Warning: trim() expects parameter 1 to be string, array given in /home/nvsenior/public_html/wp-content/plugins/custom-post-order-category/wp-customcategorypostorder.php on line 492
mortgage payments | Nevada Senior Guide

Why Are Reverse Mortgages Important to Senior Citizens? by Craig Castle

May 30, 2013 by · Leave a Comment
Filed under: Articles 

In Texas and many other parts of the country, senior citizens are being squeezed. They receive, on average, $965 per month in social security. And, while property taxes vary, a senior in many Texas cities with a home valued at $100,000 will pay more than $200 per month in property taxes alone. Add to that the high cost of necessities like health care, prescription medicine, utilities, and mortgage payments, and the financial picture can be very bleak. It’s no wonder that many seniors face foreclosure or tax liens on their homes.

“Reverse mortgages are important to Texas seniors because they allow them to obtain a loan against the equity in their home—often their single largest asset—without making monthly payments to repay that loan. That means that with a government-insured reverse mortgage, a senior will never lose his or her home to a bank simply because he or she could not make a payment,” said Craig Castle, a San Antonio reverse mortgage specialist for the past four years.

So why don’t more Texas seniors take advantage of this financial product?

Castle says that in his experience, seniors shy away from reverse mortgages for three reasons:
◾1. Fear
◾2. Bad advice
◾3. The availability of other, more well-advertised, loan products

“I have had many clients elect not to complete the reverse mortgage process because of fear,” Castle says. “Usually, the additional cash could have improved their lives significantly.”

Seniors’ fear is not unfounded. They are often the targets of scams and fraud. But, reverse mortgages have one important safe-guard built into them to protect even those who are uncomfortable making financial decisions. In order to obtain a government-insured reverse mortgage, a senior must have counseling by a HUD counselor with the local housing authority or the Consumer Credit Counseling Office. This unbiased person can help the senior determine whether a reverse mortgage makes sense for his or her individual situation.

And, sometimes well-meaning family and friends give bad advice.

“I have had ministers tell clients that they heard that you could lose your home with a reverse mortgage,” Castle said. “It isn’t true, but advice isn’t always based on facts.”

The availability of home equity loans also clouds the picture for many seniors. “Home equity loans can be appropriate for people who have an income, but they often spell disaster for seniors,” Castle said. “I talk to potential clients every week who tell me that they are having problems keeping up with their payments.”

“My experience has been that most home equity clients who are over 65 and have taken the maximum 80% of their home value will eventually lose their house—if they live at least 3-5 years beyond the date of loan origination,” Castle added.

With a reverse mortgage, the homeowner can access from 40-60% of the appraised value of their home, but the loan is not repaid until they die or leave the home permanently. Then the home is sold and the proceeds are used to repay the loan, with any remainder going to the owner’s estate.

To find out more about the benefits and requirements for a reverse mortgage, visit [http://www.SouthTexasReverseMortgage.com] and request the free Federal Trade Commission publication, Facts for Seniors about Reverse Mortgages. Or call Castle at 210-789-3685.

“Misinformation has prevented many seniors from getting a reverse mortgage when it would have provided them with greater financial stability—and peace of mind. That’s why I like to have the family involved and why I often spend several hours at my clients’ home explaining and re-explaining how a reverse mortgage works and how the various pay-out options can make their lives better,” Castle said.

Craig Castle is a Reverse Mortgage Specialist with Financial Freedom in San Antonio and the South Texas area. He holds a BA in Economics from the University of Missouri, is a former Licensed Stock Broker, and has worked with reverse mortgages for the past four years. He is also chairman of the Not Forgotten Coalition, a not-for-profit organization that provides services and advocacy for senior citizens in San Antonio. For more information, visit [http://www.SouthTexasReverseMortgage.com] or phone 210-789-3685.

Article Source: http://EzineArticles.com/?expert=Craig_Castle

Making Home Affordable and HOPE NOW to Host Two Day Help for Homeowners Event in Las Vegas

March 30, 2013 by · Leave a Comment
Filed under: Press-Media Releases 

Major Mortgage Servicers and Non-Profit Counselors to Offer Face-to-Face Assistance to Struggling Homeowners in Nevada

 

(LAS VEGAS, NV) – Making Home Affordable and the HOPE NOW Alliance are bringing the nation’s largest mortgage servicers, along with several non-profit housing counseling organizations, to Las Vegas for two days next week to work one-on-one with struggling homeowners in Nevada.

The event will allow homeowners struggling with their mortgage payments the opportunity to review their options and learn about possible alternatives to foreclosure.

This will be the fourth time that Making Home Affordable and HOPE NOW have co-hosted a homeowner event in the Las Vegas area since 2009. The previous three co-sponsored events been attended by more than 4,100 local homeowners.

This free event will be held for two days – Tuesday, March 19th from 1:00pm – 8:00pm and Wednesday, March 20th from 9:00 am – 3:00pm, at the Paradise Event Center at the Las Vegas Hotel and Casino, 3000 Paradise Road. Homeowners will be seen on a first come, first-served basis and are encouraged to bring all mortgage documents, income documents, and hardship letters. A full list of the necessary documents can be found at www.MakingHomeAffordable.gov and www.HOPENOW.com.

Many of the largest mortgage companies are scheduled to be in attendance including Bank of America, Chase, Citi Mortgage, GMAC Mortgage, Homeward Residential (formerly American Home Mortgage Servicing, Inc.), HSBC, Nationstar, Ocwen, OneWest, PNC, Select Portfolio Servicing, Seterus, US Bank and Wells Fargo.

Additionally, there will be several non-profit housing counselors from local organizations on-site and representatives from several state agencies.

“While more than 16,000 Las Vegas area homeowners currently have more affordable mortgage payments through the Administration’s Making Home Affordable Program, there are other homeowners out there who are still struggling and eligible for help,” said Treasury Chief of Homeownership Preservation, Darius Kingsley. “Far too often, families tell us they were unaware of their options.  This event offers homeowners a free opportunity to meet one-on-one with their mortgage servicer and a HUD-approved housing expert to discuss the options available to them based on their individual circumstances.”

“There are thousands of Nevada families struggling with their mortgage payments, due to unemployment, under employment, medical hardship or other financial issues, and I encourage all of them to attend this free event. There are many tools available to assist homeowners and this is a unique opportunity to meet face to face with a mortgage servicer or a non-profit housing counselor. Attendees will get good objective advice, and may even go home with an affordable solution that helps them stay in their home for the long term,” said Eric Selk, Executive Director of HOPE NOW.

The Making Home Affordable Program was created to help struggling homeowners modify or refinance their mortgage payments to make them more affordable, or transition to more affordable housing to prevent avoidable foreclosures. For more information, go to www.MakingHomeAffordable.gov.

HOPE NOW is the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, brought together by the Financial Services Roundtable, Housing Policy Council and Mortgage Bankers Association, that has developed and is implementing a coordinated plan to help as many homeowners as possible prevent foreclosure and stay in their homes. For more information, go to www.HopeNow.com.

  • Senior Industry Network Group Events

    Monthly SING Meetings are held the first Thursday of every month at our NEW location below:

    Desert Canyon - HealthSouth
    9175 W. Oquendo Rd.
    Las Vegas, NV 89148

    S.I.N.G. Agenda:
    - Coffee and bagels will be served
    - A time to show gratitude by thanking those who have sent you referrals
    - Announcements around the room
    - One minute commercials
    - Open Discussion on topics of Self Empowerment

    * When? The 1st Thursday of every month. Networking starts at: 8:00am | Meeting starts at: 8:30am

    * How Much? It’s free!