New Construction 5 Bedroom Home For Sale In Spring Hill Florida

Shopping For The Best Mortgage Deals Like A Boss

You’ve browsed around online, looked at some houses on your smart phone. Zillow ads have been popping up in your news feed and you’re deciding to take the plunge and get serious about buying a new home. Its an exciting time, but now its time to think about the boring stuff like shopping for a mortgage. Here’s some tips that will help you shop for a mortgage like a pro and avoid the pitfalls that can end up costing you an arm a leg or worse your dream of owning that new home!

1) First tip, keep it local:

You’ll no doubt become the victim of re-targeting ads, and the online mortgage offers will seem to come out of the wood work. Once you get some google history of searching for homes it will spill over into what we call targeted ads from dozens of online lenders and real estate websites. Here’s the thing, most of us in the industry call them click bait. Not to say there won’t be any legit offers online but many of them are just what you think click bait means. They are data aggregating machines designed to grab your attention and personal information by offering seemingly enticing terms that probably do not really exist in the market place. Lots of these online data aggregators like the Tree etc. are not actually mortgage lenders at all, they are lead machines and they resell the data to lenders who are willing to pay for it. Sometimes they sell your info to as much as a dozen different lenders or more and not all them may be properly vetted. That means your phone and email will pretty much blow up with telemarketers or worse a Nigerian prince. Trust me the Nigerian prince does not really have $2.5 Million in unclaimed funds to give you if you just cash his check and send him the difference. Click bait sounds good but do you really want to field two dozen or more calls a day? Local lenders keep your data secure, they don’t share it or resell it so unless you love telemarketers the best way to protect your personal and financial information is to not enter it into an online aggregators lead trap.

2) Know the terms:

Mortgage Industry folks like to use industry terms, in part its because they commonly use them, in other parts it may be because its confusing. Yup, bankers sometimes like things to be mysterious or hard to figure out. Remember the old trick with the 3 cups and the shell? Sometimes this can be a shell game but it doesn’t have to be if you know your stuff. Things like Processing, Underwriting fee, doc prep fees, Origination fees, all equate to pretty much one thing. Money out of your pocket and into the lenders. Beyond that there’s this pesky thing called a buy down or a discount fee. Discount fee does not mean you get a an actual discount on your closing costs, it means you are being charged extra money and higher closing costs in exchange for a presumably discounted rate. Before you even look at an interest rate, you should be asking what the fees are. We in the industry sometimes refer to them as upfront costs, they are essentially lender fees. So a good question may be what are your total lender fees and how many of these fees do you charge? Do you charge origination fees? Do I have to pay a processing fee? An Application fee (*Never Ever Pay an Application Fee*) What is your underwriting fee? The more fees, the more red flags it should throw.

3) The Devil is in the details:

Here’s the thing, anyone can quote a lower rate than the previous guy. But the devil really does lie in the details when it comes time to shopping around for a loan. You have to look at the overall cost vs the rate scenario to understand fully what you are getting and being offered. Let’s say you’re shopping for a $200,000.00 mortgage. Let’s compare 2 offers here so we can clearly demonstrate the differences and how you may get snagged.

 

 

Offer #1                                                           Offer # 2

Loan Amount:           $200,000                  Loan Amount:          $200,000.00

Rate:                             4.5%                          Rate                             4.75

Principal & Interest: $1013.37                   Principal $ Interest: $1043.29

 

 

 

As you can see above the monthly difference in the 2 scenarios is exactly $29.92. So about a $30 difference for a difference in rate of a quarter of a point/ percent (*industry peeps refer often refer to percentages as points). Let’s examine the details now:

Offer #1 comes with a 1% origination fee, that’s a total of $2,000 bucks. It also comes with a buy down that will later be disclosed of about .75% or 3/4 of a point that’s another $1,500 bucks out of your pocket. So far your paying $3,500 smackeroos of your hard earned cash to save that $30 bucks. It also has a sneaky processing fee of say $500.00 so you’re now at $4,000 in added fees. Mind you these are all the closing costs they are only the portion that the lender is charging in lender fees, I like to call them junk fees but I digress.

