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3 Ways to Reverse Student Loan Default – Student Loans and Paying for College Blog #bankruptcy #auto #loans


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3 Ways to Reverse Student Loan Default

When it comes to paying your federal or private student loans, pretending they don’t exist or ignoring those past due notices is not a smart idea. At the first sign of financial trouble, the best thing to do is contact your student loan servicer. If you have a federal student loan, you may be able to reduce your payments by simply changing your student loan repayment plan. or asking for forbearance or deferment of your loans. Private lenders offer fewer options, but may be willing to reduce your payments temporarily, if you contact them prior to missing a payment. It s very important to communicate with your loan servicers and show that you are attempting to repay your debt. Failing to do so can have serious consequences, including student loan default .

If you have federal student loans, you won t be considered in default until you are 270 days late on your payments. Private student loans, on the other hand, are not so forgiving. Each lender has its own rules determining when your loan is in default, and it could be triggered as soon as you miss one payment. Once your loan has gone into default, many unpleasant things can happen. You may be required to pay your loan balance in full (immediately) or have your paycheck garnished, you could face staggering collection fees or have your tax refund seized, and you will definitely lose eligibility for any additional federal aid, including Pell Grants. You will also lose deferment and forbearance options (federal), and could have your social security or disability income seized. In addition, your defaulted loan will appear on your credit report, which may prevent you from obtaining credit cards, car or home loans, or even prevent you from renting an apartment. You could also face higher insurance bills, have difficulty opening up new bank accounts, or be denied employment based on your poor credit.

Fortunately, you do have some options for getting your student loans back on track and out of default.

For Federal Student Loans, You Have Three Basic Options
    Payment in Full – If you pay the total amount owed, including any accrued interest or penalty fees, this will reverse the default status of your loan. Of course, this probably isn t a viable option since you were having difficulty making the smaller payments, but it s the quickest way to get out of default. Even if you can find a way to pay off a portion of the debt, it may help because collection fees (up to 25%) will be applied to your loan balance 120 days after your loan defaults. Consolidation – This option could give you more time to repay your loan and may reduce the amount of collection fees assessed. Before you can consolidate your loan(s), you will need to make a satisfactory repayment arrangement with your loan servicer. Basically, you ll need to make three (3) consecutive payments. After you have made the payments, you must also agree to enroll in either an Income-Based. Income-Contingent. or Income-Sensitive Repayment Plan. The type of plan you select will depend on which type of federal student loan you possess. Keep in mind that if you decide to consolidate your loans you will be charged a fee of 18.5% in collection costs, which must be paid in addition to your principal loan amount and any accrued interest. Rehabilitation – Another way to get your loans out of default is to enter a loan rehabilitation program. Once you make nine (9) qualifying, on-time payments to your guarantor, you will receive a rehabilitation agreement that you must sign and return. Upon notification that your loan has been rehabilitated, it will be transferred to a new lender and servicer. The loan will then be considered in ‘good standing’ and you will continue to make monthly payments to your new servicer. This option also carries a collection fee of 18.5%, but unlike the other two options, the default entry will also be removed from your credit report. Unfortunately, this is a one-time deal, so make sure you keep up with your payments or you won t get a second chance.
Fewer Options for Private Loans

If you have defaulted on a private loan, you will have to contact your lender to discuss modifying your payment terms. Expect to pay any reasonable debt collection costs, as well as the outstanding balance and accrued interest fees. Keep any paperwork you receive regarding your debt, and review your rights when dealing with debt collectors. If you have difficulty communicating with your private student loan lender, you may should contact the Consumer Financial Protection Bureau (CFPB) and ask for assistance or file a complaint.


Home Refinance, Home Purchase, Reverse Mortgage, Personal Loans, Auto Loans, Credit Cards, Auto Insurance, Life Insurance #harp #loan #program


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Reverse Mortgage

Seniors over 62 may use their home equity to get cash through a reverse mortgage.

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Reverse Mortgage Lenders List, HECM Lenders List #reverse #mortgage #lenders #list, #reverse #mortgage #lenders, #reverse #mortgage #company #list, #hecm #lenders, #hecm #loans


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Reverse Mortgage Lenders List

Welcome to Reverse Mortgage Lenders List. Our site features licensed reverse mortgage lenders in all 50 states.

What is a Reverse Mortgage?

