Temecula Real Estate Market: December 2014

Friday, December 19, 2014

The Home Equity Conversion Mortgage Is Gaining Exposure From Reverse Mortgage Experts Menifee CA Page

Kevin Leonard has been producing new reverse mortgage informational pages for the HECM or Home Equity Conversion Mortgage. The new “reverse mortgage Menifee CA” page was just wrapped up just in time for seniors to view this holiday season. Reverse mortgages have become popular over the last few years in California, and the HECM or Home Equity Conversion Mortgage is the one most commonly used. The team of mortgage experts headed by Kevin Leonard offers this product through an assortment of lenders. Not all reverse mortgage lenders in Menifee California are the same; they have different origination fees and processing fees. The group explains the basics of a reverse mortgage with their new webpage and video dedicated to that specific area. Menifee is located just north of the city of Murrieta and has a population of roughly 80,000 according to the latest Census. There are plenty of seniors in this city that could benefit from a reverse mortgage, and the group of mortgage professionals is trying to spread the word on how to apply for one. To find out more about the Home Equity Conversion Mortgage in Menifee California, or to speak directly with one of the mortgage consultants visit the new city page here, http://www.kevinleonardmortgageexpert.com/reverse-mortgage-menifee-ca

Learning more about any type of home loan is the key to making the right choice in which financing options are best for an individual. The reverse mortgage is no different, but there are still many myths out there that tend to worry seniors about this type of loan. The biggest fear people have is that the government will take away the home when they die. The truth is that this home loan is like any other type of lien, any equity left in the property will be passed down to their heirs. The reason this type of home loan is so appealing to seniors is they can live in the home without having to make a mortgage payment every month. This is a huge benefit for those living on a fixed budget, and may have a tough time covering the mortgage payment. Instead of falling behind on bills or even the mortgage payment and risk foreclosure, a reverse mortgage allows the senior to draw from the equity in the house with minimal conditions for an approval compared to a traditional loan. Some seniors are even buying a home using a reverse mortgage purchase or HECM purchase in Menifee. They put down enough on the home to where they never make a mortgage payment.

About:

Kevin Leonard entered into the mortgage business in 1997 and since then he has become of the top reverse mortgage consultants in the industry, and has worked in this field for years. Mr. Leonard prides himself in offering constant communication with his clients so that they have a full understanding of the loan process from start to finish. He is personally responsible for thousands of fundings, and along with his team, he has over 5 billion in residential loans funded to his credit. Mr. Leonard has a full understating of the loan process from start to finish, and also consults with a long list of mortgage bankers in the secondary market. There are few, if any, that have the experience that Kevin Leonard has in the mortgage profession. He was one of the first to register with NMLS in 2008 when it was first instituted, and currently is licensed in the state of California as a loan originator. He is partnered with the best real estate agents in Riverside for a good reason—he offers fast pre-approvals with the ability to fund purchase loans quickly. To find out more about reverse mortgages in Sacramento, click on the link provided.

Contact:

Kevin Leonard

Phone: (858) 999-3737

NMLS #6279

http://www.trulia.com/community-blog/KevinLeonardMortgageExpert/2014/12/the_home_equity_conversion_mortgage_is_gaining_exposure_from_reverse_mortgage_experts_menifee_ca_page

Wednesday, December 17, 2014

Reverse Mortgage Menifee California Home Equity Conversion Mortgage

Here is some information provided about a reverse mortgage in Menifee California, you can learn more by speaking with a reverse mortgage expert.

How the Program Works

There are many factors to consider before deciding whether a HECM is right for you. To aid in this process, you must meet with a HECM counselor to discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan. Counselors will also discuss provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, you should be able to make an independent, informed decision of whether this product will meet your specific needs. You can search online for a HECM counselor or call (800) 569-4287 toll-free.

There are borrower and property eligibility requirements that must be met. You can use the listing below to see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing. The lender will to discuss other requirements of the HECM program, the loan approval process, and repayment terms.

Borrower Requirements

You must:

Be 62 years of age or older
Own the property outright or paid-down a considerable amount
Occupy the property as your principal residence
Not be delinquent on any federal debt
Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
Participate in a consumer information session given by a HUD- approved HECM counselor

Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

Single family home or 2-4 unit home with one unit occupied by the borrower
HUD-approved condominium project
Manufactured home that meets FHA requirements

Financial Requirements

Income, assets, monthly living expenses, and credit history will be verified.
Timely payment of real estate taxes, hazard and flood insurance premiums will be verified

For adjustable interest rate mortgages, you can select one of the following payment plans:

Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term - equal monthly payments for a fixed period of months selected.
Line of Credit - unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
Modified Tenure - combination of line of credit and scheduled monthly payments for as long as you remain in the home.
Modified Term - combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

For fixed interest rate mortgages, you will receive the Single Disbursement Lump Sum payment plan.