offer #2 comes with zero in origination fee, zero discount fee so no buy down fee but there is an underwriting fee of just $795.00. Compared to Offer #1 it’s cheaper in fees by whopping $3,205.00. Essentially in order to save that $30 bucks per month you are gonna bring an extra $3,205 in cash to the closing table. Now I’ve heard the argument of “hey $30 bucks over 30 years adds up to a lot of money” yeah well that’s a dumb argument. Let me explain, at $30 per month over 5 years you would save a total of $1,800, which is still $1,405 short of recovering your extra $3,205 cost. So even after 5 years of payments you’re still negative over $1,400 bucks. If you took the same money and invested it into a retirement vehicle with a nominal return of say 4.5% (avg 401k returns have actually been higher) you would be sitting on $4,012. over the same period of time that’s an earnings of about $66 or more than double what you would have saved paying the extra junk fees to get a $30 cheaper payment.

I get it, we are all taught that the most important thing is rate, what’s your rate? What kind of rate did you get? Nobody ever asks what did it cost you? The thing is, always look at the full picture and ask lots of questions. Is the juice worth the squeeze? How much will bragging rights or knowing I got a cheaper rate than uncle Joe really cost you. Maybe uncle Joe who paid an extra 4k in junk fees to save $30 bucks a month and has no retirement wasn’t so smart after all? Get with a local Mortgage Planner who knows and understand finance, asks you about both short and long term goals both with the property you are buying and life goals in general. A good mortgage planner will help you navigate the details and help you keep the devil out of them! You’ll get an added bonus and benefit too, they will know the local vendors, appraisers, surveyors, title companies, and more. You’ll get a real pro who will know how to handle any pitfalls along the way and make sure you get the closing table on time.

For more info on smart Mortgage lending and smart money contact me and I’ll be happy to answer any questions and guide you along the way.

 

Happy House Hunting,

Steve Fingerman

President

     E Loans Mortgage Inc.

NMLS# 856640

 

Purchasing A Home In Spring Hill FL? Start Here

Purchasing your home in Spring Hill?

With some planning ahead of time, purchasing a home isn’t very hard, but the event is stressful for a lot of people. So you know exactly what to expect, I like to supply my buyers with an overview of the whole deal. These are my nine steps to purchasing a home.

If you have questions regarding any of this information or if you’re prepared to get started, just contact me here or e-mail me at stevef@e-loanmortgage.com.

 

Step 1 – Get ready to purchase
There are several things you need to contemplate before you start looking for a home. You’ll want to create a list of features you need, get a feeling for what neighborhoods and school districts you’d like to live in, and begin working on your budget. Keeping your mortgage payment less than or around 30 percent of your monthly income is a good principle to follow.

Step 2 – Communicate with a real estate agent
This is where we can help. We’ll arrange a time to get together so we can talk about why you want to buy a home and get an idea of your future plans. We’ll discuss neighborhoods, schools in the Spring Hill area, the mortgage industry, and any other economic factors that may potentially affect your buying decision today or in the future. We’ll also be able to recommend a few local agents who will match up to your criteria, wants and goals. Being a local lender, we know most of the agents in town and know who specializes in what. This assures you that we will get you the best agent to represent your specific needs.

At this time we will also assist you in getting started on your loan. We have dozens of different mortgage products like FHA, Conventional, VA, and USDA. We also have some Niche products for self employed borrowers, not so perfect credit, and more. We will help you determine which type of loan is best for you, as well as help you get qualified.

Step 3 – Begin looking for a house
Following our first meeting, your agent will start looking for available homes on the market that are good for you. Sometimes they will even preview many of the houses and reject the duds, and then set up appointments to tour the homes when it’s convenient for you.

