Reverse mortgages for retirement planning

Posted on Apr 27, 2014 in FHA Information

Question by : who offers the best fha loans?
who offers the best fha loans?

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HARP 2.0 : Underwater Homeowners Need Fewer Loans Over 125% LTV
In late-2011, page the Home Affordable Refinance Program (HARP) was made available to U.S. homeowners whose mortgages were "severely underwater". The program was a hit. At its peak, there HARP loans for which loan-to-value (LTV) exceeded 125% accounted …
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Maryland Man Sentenced to Jail in Million Loan Mod Scheme
Also according to court documents, viagra dosage the conspirators misrepresented that, with HOPE's assistance, the homeowner was guaranteed to receive a loan modification under the Home Affordable Modification Program (HAMP), which is part of the Troubled Asset …
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Quinn promotes Welcome Home Illinois Program
CHICAGO – Governor Pat Quinn Tuesday addressed the annual Illinois Governor's Conference on Affordable Housing where he discussed the state's commitment to affordable homeownership and the new Welcome Home Illinois loan program for first-time …
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Question by jainika s: requirement 4 home loan?
best deal 4 home loan

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Answer by Finance1o1.blogspot.com
1) Are you able to make at least a 20% down payment? If down payment will be less than 20%, information pills a private mortgage insurance will be charged until 20% of the loan is paid off.
2) Your Debt to income ratio must be less than 40%. (Debt to Income Ratio = Gross Income / total payments toward debt). Proof of income will be required (just send a copy of your recent pay stub).
3) Your credit history. A score of 720 or above favors you for a lower interest rate. A score between 675 to 720 means you don’t qualify for the best rate. A score below 620 means you fall in the subprime category, dosage meaning you will find it very difficult to find a home loan.
4) Employment history.
5) Loan to value (LTV). A LTV that is 80% or higher will make it very difficult for the borrower to qualify for a mortgage. LTV = Loan amount / Value of property.

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Question by : Do you have to have a down payment to take out a home loan?
Do you have to pay a down payment when you take out a home loan, viagra approved or can you take out the full amount of the home? For example: a house costs $ 900, this site 000. Can you take out a loan for $ 900, about it 000 without having to pay a down payment?

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Answer by My Take on It
Nowadays, you need a down payment. The very least would be 3.5% of the purchase price.
If someone can afford to buy a house that costs 900k, they better have the ability to put a down payment down! LOL Most banks don’t even lend that much anyways. Anything over I believe 417k is considered a jumbo loan and requires about 30% down.
So, no, you cannot buy a 900k house without a dog in the race here (down payment)

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Question by PB: refinancing mortgage?
i live in MA, side effects bought our house 3.5 years ago. I really need to refinance to save some money and put it towards bills and credit card debt. problem is, visit web we were an FHA loan, prostate and now since the crash, the standards have risen for a refi or even a new mortgage, and our credit has gone down a little, but our debt is now too high…

does anyone know of any programs, companies or banks in MA that will refinance you with very little money down, and possibly if youre credit is questionable???

thx

Best answer:

Answer by chatsplas
Go to current mortgage lender and ask about Making Home Affordable programs

Pay down that debt; rebuild your credit rating; STOP using credit cards. . . . .the days of 0% down and poor credit getting a home loan are gone, with the Crash. . . . . .
Get the Dave Ramsay books/tapes on personal money management, eliminating debt from bookstore or library and take control of your finances

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Question by : Home Loan vs Personal Loan?
My husband and I are looking to buy our first home. We are looking at some promising properties for under 25, thumb 000$ I have heard that most mortgage brokers won’t want to go lower than 50, more about 000$ . However we do not need any where near that amount. If we get a personal loan, for sale however, we will not be able to secure it because we would be using the loan to buy the house. Could we use the house we will buy to secure the loan? We both have excellent credit, and would get the loan through the bank we already use. With both of our incomes we could pay off a 30,000$ loan (with interest) in about 3 1/2 – 4 years. What would be our best option?
I know that going to a bank is the best option for this, but since this is our first house we don’t feel comfortable with going to bank and talking to them about our best option. We wouldn’t know which loan was better/worse and we fear getting suckered into something that we don’t need that will end up hurting us in the future. Obviously, we will go into a bank but we want to get an idea of what we want before we do.
Thank you.

