Are you looking for a property that's centrally located with easy access to everything? If so, please check out this new listing by Homequest Properties. Please call Inday at (619) 726-8747 if you like to see the home. Please give me a call at (858) 776-0565 if you have any financing questions.
Home Equity Conversion Mortgages (HECMs) may be a good choice for some seniors who fear they might outlive their retirement funds and will need cash to enjoy their remaining years. But they aren't the only options elder owners might want to consider. HECMs, aka reverse mortgages, are made to owners 62 years and older who have built up significant wealth in their homes. You borrow against a percentage of that equity, and draw the funds either in one lump sum or in monthly payments. Better yet, nothing has to be paid back until you pass away, or you permanently move out of the house. Sounds appealing, and it is. But reverse mortgages are not cheap, and you still have to pay your property taxes and homeowner's insurance. Otherwise, the lender can and often does initiate foreclosure proceedings. But you can accomplish pretty much the same thing by choosing a less costly version of a reverse mortgage, sponsored by state and local governments, called a deferred payment loan (DPL). Generally, there are no origination fees, and insurance premiums and closing costs, if any, are very low. Typically, seniors can use these loans only to make specific types of repairs or home improvements, such as roofing and heating. But many programs will cover accessibility modifications such as ramps, rails and grab bars, and energy-efficiency projects like storm windows, insulation and weatherstripping. #hecm#reversemortgage#reversemortgagecalifornia#reversemortgagetax#alaskaliving#princesscruises#alaskaprincesscruise
The Renovation loan is a great product for buyers and realtors. The room was packed at our last event. Please RSVP if you're thinking about renovating your home, adding a bedroom, bathroom, or a second story. Good news: The city of San Diego slashes fees for Granny Flat Constructions to Help End Housing Crisis. You can read about the article here: https://www.nbcsandiego.com/news/local/Granny-Flats-San-Diego-Housing-Crisis-481366471.html
Peter Boutell, Lending a Hand: Use reverse mortgage to purchase or refinance Did you know that if you are age 62 or older, you could buy a home with a reverse mortgage. While reverse mortgages have become a popular way of creating cash by using the equity in your home, few seniors realize that they can purchase a home with a reverse mortgage. Cash is still required for the down payment and you will have to pay for property taxes and homeowner's insurance each year but no principal and/or interest payments are required for as long as you live in the home. Depending on your age, a large down payment will typically be required for a purchase. For example, a $600,000 home may require a down payment of $300,000 or more but no mortgage payments will ever be required. The obvious alternative for the senior with $300,000 in cash who does not want a reverse mortgage and does not want to make principal and interest payments would be to buy a home priced at or less than $300,000. Sadly, myths about reverse mortgages are keeping many seniors from exploring the possibilities of a reverse mortgage. Here are the facts: While there will never be any mortgage payments to make when you have a reverse mortgage, the homeowner is still responsible for property taxes and homeowner's insurance. When you die, your heirs may inherit the property; however, the reverse mortgage must either be paid off with cash or replaced with a conventional mortgage. If the home is sold to pay off the reverse mortgage, the heirs are entitled to the equity remaining in your home. You may pay off the reverse mortgage at any time without a penalty. If you move out of your home you must pay off the reverse mortgage within six months by either refinancing it or selling the home. However, if your health requires you to be out of your home and in a care facility, you may keep the reverse mortgage until and unless you are out of your home for 365 consecutive days. One of the restraints with the traditional