As you view homes, we suggest you note good features and bad ones. Feel free to point out what things you like and don’t like. Usually, buyers revise their wish list as they tour homes and some things become more necessary than others. If that happens, your agent can search all the listings once more and trim it down to the home you’ve been waiting for.

Step 4 – Get a grasp of the housing market
An agent’s understanding of the Spring Hill home market is a leading element in your home search. A good agent will keep you I’m informed of all the neighborhoods and school districts, and can let you know certain areas are “hot” and require immediate action and the ones that are “cold” and allow for more consideration.

As You view houses, your agent will may communicate when the seller’s list price might have some room for bargaining and when they know the house is “priced to sell.” Trust your instincts and make sure you ask your agent lots of questions, as every REALTOR® in Spring Hill will claim to truly know the housing market. If it appears they don’t know everything, just call me at 352-688-7949 or e-mail me at stevef@e-loanmortgage.com , and I’ll be more than happy to answer any questions you have. My knowledge of the market will keep you a step ahead through the entire deal.

Step 5 – Find the home of your dreams
Paired with the right agent I’m certain you will find the house of your dreams in the Spring Hill area, and when you do, I’ll thoroughly develop your Mortgage plan. The offer will be written exactly to your needs by your Real Estate Agent. Whenever necessary, don’t forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection. But don’t panic, most contract include these types of clauses and your local agent will know exactly what needs to be included to protect your interests.

Step 6 – Negotiate the deal
Unfortunately most contracts aren’t closed on the first offer, and it’s extremely common to receive a counter offer. But don’t let this alarm you. Discuss with your agent whether or not to consent to the counter offer, submit your own counter offer, or refuse the seller’s offer and go on.

The state of the market will play a role in how aggressively you negotiate the deal. In addition, we’ll work within your financing budget. And at the end of the day, we’ll all work as a team to put together a contract that is best for you.

Step 7 – Obtain your loan
Upon completion of the deal, you’ll begin working with us as your lender to close the loan. This shouldn’t take long at after all you are already re pre-approved, but you should to keep in close contact with us during the process. We will help you through any underwriting conditions or issues and work closely with you to make sure everything goes smoothly. We will also help you co-ordinate everything needed including appraisals, termite inspections etc.

Step 8 – Close the deal
You’ll get a Loan Estimate  / LE (formerly known as a GFE) detailing your closing costs from us within three days of getting your application. This estimate is based on the loan amount. RESPA requirements require that it has to include all closing costs and be within a tight range of accuracy, and we will review the estimate and go line by line to make sure you understand everything.

Then it’s time to close on your home. This should occur at a title company or escrow office and should be a smooth and relaxed affair.

Step 9 – Move in
Congratulations! It’s time to move into your new home. Enjoy it. And if you have any questions, simply contact me at 352-688-7949.

Steve Fingerman

President

E Loans Mortgage Inc.

NMLS# 856640

 

My Sinkhole Was Underpinned, Now What?

Recently homeowners in Spring Hill Florida who owned a home that was a repaired sinkhole in Hernando County got quite a surprise when they received a letter in the mail from the Hernando County Property Appraiser telling them their home was going to be re-classified to be considered unrepaired. sinkhole-1This letter went out to a total of 84 homeowners in Hernando County and caused quite a stir. The letter undoubtedly was prompted by the huge sinkhole which opened up in Lake Padgett Estates in Land O Lakes, and seems to be a knee jerk reaction to that event. As one can imagine letter caused a great deal of commotion and backlash, since the letter went out just a few days ago the Hernando County Property Appraiser has somewhat retracted and will no longer be calling these properties unrepaired but will now rather notate the method of repair and if it were grouted (a form of sinkhole remediation where a polymer concrete compound is injected into the grout to fill potential voids) or if it were underpinned (a form of remediation which focuses on installing steel underpinns under a foundation to create a system of pylons underground which stabilizes the foundation and prevents it from being susceptible to further ground movement or soil subsidence) Depicting with accuracy the scope of the repair type is probably a good thing on the Hernando County Appraiser’s part although it should be noted that the Engineering Completion Report which is generally in the possession of the home owner or a potential seller does clearly spell out the method of the repair and whether or not grouting or underpinning or both were utilized.