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Answer by Claudia
Just ask the bank… they know what they do, we don’t

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Question by Angel Eyes: Can someone recommend a good lender for Home Affordable Refinance (HARP)?
My taxes went up this year by $ 1000 due to the death of my mother. She and I were purchasing a house together. Her tax status (homestead and over 65) is now gone. Our taxes were $ 800/yr now my taxes have gone up to $ 1800/year. I’ve had a significant loss of income since her death ($ 700/month decrease) and I am scheduled to have another $ 400/month decrease in income beginning in June. I received an offer letter from my lender, healing Citi Mortgage, symptoms last November extending me a 2.75% interest with the HARP (Home Affordable Refinance Program). My current interest rate is 7.25%. To lower my monthly mortgage payments I jumped at the chance. My house value has dropped, I have 13 yrs left on my mortgage, and I owe about $ 41,000. I have never been behind on my mortgage. I explained everything up front to them about my financial situation and about my mother’s death I was told all I needed to do was just provide a copy of her death certificate at closing and that would be sufficient. I sent them a copy of it anyway along with the other signed documents they required. Then about a month later, I was sent a letter declining me stating the reason was that the name on the loan app was different from the name on the mortgage. When I spoke with Citi Mortgage about it, I was told that I should have received a phone call from their mortgage consultant telling me I needed to have my mother’s name taken off the account (I had not done so previously and remember they told me all that was needed was a copy of the death certificate). They had to start a new loan. Months passed and I was then told that Texas requires more documentation so I needed to provide 2 Affidavit of Heirships proving I am my mother’s sole heir and the forms needed to be recorded in the county records. I did what they asked each time quickly. By April I was told that the information on the Affidavit of Heirships could not be handwritten, even though the form used was a legal document but the information that was filled out was handwritten and the Affidavit had to be filled out by their attorney. Last week I then received an email from the mortgage coordinator stating my refi was delcined because Texas requires more documentation to clear the title so I did not qualify for the HARP. They lead me to believe I did not qualify for the HARP at all. After more phone calls and more digging my suspicions were confirmed. I was declined because my refi would require more paperwork and more manpower on their part to provide the necessary documentation because of Texas guidelines. They said more manpower hours to secure the loan would drive up the cost on their end. They told me I qualified for HARP but not their super HARP which means no out of pocket money from me and that is the loan program that was offered to me back in November. They went on to tell me they do have a regular HARP which includes closing cost, $ 150 application fee which I would have to pay AND because of their incompetence, mis-communication and laziness, I now have a $ 1400 negative balance in my Escrow account and to do the regular HARP, I would have to pay the $ 1400 at closing. They could not move my current mortgage to another mortgage in this case their regular HARP with a negative balance in escrow. None of this was explained to me in November or at any time up to this point, If they would have told me back in November when I did not have a negative balance in my Escrow that I did not qualify for their super HARP, I could have done the refi under their regular HARP. I didn’t have a negative Escrow until March of this year which is when my taxes was paid. They wasted 6 months of my time and have put me in jeopardy of falling behind on my house payments because my new mortgage payment started this month. I was trying to get the refi completed before this month and clearly before June when my income drops again making is extremely difficult to pay the extra $ 200/month higher mortgage. Also, 6 months ago, interest rates were down. Now I have to start over with another lender with higher interest rates. They still are better than 7.25% but no longer 2.75%. I do not qualify for a regular refi or home equity line of credit. Because of my income loss I can no longer pay my medical bills and credit cards. I’m just struggling to keep a roof over my head (and my son) and to feed us. I don’t have $ 1400 to pay up front.

I’m looking for a good lender who is familiar with Texas guidelines and specialize in the HARP. I don’t have time to waste on incompetence. CitMortgage sucks and are not trustworthy. They don’t even have mortgage consultants located in all their local branches. I found that out yesterday.

I’ve been a loyal customer for over 15 years and have never been late on my payments. Texas residents beware of CitiMortgage if you are hoping to refi. Sorry for the lengthiness and thank you for your time.
Not true. I confirmed with a HARP counselor. I do not have to refi under the HARP with my current lender. I can go with another lender/mortgage company that specialize in the program.

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Answer by Landlord
You can’t use HARP and change banks, you have to use the same lender.

If you want to switch lenders you have to do a regular refinance.

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Reverse mortgages for retirement planning
If, website like this during the first 12 months, stomach you are willing to take less than 60 percent of available funds, illness the FHA will eliminate much of the upfront mortgage insurance which will significantly reduce your closing costs.” Calculate your possibilities! For a …
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How Reverse Mortgages Work in 2014
Loans: Nearly all reverse mortgages offered today are Home Equity Conversion Mortgages (HECM), which are FHA insured and offered through private mortgage lenders and banks. … To calculate how much you can borrow, visit reversemortgage.org.
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Savvy Senior: How reverse morgages work in 2014
Dear Savvy Senior: What can you tell me about reverse mortgages? I was considering one last year, but now I hear they are more difficult ….. •Loans: Nearly all reverse mortgages offered today are Home Equity Conversion Mortgages (HECM), which are FHA …
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