A reverse mortgage, also referred to as a home equity conversion mortgage (HECM), is a home loan that lets borrowers convert some of the equity in a home into cash or a line of credit. The equity built up over years of making mortgage payments can be paid back to the homeowner. However, unlike a traditional home equity loan or second mortgage, reverse mortgage borrowers do not have to make monthly payments on the HECM loan until the they no longer use the home as their principal residence or fail to meet the stated obligations of the mortgage such as keeping the property in shape, making tax payments or paying HOA fees and homeowners insurance. A Reverse Mortgage Purchase Loan can also be used to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Featured Reverse Mortgage Lenders

  • AAG Reverse Mortgage – Based out of Orange, California, they are one of the top 10 reverse mortgage lenders in the country.
  • Generation Mortgage Company – Generation Mortgage Company is the largest independently owned national reverse mortgage lender in the country.
  • Urban Financial Group – Owned by the fame Knight Capital Group, Urban Financial is one of the top 3 reverse mortgage lenders in the country.
  • First National Bank – Based out of Layton, Utah, First National Bank has quickly rose to the top of the charts in terms of reverse mortgage orgination.
  • One Reverse Mortgage – One Reverse Mortgage is owned by Quicken Loans, and is currently one of the largest lenders within the reverse mortgage space.


Mortgage Calculator: Calculate Your Monthly Mortgage Payment #reverse #mortgage #calculator #monthly #payment, #mortgage #calculator


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Mortgage calculator

Comparing common loan types

Monthly payment: What’s behind the numbers used in our mortgage calculator?

Our mortgage calculator factors in all the important elements when you use it to calculate your mortgage payment, including principal and interest, plus additional costs — like taxes and insurance. The more info you’re able to provide, the more accurate your total monthly payment estimate will be. Think of it as a mortgage rate calculator, a mortgage interest calculator and a mortgage tax calculator all rolled into one.

If you’re really into math and want to know how the numbers work, here’s how to calculate your monthly mortgage payments on a fixed-rate loan:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Let’s break that down a little further. The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal, or the initial amount you borrowed.
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

Interest: The difference 15 years can make

As mentioned above, the longer the loan, the less you’ll pay each month. You will, however, also pay more in total because interest compounds. Essentially, you’ll pay interest on interest. So you multiply the interest rate by itself for each term of payment — hence the exponent in the formula. That will have a great bearing on your decision between a 30-year fixed-rate and a 15-year.

Say you’ve decided to buy a home that’s appraised at $500,000, so you take out a $400,000 loan with an interest rate of 3.5%. First, let’s take a look at a 30-year loan. For quick reference, again, the formula is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Our P, or principal, is $400,000.

Remember, with i, we must take the annual interest rate given to us — 3.5%, or 0.035 — and divide by 12, the number of months in a year. This calculation leaves us with 0.002917, or i.

Our n, again, is the number of payments. And with one payment every month for 30 years, we multiply 30 by 12 to find n = 360.

When all s said and done, for a 30-year loan at 3.5% interest, we’ll pay $1,796.18 each month.

For a 15-year loan, the math is nearly identical. All that’s different is the value of n. Our loan is half the length, and so the value for n is 180. Each month we’ll pay $2,859.53, over 60% more than with the 30-year loan.

Over the length of the loan, though, the 15-year loan is a far better deal, considering the interest you pay — $514,715 in total. With the 30-year, you pay $646,624 total — over $100,000 more.

Your decision between these two, quite simply, hinges on whether or not you can float the significantly higher monthly payments for a 15-year loan.

A little math can go a long way in providing a “ how much house can I afford? ” reality check.

Comparing common loan types

NerdWallet’s mortgage calculator makes it easy to compare common loan types to see how each type of loan affects your monthly payment. We source the latest weekly national average interest rate from Freddie Mac, so you can accurately estimate and compare your monthly payment for a 30-year fixed. 15-year fixed. and 5/1 ARM.

To help pick the right mortgage for you, you should consider the following:

  1. How long do you plan to stay in your home?
  2. How much financial risk can you accept?
  3. How much money do you need?

15- or 30-year fixed rate loan: If you’re settled in your career, have a growing family and are ready to set down some roots, this might be your best bet because the interest rate on a fixed-rate loan never changes.

In general, for a 30-year fixed loan, you will have the lowest monthly payment but the highest interest rate. However, with a 15-year fixed, you’ll have a higher payment, but will pay less interest and build equity and pay off the loan faster.