The initial letter that went out cause much panic in homeowners prompting many questions across social media sites like facebook. As you can imagine getting a letter stating your home is an unrepaired sinkhole can cause instant fear in the heart of a home owner, especially a new home owner who recently purchase their home thinking it was repaired. So are these homes really unrepaired? The answer would be no, well maybe, well yes but technically no. Wait say what? Let’s look at that a step further in an attempt to truly clarify this confusing topic. The initial decision on the part of the property appraiser was prompted by the following thought process, at least as far as I can tell anyway. sink-pinsTechnically speaking the act of installing underpins does not resolve the underground soil condition since what it is doing is stabilizing the foundation with steel pylons and not necessarily focusing on filling the void. The goal in any sinkhole remediation is to ultimately stabilize the foundation right? So underpinning and grouting in theory should accomplish this and should stabilize the foundation assuming either type of repair was performed properly and in accordance to an engineers specification. Since the underpinning does not fill in a void one can technically then say the void was not filled therefore the condition of the potential void itself is not repaired. Does that mean if your home was underpinned it is really unrepaired? No of course not, underpinning has for many years been deemed an acceptable form on sinkhole repair. The focus of underpinning is not and never has been the purpose of the pins, but rather the purpose is to stabilize the structure regardless of the subsurface condition which may or may not exist.  Short of something changing legislatively which is fairly unlikely it continues to be an acceptable form or repair which is why the property appraiser in Hernando County received as much backlash as they did.

So if underpinning is OK then why did the underpinned home in Land O Lakes fall victim to the massive sinkhole? The simple answer might just be Mother Nature. Mother Nature is a powerful and often unpredictable, unstoppable force. In cases where the sinkhole is or becomes so massive there likely not be much in the way of a repair that could be done to prevent such a catastrophic collapse. sinkhole-land-o-lakesWould grouting have helped? Nobody can say definitively but it would be highly unlikely, maybe it would have bought a few seconds more of time, but reality probably not. Regardless of what may have been done with an event as catastrophic as the one in Land O Lakes it most likely would not be preventable regardless of any amount of compaction grouting, or number of pins or both. Its just one of those acts of Nature that man cannot control. The good news is these types of catastrophic sinkhole events are relatively rare and do not happen very often.

*My home was underpinned, now what do I do? Well the simple answer would probably be nothing unless you are noticing new damage or something that would cause immediate concern then start by contacting your engineer and contractor who performed the repairs. If necessary bring in another licensed professional for a secondary opinion.

* My home was underpinned, the Hernando County Property Appraiser has me concerned by first stating it was unrepaired now saying repaired. Is my home repaired or not? Regardless of the initial letter sent out, if the home was repaired via underpinning it remains underpinned and thus is repaired. Understanding the difference between a grouting type repair and underpinning type repair is important but being underpinned does not define it as unrepaired in the State of Florida. Being unrepaired under the definition would mean nothing was done or it was not done in acceptable manner under the supervision of a licensed structural engineer.

* I hear the County Property Appraiser may reduce my assessed value, does that make my home worth less now? No, it does not make the home worth any less or any more in the open market. Over the past few years market statistics show that repaired sinkhole homes are selling at or near the full market value. In some geographical pockets repaired sinkhole homes may actually be selling for more than their counterpart similar homes with no known sinkhole. The county assessment has little to no impact on the actual appraised value or market value. Assessments are strictly for taxation purposes and should not be used as a gauge for what a home may sell for or may appraise for in a real estate transaction.

