium paid for that rate (sometimes called yield spread premium ) to pay your costs.

This is why no-cost refinancing can make so much sense. In the simplest of terms: You lower your mortgage rate, and pay nothing to do so.

For instance: If you are starting at a rate of 5.5%, and you can a) refinance to 4% without paying closing costs, or b) refinance to 3.75% and pay thousands. Which do you choose?

It is awfully hard to build a case for ever paying closing costs unless you know that you will own the home and have the mortgage for the very, very long term.

Bottom line: The additional savings at the incrementally lower full cost rate rarely justifies the expense.

*With a No-Cost, even if you are wrong, you are right

The other great thing about the no-cost refinance? You never need to time the market. You need never hope that you guessed right or beat yourself up if rates fall again.

Because you have paid zero costs, there is zero risk. If rates keep falling, you just do another no cost. Wash, rinse, repeat.

Bottom-Bottom Line: If you are disciplined about doing a no-cost refinance every time rates drop, you effectively guarantee that no matter what happens to interest rates, you will always be within 1/2 point of the lowest mortgage rates ever get, and will never pay a dime to do so.

Finally, despite my erudite clumsy attempt to explain a no-cost refinance above, sometimes it just does not click until you see the no-cost numbers run out against your own loan there s got to be a hook, or a catch somewhere, right?

Anyway, if the idea intrigues you, but you are unsure how this might work in your particular situation (or worried about the hook!) drop me a line and I d be happy to personally run-out the numbers for you.

Becuase when it does click, you will say the same thing as everyone else: Why doesn t everybody do it this way

*A Few Cautionary Notes:

Before you run off seeking a no-cost refinance, it is important to understand a few nuances, and that a no-cost refinance will not work for everyone.

If you are escrowed for taxes and insurance. you will be required to establish an escrow account on the new loan this will normally mean a cash outlay at closing (assume about 6 months taxes and 6 months insurance, but it varies based on the time of year and what state you are in.) This generally works out a wash your current escrow balance will be a refund within 30 days of closing, and you ll skip your regularly scheduled mortgage payment the first of the month following the refinance.

If you are really pressed for cash, most lenders will allow you to add escrow amounts to the loan.

Appraisals matter. Unless you are refinancing an FHA mortgage, you will need an appraisal to refinance, and despite the expanded rules of the Home Affordable Refinance Program, many in-the-money refinances that should happen, won t, due to lack of equity.

Loan Amounts matter. As a general rule, the bigger the loan (up to the conforming limit of $417,000 in MN) the easier it is to do a no-cost. That s because the premium paid for the higher rate is paid as a percentage of the loan amount. 1% of $50,000 is $500.00. 1% of 300,000 is $3,000, which goes a lot further to cover closing costs, many of which are fixed, no matter the loan size.

Steer clear of major national banks that also service mortgages. N0-costs are mostly considered kryptonite by these banks. This is because they also have an interest in the servicing of the loan, and can actually lose money by doing too many no-costs. As a result, they often will do everything they can to talk you out of these, and generally offer weak premiums for above market rates.

Thinking about refinancing? Need a no-cost rate quote?

Whether a no-cost, or not, drop me a line with a few bullet points about what you are looking to do and I will personally reply in short order with some solid numbers.