Mortgage Amount Based On

The amount you may borrower will depend on:

Age of the youngest borrower or non-borrowing spouse
Current interest rate
Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price; and
Initial Mortgage Insurance Premium

More can be found by visiting the government site here http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou

http://www.kevinleonardmortgageexpert.com/reverse-mortgage-menifee-ca/

Tuesday, December 16, 2014

Kevin Leonard Mortgage Expert Completes Reverse Mortgage Hemet Video And Webpage

One of Riverside County’s top mortgage professional just completed another video and web blog for reverse mortgages in Hemet CA. Mr. Leonard and his staff are systematically building out online marketing campaigns to acquire new clientele by providing home loan products for refinancing and purchases. Reverse mortgages have become more popular over the years as people learn more about the benefits of this type of home loan. Kevin Leonard and his team of mortgage originators have a group of reverse mortgage specialists in Hemet dedicated just for these types of loans. The team just finished another promotional video for the city of Hemet, and is now live on the internet. The reverse mortgage specialists offer all the information needed for a senior to make a decision if this product is right for them. Along with refinances, there are many new seniors doing a HECM reverse mortgage home purchase program. This way the borrower can place a down payment large enough to where they can live in the house without making any payments. To find out if a reverse mortgage for purchase if right for someone they should speak with a specialist who is an expert in this type of loan to avoid any confusion. To view the new video released by the mortgage team click here, https://www.youtube.com/watch?v=KXm_VzZj2SE

http://www.trulia.com/community-blog/KevinLeonardMortgageExpert/2014/12/kevin_leonard_mortgage_expert_completes_reverse_mortgage_hemet_video_and_webpage

Monday, December 15, 2014

Reverse Mortgage Sun City California Sun City Reverse Mortgage Lenders

HECM Costs

You can pay for most of the costs of a HECM by financing them and having them paid from the proceeds of the loan. Financing the costs means that you do not have to pay for them out of your pocket. On the other hand, financing the costs reduces the net loan amount available to you.

The HECM loan includes several fees and charges, which includes: 1) mortgage insurance premiums (initial and annual) 2) third party charges 3) origination fee 4) interest and 5) servicing fees. The lender will discuss which fees and charges are mandatory.

You will be charged an initial mortgage insurance premium (MIP) at closing. The initial MIP will be .5 percent or 2.5 percent, depending on your disbursements. Over the life of the loan, you will be charged an annual MIP that equals 1.25% of the mortgage balance.

Mortgage Insurance Premium
You will incur a cost for FHA mortgage insurance. The mortgage insurance guarantees that you will receive expected loan advances. You can finance the mortgage insurance premium (MIP) as part of your loan.
Third Party Charges
Closing costs from third parties can include an appraisal, title search and insurance, surveys, inspections, recording fees, mortgage taxes, credit checks and other fees.
Origination Fee
You will pay an origination fee to compensate the lender for processing your HECM loan. A lender can charge a HECM origination fee up to $2,500 if your home is valued at less than $125,000. If your home is valued at more than $125,000 lenders can charge 2% of the first $200,000 of your home's value plus 1% of the amount over $200,000. HECM origination fees are capped at $6,000.
Servicing Fee
Lenders or their agents provide servicing throughout the life of the HECM. Servicing includes sending you account statements, disbursing loan proceeds and making certain that you keep up with loan requirements such as paying real estate taxes and hazard insurance premium. Lenders may charge a monthly servicing fee of no more than $30 if the loan has an annually adjusting interest rate and $35 if the interest rate adjusts monthly. At loan origination, the lender sets aside the servicing fee and deducts the fee from your available funds. Each month the monthly servicing fee is added to your loan balance. Lenders may also choose to include the servicing fee in the mortgage interest rate.

More information can be found by visiting http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou

http://www.kevinleonardmortgageexpert.com/reverse-mortgage-sun-city-ca/

Reverse Mortgage Lenders Hemet California - Reverse Mortgages Hemet

How the Program Works

Borrower Requirements

You must:

Be 62 years of age or older
Own the property outright or paid-down a considerable amount
Occupy the property as your principal residence
Not be delinquent on any federal debt
Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
Participate in a consumer information session given by a HUD- approved HECM counselor