 

steve-portait

Steve Fingerman

NMLS# 276682

President

E Loans Mortgage Inc

NMLS# 856640

4117 Mariner Blvd

Spring Hill FL 34609

Cell 727-946-0904

Office 352-688-7949

www.eloansmtg.com

 

 

Disclaimer: Steve Fingerman is not a licensed contractor, engineer, attorney, news reporter, magic genie, or anything other than a Mortgage Professional and Real Estate Professional in Hernando County who is very familiar with the Spring Hill Florida Market and the topic of Sinkholes 🙂

Reasons Why A Home Seller Should Always Consider A Veterans Purchase Offer

There’s many myths about VA Mortgages and Veteran buyers that we need to dispell out there. Veteran home buyers are some the best borrowers out there and historically VA Mortgages perform better than just about any other home loan out there. I hear to often that a VA buyer’s offer is being rejected due to unsubstantiated fears regarding VA appraisals, and other factors, sadly most of these fears are born in myth from years ago and are simply not true today.

 

If you are listing a home, or selling a home please take a few minutes to watch the video below to learn more about VA loans and why you should strongly consider a Veteran Home buyer who is using his VA benefit to purchase a home.

Can A Non Married Co Signer Go On A VA Mortgage?

mmbc-instructor-smallThis question comes up pretty often, A Veteran is seeking to purchase a home with a VA Mortgage and wants to add his girlfriend to the loan or vise versa. Maybe they are engaged and not married yet, sometimes the plans for the wedding are for a date that will come after the purchase of the first home. More often than not we hear lenders telling a Veteran that it is not possible to add a non married non veteran co-borrower to a VA Mortgage and that they must get married in order for them to both be on the loan. That is actually false, but there are a few caviats.

Still Think You Can’t Make A Difference? A Loan Officer Group Across The U.S. Say Otherwise

pizza-for-policeWhat started out as a simple gesture by Patrick DeFeo, a Realtor in Manatee County, Florida has quickly turned into a national movement. He shared his story and gesture with his friend, Steve Fingerman from E Loans Mortgage and the gesture of kindness to local law enforcement quickly turned into a national movement with over 30 loan officers nationally now participating

What happened in Dallas rocked all of us and once again showed us, just how fragile life can be. It also serves a reminder to all of us of how our local and state Policemen and Policewomen put their lives at risk every day to serve their communities. Most of us go about our lives and never give that risk a 2nd thought until something as tragic as Dallas makes it difficult, if not impossible to ignore.

pizza-for-police-patWhat started out as a simple gesture by Patrick DeFeo, a Realtor with The DeFeo Realty Group in Manatee County, Florida has quickly turned into a national movement. Patrick had an idea that he wanted to give back to his local Sheriff’s office as a way of simply saying thank you for all they do for his community. He decided that he would buy the Sheriff and his deputies’ pizza, 30 of them to be exact, along with a simple note:
“Thank you Deputies for all you do for our community, I support you!”

He shared his story and gesture with his mortgage friend, Steve Fingerman from E Loans Mortgage who had the idea to turn into a national movement and shared his plan with a group of Mortgage Loan Officers across the country. The group consists of some of the most trained Loan Officers in the Country who network to collaborate through the group and share ideas and knowledge. That’s when one of its members, Michelle Dugan of The Mortgage Connection in Madison Mississippi suggested the group pick this up and do the same in their respective towns and states. The suggestion caught on immediately and before long the Loan Officers in this group who are spread across the country started collaboration and agreed to participate.

Within a couple of hours over 35 of the top mortgage professionals in the country started coordinating efforts to send Pizza’s to their local Sheriffs, Highway Patrol, and Police Departments as a way of saying thank you and showing support.
Evan Wade of Movement Mortgage in Egg Harbor Township in New Jersey says “I saw the idea posted and immediately thought, heck yes let’s do this” He goes on to say, “Our brave men and women in law enforcement put themselves out there every day, and I know many times it could probably be a thankless job, so when I saw the opportunity to give back, I thought it was fantastic”.