It’s worth noting though, that if other fees are rolled into your monthly mortgage payment, such as annual property taxes or homeowner’s association dues, there may be some fluctuation over time.

5/1 ARM and adjustable-rate mortgages: These most often appeal to younger, more mobile buyers who plan to stay in their homes for just a few years or refinance when the teaser rate is about to end.

These loans have interest rates that reset at specific intervals. They typically begin with lower interest rates than fixed-rate loans, sometimes called teaser rates. After the initial term ends, the interest rate — and your monthly payment — increases or decreases annually based on an index, plus a margin.

Paying a lower interest rate in those initial years could save hundreds of dollars each month that could fund other investments. But be careful. Your interest rate and monthly payment will increase after the introductory period, which can be 3, 5, 7 or even 10 years, and can climb substantially depending on the terms of your specific loan.

There are five key components in play when you calculate mortgage payments:

  • Principal: The amount of money you borrowed for a loan. If you borrow $200,000 for a loan, your principal is $200,000.
  • Interest: The cost of borrowing money from a lender. Interest rates are expressed as a yearly percentage. Your loan payment is primarily interest in the early years of your mortgage.
  • Property taxes: The yearly tax assessed by the city or municipality on a home that is paid by the owner. Property taxes are considered part of the cost of owning a home and should be factored in when calculating monthly mortgage payments. However, lenders don’t control this cost and so it shouldn’t be a major factor when choosing a lender.
  • Mortgage insurance: An additional cost of taking out a mortgage, if your down payment is less than 20% of the home purchase price. This protects the lender in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, you can stop paying mortgage insurance, unless you have an FHA loan.
  • Homeowners association fee: This cost is common for condo owners and some single-family neighborhoods. It’s money that must be paid by owners to an organization that assists with upkeep, property improvements and shared amenities.

In addition to the monthly costs addressed in our mortgage payment calculator, keep in mind that there are other upfront costs in addition to your down payment. These costs include property and loan related fees, insurance and title fees. Find out more about mortgage closing costs.

There are a few ways to lower your monthly payment. Our mortgage calculator can help you understand if one of them will work for you:

  • Increase the term of the loan. The longer you take to pay off the loan, the smaller each monthly mortgage payment will be. The downside is that you’ll pay more interest over the life of the loan.
  • Decrease the size of the loan. If you have a smaller loan balance to begin with, you’ll need to fork over less each month to pay it off.
  • Get to the point where you can cancel your mortgage insurance. Many lenders require you to carry mortgage insurance (which protects the lender in case you default on the loan) if you put less than 20% down. This is another charge that gets added to your monthly mortgage payment. You can usually cancel mortgage insurance when your remaining balance is less than 80% of your home’s value. However, FHA loans can require mortgage insurance for the life of a loan.
  • Look for a lower interest rate. You can think about refinancing (if you already have a loan) or shop around for other loan offers to make sure you’re getting the lowest interest rate possible.

Your monthly payment can rise in a few cases:

  1. You have an adjustable-rate mortgage in which your payment stays the same for an initial term (such as five, seven or 10 years) and then re-adjusts annually.
  2. If you have an escrow account to pay for property taxes or homeowner’s insurance, because those taxes or insurance premiums may increase. Your monthly mortgage payment includes the amount paid into escrow, so the taxes and premiums affect the amount you pay each month.
  3. You may have been assessed fees. Check your mortgage statement or call your lender.

Reverse Mortgage Calculator, reverse rate mortgage.#Reverse #rate #mortgage


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Reverse Mortgage Calculator

When you reach your golden years, you don’t want to find that you don’t have the income that you had hoped to take all those amazing road trips you planned or to summer overseas or to invest in that vacation home. You want to be able to enjoy every minute of your retirement without having to feel restricted by what is certainly a limited income.

Financial planning and investing is the best way to make sure you have the money you need to live the life you always dreamed of during your retirement.

Options in Reverse Mortgaging

Reverse rate mortgage

One popular strategy for generating more cash flow during retirement is to take out a reverse mortgage. The name “reverse mortgage” may be a bit misleading. This is not a secondary mortgage you take out on your home that you have to make monthly payments to repay. Instead, it is a line of credit based on the equity in your home that a lender pays to you.

With a reverse mortgage, you are getting paid for your home without having to move out of it. You can draw on the line of credit whenever you like, and you don’t have to make payments on it. You repay the amount when you sell your home – or when the home is sold after you die. Think of it like the bank pre-paying for your home before you have actually moved out of it.