Jeff Powers of Nations Reliable Lending in Cincinnati Ohio whose brother is a police officer hopes this effort will continue to spread and helps change attitudes toward Police. Jeff says “There seems to be too much of a negative tone towards Police with all that’s been going on. I want to remind people that the .001% of bad does not out weight the 99.999% of the good Sheriffs, Highway Patrol and Police Officers who put their lives at risk for us daily.” He goes on to say. “That’s why I quickly jumped aboard and why I hope this effort will continue to spread through my community and others to bring more people and law enforcement together.”
Indeed what started out as a single gesture from one person was now growing into a national movement picked up by a group of Mortgage guys who decided that they as a group can make a bigger impact.

Chasity Graff of LA Lending LLC in Baton Rouge, LA says “she got in on it hoping it would inspire others around the country to do similar things. I don’t necessarily want people to send pizzas or even spend any money, I know not everyone can do that, but what I do want is for people to be aware. Be aware of what your local law enforcement officers go through daily and be thankful in a way that they can see it. If all of us went out of our way just a little bit to show our appreciation and support it would have the potential to bring tremendous positive change and that is what I think the country needs right now” Chasity was on to something because when these Loan Officers, reached out for help from their local community other people and businesses starting to jump on board by offering their foods at cost or providing other things that their local Sheriffs, Highway Patrols, and Sheriffs needed more of.

removing-fear640x392jpgWhile many people tend to think they can’t make a difference in the world, this group of mortgage pro’s scattered across the country is proving otherwise. Their joint effort and collaboration has resulted in over 35 people in 35 different towns across the country bringing localized awareness and gratitude to their local Sheriffs, Highway Patrol and Police Departments.

Thank you to the following Loan Officers and Lenders across the country!!!

Michelle Dugan The Mortgage Connection Madison, MS
Steve Fingerman E Loans Mortgage Spring Hill, FL
Chasity Graff LA Lending, LLC Baton Rouge, LA
Evan Wade Movement Mortgage Egg Harbor Township, NJ
Corey Roediger CrossCountry Mortgage Ferndale, MI
Alex Jimenez AJ Nashville Team for Hancock Mortgage Partners Franklin, TN
Lori Saucier CrossCountry Mortgage Brecksville, OH
Markita Woods Queen of Mortgages Woodbridge, VA
Elizabeth Rose Hancock Mortgage Partners Grapevine, TX
Staci Stanley Fairway Independent Mortgage Denver, CO
Brian Swanson First Mortgage Company West Des Moines, IA
Kelly Belcher Key Mortgage Ink Plymouth, MI
David Goldberg CBC National Bank Shaker Heights, OH
Chris Burleson Guaranteed Rate Knoxville, TN
Gareth Beale Power Mortgage Baton Rouge, LA
Jeremy Lewis AMP Lending Austin, TX
Katy Parsons Finance of America Mortgage Portland, OR
Scott Edwards Augusta Financial Inc Santa Clarita, CA

Get A VA Loan And Save On Closing Costs

E Loans Mortgage is proud to serve our local Florida Veterans. In honor of Veterans day, we will be waiving all origination fees for all VA borrowers who apply for a VA Loan in the month of November.

For more info call us at:

E Loans Mortgage
352-688-7949

NMLS#856640

Help For Senior Home Owners In Spring Hill Florida


Reverse Mortgage Frequently Asked Questions

FHAWhat is a reverse mortgage?
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income—without having to sell their home, give up title to it, or make monthly mortgage payments. The loan becomes due when the last borrower (s) permanently leaves the home.* Consult Financial Advisor. Not all products available in all states.
How is a reverse mortgage like a home equity loan? How is it different?
Both a reverse mortgage and a home equity loan use the equity you have built up in your home to provide you with readily available cash.They differ in that with a home equity loan you must make regular monthly payments of principal and interest. However, with a reverse mortgage you do not make any required monthly mortgage payments for as long as you stay in the home.
Can my current income influence my ability to get a reverse mortgage?
No. Since reverse mortgage borrowers need not make monthly repayments, there are no income qualifications.
What are the advantages of a reverse mortgage?
There are many. Here are a few of the most significant:•  Remain independent. A reverse mortgage allows you to remain in your home and retain home ownership.