Some reverse mortgages, known as single-purpose reverse mortgages, are limited to use for home repairs or property taxes only, and may be limited according to the homeowner’s income. However, the vast majority of reverse mortgages are issued at Home Equity Conversion Mortgages, or HECMs, which are awarded based on the value of the home.

Some reverse mortgages may allow you to draw on the line of credit whenever you like, but others may provide fixed monthly payments either for a specified period of time or until you die. The monthly payments are not taxable.

Other Investment Strategies

Many retirees may like the idea of getting money for the equity in their home, but they may not like the fact that they won’t be able to leave their home to their heirs without also passing along a lot of debt if they choose a reverse mortgage.

Several other investment strategies are available to prepare for your retirement and ensure that you continue to own your home free and clear. Stocks, bonds, mutual funds, 401(k) accounts, Roth IRAs, fixed and variable annuities and other investments can all help you to diversify your income stream. The best part is that you don’t have to invest a sizable portion of money all at once in order to see big gains. Simply making consistent contributions over the years, even if they are small, can help you to build a large portfolio from which to draw when you retire.

We offer this free calculator to help you understand how your contributions over time can meet your financial goals for retirement. Just plug in your starting amount and how long you plan to save, then experiment with the rate of return, annual contributions, frequency and interest to determine how much money you can make. Your financial analysis will quickly reveal the changes you need to make to reach your financial goals, either by increasing the contribution amount or frequency, or by finding higher-yield investments. Just plug in your information, and a plain-English analysis will be sent to your e-mail within moments.


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Reverse the Future

What is a Reverse Mortgage?

A Reverse Mortgage is a type of home loan that lets you convert a portion of the equity in your home without having to sell the home, give up title or take on a new monthly mortgage payment. It is also known as a HECM. The money you receive can be used for any purpose you choose. The program has been around for 27 years and is insured by the Federal Housing Administration.

Based on the final totals in the 2015 calendar year, 945,287 Senior Citizens have benefited from the FHA insured Reverse Mortgage since the program began in 1989. Although the program has been in existence for twenty seven ears, almost one third of the loans been done in just the past five years. That total is 293,058 Reverse Mortgages. These numbers show how popular the program has become for many senior citizens in the recent past.

To learn more about how Reverse Mortgages work, please click here .

Reverse Mortgages Resources

The Seniors Home Reverse Mortgage Blog

There are many reasons to celebrate our modern day healthcare. We are living longer our quality of life is better today than at anytime in the history of the world. Doctors are performing medical procedures today that didn t exist only a decade ago! New prescription medicine is saving hundreds of thousands of lives today in the United States. On average Americans can expect to live well in to their 80s. This is a great time to be alive!

There is a downside to this wonderful news.

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Reverse Mortgages: Big Changes Ahead – Next Avenue #types #of #reverse #mortgages


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Reverse Mortgages: Big Changes Ahead

Get ready for some major renovations in the federal reverse mortgage program.

On Wednesday, the U.S. Senate joined the House in passing legislation giving the Federal Housing Administration authority to alter its Home Equity Conversion Mortgage program, or (HECM). protect borrowers and help the agency avoid a federal bailout. The agency is expected to reveal later this month exactly how it’ll alter the rules, which could take effect as early as Oct. 1.

The changes will likely make it harder for some people to qualify for reverse mortgages. But they will also help prevent borrowers who have them – women, especially – from being booted out of their homes.

A reverse mortgage is a loan for people 62 or older that lets you tap your home equity and requires repayment upon the homeowner’s death, move or sale of the property. If you’re thinking about getting one, the impending revisions to the federally insured program may be reason to apply soon – before they take effect.

Two more reasons you might consider applying for a loan that’ll let you age in place:

The National Council on Aging, which offers applicants the type of counseling that’s required by law to get a reverse mortgage, has reduced its $125 fee to $90 through Sept. 30. (Call the council’s toll-free number for details: (800) 510-0301.)

The amount of money you can receive from a reverse mortgage may drop if interest rates keep rising, as expected. That’s because the maximum size of a borrower’s loan depends on a variety of factors, including your age, the value of your home and interest rates (the higher they are, the less money you can get).

Some reverse mortgage experts are happy about the news about coming changes in the HECM program, but others aren’t.

“The National Council on Aging is pleased that Congress has provided HUD the tools it needs to quickly shore up the program for all involved, including strengthening consumer protections,” says Ramsey Alwin, the nonprofit’s senior director for economic security.