•  Stay in your home. It allows you to remain in your home and retain home ownership.

•  No monthly mortgage payments required. You need not pay back the reverse mortgage loan nor make any monthly mortgage payments until you permanently move out of the home.

•  Tax-free money. Because the money you receive from a reverse mortgage
is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits.

•  Freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.

* Consult Tax Advisor

I’ve heard that with a reverse mortgage the lender would own my home. Is this true?
It’s absolutely FALSE. The borrower retains title to the property. The reverse mortgage lender is merely extending a loan to the borrower.Because the homeowners retain title, they remain responsible for the payment of property taxes, hazard insurance, and maintaining the home in reasonable condition – just as they would with a standard first mortgage or home equity loan.
Can I refinance a reverse mortgage, as I would be able to do with a traditional home mortgage?
Yes. Refinancing can make sense if your home either increases in value, the interest rates drops or the maximum lending limit increases. Keep in mind that when deciding to refinance a reverse mortgage, it is important to compare the amount of benefit versus the cost of the loan before making this decision. The amount of benefit received should be twice the amount of the cost to refinance the loan.
Can a reverse mortgage lender take my home away if I outlive the loan?
No they cannot. And the loan is not due at that time either. In fact, you don’t need to repay the loan as long as you or another borrower continues to live in the house as the primary residence and keep the taxes paid and hazard insurance in force.
How do you determine the amount of cash I am eligible for?
The amount you can borrow depends on several factors, including your age, the type of reverse mortgage you select, current interest rates, the appraised value of your home and FHA’s lending limits for your area. In most cases, the older you are, the more valuable your home, and the less you owe on it, the more money you can get.
Are there any limits on how I use the money I receive from a reverse mortgage?
You can use the money for virtually anything you choose, from daily living expenses, home improvements, healthcare expenses, paying off existing debts, or simply enhancing your retirement years. For many people, the money provides a “financial security blanket,” in case unexpected expenses arise.

It is important to know that with adjustable rate mortgages, an increase in the interest rate could affect the amount of money available to borrow in the future and the amount of money owed when the loan becomes due.

Is there a choice in how I receive the cash from my reverse mortgage?
Most definitely. With most reverse mortgages you have a wide range of payment options, one of which may be ideal to meet your financial needs.

  • You can choose to receive the money all at once, as a lump sum.
  • You can receive equal monthly payments as long as one of the borrowers lives and continues to occupy the property as a principal residence.
  • You can choose to receive equal monthly payments for a fixed period of months.
  • You can get a line of credit; which allows you to take funds at times and in amounts of your choosing until the line of credit is exhausted. This is the most popular option, chosen by more than 60% of reverse mortgage borrowers.
  • You can opt for a combination of line of credit with monthly payments for as long as the borrower remains in the home.
  • Or, finally, you can choose a combination of the above.
Who can qualify for a reverse mortgage?
Seniors 62 years of age or older may qualify. There are virtually no income or credit qualifications.
Lender-with-mortgage-paperworkI still owe money on a first or second mortgage. Can I still get a reverse mortgage?
Yes. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. The funds you would receive from the reverse mortgage would be used to pay off whatever existing mortgages you have on the property.
Can I get a reverse mortgage on a second home or resort property I own?

Unfortunately no. Reverse mortgages may only be taken out on your primary residence.

What kinds of homes are eligible for a reverse mortgage?