But AARP is upset that the FHA will be allowed to unilaterally amend the program quickly without time for outside experts to weigh in. “We are deeply disappointed that the agency can now circumvent due process in an attempt to solve problems in the HECM program without the benefit of public comment,” says Cristina Martin-Firvida, AARP’s director of financial security and consumer affairs.

Here are four changes you’re likely to see:

1. Applicants will be required to undergo “financial assessments.” With a regular mortgage, of course, you must prove to the lender that you’ll be able to make the payments. Reverse mortgage applicants haven’t had to demonstrate their financial fitness for approval since they don’t make monthly payments. They soon will need to show they’re good risks for these loans, however.

Financial assessments – which will evaluate a prospective borrower’s cash flow and future obligations – are designed to prevent giving reverse mortgages to people who can’t make their property tax and homeowners insurance payments. Some 9.8 percent of reverse mortgage borrowers are in “technical default” for nonpayment of those required expenses, which can lead to foreclosure.

Credit scores will probably be part of the financial assessment. That worries some consumer advocates who fear the change could lead to the rejection of worthy applicants.

“We don’t believe a credit score is relevant,” says Lori A. Trawinski, senior strategic policy adviser for the AARP Public Policy Institute. “Many older people don’t use credit and have not had a mortgage for many years, so they may not have a credit score.” She fears that such applicants might then be turned down for reverse mortgages.

Gerri Detweiler, director of consumer education for Credit.com, is also concerned. “Some seniors may find their credit scores are lower due to the fact that they simply don’t use much credit at that stage in their life,” she says. “In addition, this could hurt the seniors who might need reverse mortgages the most: those who are house-rich but cash-poor and are trying to use the equity in their home to resolve financial problems or pay off debts.”

Most reverse mortgage borrowers use their loans to pay off existing mortgages and other debt. And according to the United States of Aging Survey released this week by the National Council on Aging, United Healthcare and USA Today, 37 percent of people 60 and older would consider using their home equity to stay in their home, if necessary.

The National Reverse Mortgage Lenders Association’s president and chief executive, Peter Bell, believes credit scores will instead be more likely to help some people get approved for the loans.

If an applicant’s financial assessment gives a lender pause but he or she has a good credit history, “that might be a compensating factor,” Bell says. “Credit scores would be a very marginal part of the financial assessment.”

2. Borrowers deemed risky would have a portion of their reverse mortgage’s proceeds withheld to cover property taxes and homeowner’s insurance. This so-called “set aside” rule would be the equivalent of escrow for a conventional mortgage.

3. There’ll be a limit on how much money you’ll be able to receive at closing. The HECM program is expected to cap that amount at the total of: what you’ll need to pay off any existing liens on the property (your original mortgage, for instance), the reverse mortgage’s closing costs (which can be quite steep) and a modest stipend to pay other day-to-day expenses. The rest of the proceeds would be available as a line of credit or paid out in fixed monthly payments.

4. Surviving spouses of reverse mortgage borrowers would be protected from eviction. Today, a spouse who’s not listed on the loan documents can be forced out of the home if he or, typically, she isn’t able to pay off the full mortgage balance when the reverse mortgage holder dies.

AARP, which has sued the U.S. Department of Housing and Urban Development, to prevent such evictions, says that under the current rules, thousands of people could find themselves in this predicament.

The government is expected to address the problem by requiring lenders to put both spouses’ names on reverse mortgages, even if one isn’t on the deed or is younger than 62.

As the federal Consumer Financial Protection Bureau, or CFPB, noted in its exhaustive report on reverse mortgages last year, these loans are “complex products and difficult for consumers to understand.”

If you’re considering turning your home into a source of cash with one, here’s my advice:

Go online and read one of the excellent plain-English consumer brochures about reverse mortgages. I particularly like the National Council on Aging’s “Use Your Home to Stay at Home ” booklet and the CFPB’s “Considering a Reverse Mortgage? ”

Meet with a federally approved reverse mortgage counselor before applying. You can find one by calling the U.S. Department of Housing and Urban Development, (888) 995-4673, or searching the government’s website .

If you decide to apply for a reverse mortgage, you and the counselor can then discuss the particular loan details before committing. Keep in mind, however that reverse mortgage counselors are prohibited from providing advice, Trawinski says.

Steer clear of counselors who get paid only if clients sign up for reverse mortgages. That fee structure “could undermine their impartiality,” according to the CFPB.