First and foremost, the reverse mortgage must be on the borrower(s) primary residence, that is, where they live most of the year. Most reverse mortgages are taken on single family, one-unit homes. Some programs also accept two-to-four unit buildings that are owner-occupied. Some programs offer reverse mortgages on condominiums and manufactured homes built after June 1976. Mobile homes and cooperatives are generally not eligible for a reverse mortgage. Call 352-688-7949 to speak with one of E Loans Mortgage Reverse Mortgage Specialists

Would a home that is in a “living trust” be eligible for a reverse mortgage?
Yes. In most cases a homeowner who has put his or her home in a revocable living trust can usually take out a reverse mortgage. A review of the trust documents would be conducted by the reverse mortgage lender to determine if anything in the living trust would be unacceptable.
Are all reverse mortgages the same?

No, below are the basic types of reverse mortgages:

1.     Federally-insured reverse mortgages.Known as Home Equity Conversion Mortgages (HECM), they are insured by the U.S. Department of Housing and Urban Development (HUD). They are widely available, have no income requirements, and can be used for almost any purpose.

2.     Government-sponsored reverse mortgages.  A Home Keeper® is Fannie Mae’s conventional market alternative to the Home Equity Conversion Mortgage (HECM). It is a government-sponsored enterprise program and works like a HECM loan in many ways. However, a Home Keeper® reverse mortgage addresses a few needs that are not met by HECM loans, such as individuals with higher property values, condominium owners, and seniors wishing to use a reverse mortgage to purchase a new home. The Home Keeper can also be used for a Reverse Purchase. For example if you have sold your home and are looking to purchase the new retirement home, you can save half of your money and put 50% of the proceeds down on a new purchase and still have no mortgage payments under this program.

 

Spring Hill Florida Mortgage Lenders

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When will I have to pay the principal and interests cost of this loan?

Your reverse mortgage loan becomes due when one or more of the following conditions occurs: (a) the last surviving borrower passes away or sells the home; (b) all borrowers permanently move out of the home; (c) the last surviving borrower fails to live in the home for 12 consecutive months; (d) the borrower fails to pay property taxes or hazard insurance; (e) the borrower does not maintain the home in reasonable condition.

What is a non-recourse loan?

A non-recourse loan is a home loan in which a lender may look only to the value of the home for repayment of the loan; no other assets may be attached if the loan balance grows beyond the subject property home value.

If I take a reverse mortgage, will I still have an estate that I can leave to my heirs?
When you sell your home or no longer use it as your primary residence, you or your estate must repay the lender for the cash received from the reverse mortgage, plus interest, monthly service fees and any other accrued costs. Any remaining equity belongs to you or your heirs. It’s important to remember that you can never owe more than the fair market value of the home when it is sold. None of your other assets will be affected by your reverse mortgage loan.
When the loan is due, will I ever owe more than my home is worth?
If the borrower or heirs/estate do not wish to retain ownership of the property upon loan maturity, the borrower or heirs/estate will not be required to pay more than the home is worth upon loan maturity.In the event the borrower or heirs/estate decide to keep the home upon loan maturity, the borrower or heirs/estate will be responsible for the full amount owed.
What fees are involved in a reverse mortgage?
Most reverse mortgages have an origination fee, third party closing costs (such as appraisal, title and escrow), insurance, and a monthly servicing fee. These charges can be paid from the proceeds of the reverse mortgage, resulting in no immediate burden to the borrowers; the costs are added to the principal and paid with interest when the loan becomes due. Call us at 352-688-7949 and we will be happy to answer all of your Reverse Mortgage Questions.

E Loans Mortgage Inc 4117 Mariner Blvd Spring Hill, FL 34609

Phone: 352-688-7949 Fax: 352-688-7656

 

Is It Cheaper To Buy A Home VS Renting A Home?

Rents in Spring Hill Florida continue to rise, however mortgage rates are still historically low. With house prices starting to rebound in Hernando County this may the best time in years to purchase a home in Spring Hill FL! For quick a quick Mortgage Approval contact us at 352-688-7949 or apply online at www.e-loanmortgage.com

Steve Fingerman

President E Loans Mortgage

352-688-7949 Office

727-946-0904 Cell

NMLS# 856640

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