Consider alternatives that could provide you with extra income or lower your expenses. A refinancing or home equity line might be a better, less expensive choice, for example.

The NCOA’s Homeequityadvisor.org site can help you weigh various options. Its online Benefits Checkup tool will tell you about programs that could lower your property taxes or subsidize the cost of your medications, health care, food, housing or utilities.

You might also want to consider selling your home and downsizing to reduce housing expenses, Alwin says.

Don’t be taken in by bogus marketing claims. I’m not talking about those TV commercials with Fred Thompson, Henry “The Fonz” Winkler or Robert Wagner, with their alluring come-ons about a “smart, safe option” that provides “tax-free cash” but “never any income or credit score requirements.” (The last description will soon need to go, though.)

I’m referring to direct-mail solicitations boasting, for instance, that reverse mortgages provide “income for life.” In reality, what they’re giving you is an advance on a loan and you’ll need to pay it off if you move or sell your home.

A reverse mortgage can be a useful way to remain in your house and supplement your income. But be sure you know what you’re getting into before you sign on the dotted line.

Next Avenue Editors Also Recommend:


Reverse phone lookup #what #is #a #reverse


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Reverse phone lookup

This is a user supplied database of phone numbers of telemarketers, non-profit organizations, charities, political surveyors, SCAM artists, and other companies that don’t leave messages, disconnect once you answer, and simply interrupt your day.

If you received a strange call, unwanted SMS message, or just came across a number you don’t recognize and want more information about, most likely you are not the only one. Search for this phone number to see the reports of others. If there are no reports yet, leave your comment to start a conversation.

Dee – a few seconds ago

this and other DC numbers have called me a ridiculous amount of times today.

Pat – a few seconds ago

It’s possible they don’t know your home address, and they’re hoping you’ll give it to them.

Has called ten times today so far. No message.

Keep getting calls from 814-310-9469- totally ignore- SCAM

Kevin – 5 min ago

Same # rang my cell at 7:33 pm, yesterday. I didn’t pick up. again today at 7:38 pm, again I didn’t pick up. I put the # on the auto-reject list of my S-4; fingers crossed that puts a stop to it. If not, I’ll pick up and prank the hell out of them for as long as they like.

sophie – 6 min ago

called left no message. ignored..

Carol – 7 min ago

Call showed Bubba Jones on ID. I answered but no one spoke then hung up.

Rick in NH – 8 min ago

Make Money FAST! SCAM!

Lyeah – 9 min ago

same thing keller just left voicemail asking about FSBO house

Alaina Ullman – 9 min ago

This phone number has been calling my grandmother for the past week and today I am here and happen to answer the phone and they are laughing and joking on the phone! I asked my 84 year old grandmother if they play on the phone she said that they ask her several questions about what’s in her home.

Linda – 9 min ago

Receiving calls from this number. They do not leave a message. I have now blocked the number.

BEING SCAMMED – 11 h 18 min ago

Any charity who calls looking for a donation is forever removed from ever receiving a penny from me – includes veterans, illness, etc.

This is Loan Depot. They are associated with Lending Tree. If you have ever gone to Lendingtree.com and put in any info just to get an idea of their rates, their associates will bug you endlessly.

Eliizabeth – 16 min ago

4th call today from an unidentified number. No message left when I don’t answer. Don’t these people have anything else to do?


California Reverse Mortgage Lenders #reverse #mortgage #lenders #in #california


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Many Financial Options for Cali Senior Homeowners

California is a huge state and for that reason borrowers have access to a long list of lenders. You ll find many that handle a wide variety of financial products as well as those that specifically handle mortgages, including reverse.

FHA Loan Limits in California

The FHA administrates a large chunk of the housing market across the country and in combination with HUD makes homeownership affordable. The FHA sets county limits on mortgage lending, figures key to new mortgages as well as reverse mortgage borrowers. In California property values are some of the highest in the country and FHA limits reflect that.

California Federally Insured Reverse Mortgages

HUD Home Equity Conversion Mortgages are very common, but could be out of reach for homeowners with exceedingly high home values like those in some areas of California. Senior borrowers looking to explore a HECM, find HUD-approved lenders directly through HUD s website. There are many to choose from.

Low-Cost Single Purpose California Reverse Mortgages

For low-income seniors California is one of about two-dozen states that provides a formal property tax deferral program. The California Property Tax Postponement for Senior Citizens program features similar requirements as the HECM: borrowers must be 62 or older, have limited or no income or be disabled and remain living in the home. Property tax payments are made in the name of the borrower and this loan is based on home equity value. The loan or PTD, plus all interest, comes due when the borrower dies or leaves the home permanently.

Reverse Mortgage Specialists in California

All Access Reverse Mortgage

This company specializes in lending a wide variety of reverse mortgage products. They boast one of the highest volumes of Bank of America reverse mortgages and also offer all versions of the federally insured Home Equity Conversion Mortgage (HECM), and extend the reverse mortgage products of many other leading companies. Customers get one-on-one service with All Access and because they are able to offer so many varieties of loans they are able to ensure you the optimum fit for your financial services.

American Senior Funding

American Senior Funding specializes in reverse mortgages for seniors, but borrowers may also use the company s website resources to learn all about reverse mortgages and other financial information specifically targeted to seniors. The company is one of the smaller lenders and focuses on customers in California. You ll find a number of leading reverse mortgages and American Senior Funding is an FHA-approved HECM lender.

Bank of America provides reverse mortgages to customers across the country and is recognized as one of the leading retail banks. BOA offers the very popular Home Equity Conversion Mortgage (HECM), but homeowners in homes with very high value may be better suited to the Senior Equity Reverse Mortgage Platinum. An additional feature of the Senior Equity mortgage is an equity reserve customers that wish to safeguard a percentage of equity for future heirs may opt to do so.

Golden Empire Mortgage

This west-coast direct mortgage lender believes it has the flexibility to offer very affordable rates to reverse mortgage customers. You ll find nine branch offices throughout California and you ll get one-on-one service to help you choose the reverse mortgage product that s right for your needs and future goals.

Metrocities Mortgage specialists offer one-on-one service to customers in California. Choose from a number of independent brokers and loan officers and gain access to a wide range of borrower information specially designed for California reverse mortgage clients.

New Horizons Reverse Mortgage

This California-based company is FHA-approved and specializes in providing California seniors with the very popular Home Equity Conversion Mortgage (HECM).


Death, Reverse Mortgages and Heirs – MLS Reverse Mortgage #reverse #equity #mortgages


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Death, Reverse Mortgages and Heirs

We all know that there are only two guarantees in life: death and taxes. Seeing as none of us are going to get out of here alive, it seems appropriate to discuss what happens when the last surviving spouse passes away when a reverse mortgage is secured by the property.

This is a question that comes up with nearly every client of ours when discussing the option of a reverse mortgage. And there’s good reason for it. This loan is designed exclusively for older adults aged 62 or older. Seniors want to protect their estate and make sure that they are not making a decision that will harm their legacy when bequeathed to their heirs. So, what happens when the last surviving spouse passes away?

The lender is generally notified of a borrowers passing by the heirs / estate, by “death audit” service, which compares the lender’s database against other databases including the social security death index, or other methods available. Once the lender has confirmed the death of the last surviving spouse, a letter is sent to all known heirs. The letter acts as a repayment notice that informs the estate / heirs that the mortgage is due and payable as well as all of the options available for satisfying the loan obligation, which are:

  1. Pay the debt in full;
  2. Sell the property to an unrelated third party for the lesser of the debt, if any, or 95% of the appraised value;
  3. Complete a deed in lieu of foreclosure (this is when the estate / heirs signs the property back to the investor); or
  4. Walk away from the property, which would result in foreclosure.

It’s important to remember that a reverse mortgage is a “non-recourse” loan, which means that the property stands for itself. This means that if the loan balance has grown beyond the value of the property, the heirs / estate could just sign a deed in lieu of foreclosure with no negative effect on their financial standing. On the flip side, if there’s still remaining equity, the heirs / estate can sell the home or satisfy the lien by any other method available to them and retain whatever equity remains after the debt has been satisfied.

The heirs / estate have up to one year to sell the property or payoff the loan. This can be accomplished only by constant communication with HUD and the lender. Per HUD Handbook 4330.1, “If the estate is making reasonable effort to sell the property, extensions should be granted in 3-month intervals with the entire process not to exceed 12 months.

To summarize, dealing with death is not an easy subject, but it is of utmost importance to seniors and their heirs / estate to understand every facet of reverse mortgages including what happens after the last surviving spouse passes away. In the words of Mahatma Gandhi, “Live as if you were to die tomorrow. Learn as if you were to live forever.”

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