Realty Executives Oceanside

Connie Perez

Connie Perez

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HECM

(Published on - 6/20/2018 7:49:51 PM)

HECM

 

I recently took a class presented by Fairway Mortgage Corporation that was about Reverse Mortgages. HECM (Home Equity Conversion Mortgage), is the most common of the reverse mortgages.  With HECM you can turn your equity in your home into tax-free cash.  You can use the HECM for Purchase Loan to purchase your retirement home.  With this seniors can use the equity from the sale of their previous home to purchase their next primary residence.  There would be no mortgage payment, but your would be responisble for  insurance, taxes, and maintenance.  This will increase the amount of money you have in your pocket to help with the ever increasing living expenses.

For Example:  Joe sells his home and has $200,000 cash from the sell.  He can use this money to purchase a $400,000 home.  The $200,000 would be the initial down payment and HECM loan Joe no longer has a mortgage payment.  He now only has to pay for taxes, insurance and maintenance.

 Benefits of Reverse Mortgage

  • No monthly mortgage payments
  • Tax free cash from loan proceeds
  • Increased discretionary cash flow
  • Can sell your home at any time
  • Some income and credit qualifications apply to ensure you have the abiltiy to pay taxes and insurance and maintenance issues as they arise, some property qualifications apply

Eligibility Requirements

  • Borrower(s) must be 62 years or older
  • Purchased home must be your primary residence
  • New Property must be a single family home, 2-4 unit dwelling or FHA approved condo
  • Must receive mortgage counciling from a HUD approved agency
  • Must have an adequate down pament for your new home 

 

This is just the basics, other factors do play into qualifications, such as interest rates, appraisals, etc....

If you have questions or are interested in more information click here or you can contact Linda or Beth at TheLoanProTeam@fairwaymc.com.

 

CALL ME TODAY!

 

 


12 Steps

(Published on - 6/8/2018 7:41:04 PM)

Construction to Perm Loan

Building a home is a very overwhelming task.  Between trying to find the financing to choosing the builder and the lot can take a toll on one's patients and sanity.  

 

I recently ran across the attached flyer; 12 Steps To Your Dream Home, which actually walks you through the steps that need to be taken to get you from construction to perm loan.  I found it to be infomative.

 

For more infomation click here

 

 

 

 

 

 

 

 


Flood Insurance Changes

(Published on - 5/30/2018 12:51:47 PM)

Changes to Flood Insurance

 

With the up coming hurricane season upon us, I thought it fitting to see if there are any changes in flood insurance coverage.  I discovered an article in Realtor Magazine that I found interesting.  The following is a quick overview of what I read.

 

FEMA (Federal Emergency Mangement Agency), can only do so much without legislation by Congress.  With that said, FEMA does oversee the National Flood Insurance Program, and has made a few changes that make it easier to switch to  private coverage if it is a better deal.

 

The first change is that they no longer require the federal coverage be retained until the term is up even if you have changed to a private carrier.  This would mean that you do not have to pay for two policy premiums at the same time.  

 

The second change states that Insurance companies can now offer both Federal NFIP coverage and private coverage.  Prior to this change if a company offered NFIP they could not offer private insurance.

 

FEMA has also made a couple of changes to make it easier for homeowners who appear to be in a flood zone area.

  • If the state you live in uses LiDAR technology to collect elevation data, you can now use this information to prove you do not live in a flood zone area.  This can save you up to $2,000 on the cost of an elevation certificate.
  • For newly mapped flood areas, FEMA's procedures will extend to apply to more properties.  This will mean that more homeowner's will start at a lower premium and will gradually increase to full premium.

 

 

I hope you found this helpful.  If you would like to read the original article please click here.

 

 


Title Insurance

(Published on - 5/16/2018 2:54:47 PM)

Title Insurance

 

Have you wondered what title insurance is and do you need it?  Hopefully this will clear up some of the questions you may have.  

Title insurance protects the insured from financial loss that pertains to property ownership.  There are two kinds of policies: Lenders policy, which protects the mortgage company from any financial loss, and the Owners policy, which protects the property owner.  Both policies are a one time fee that is normally taken care of at closing.  Basically, the title company performs a search on the property.  The search is looking for any claims against the property in regards to ownership or outstanding liens.  For more information click here.

 

Below are some of the most common items that may come up in a title search.

 

title flyer2

 

 

 More Information

Please feel free to contact me if you would like to discuss this further.

 

26 Wellham Lane


Appraisal Tips

(Published on - 5/8/2018 7:34:48 PM)

How to Avoid a Low Appraisal

 

Whether buying or selling a home, the last thing you need is an appraisal that comes in too low.  This will put a wrench in the entire process including financing. Issues with appraisals are one the most common causes for delayed closings.  Here are a couple of tips to help avoid this crisis.

 

1.  Buyer - ask your lender to use a local appraiser, someone that knows the area

2. Buyers agent should be present during the appraisal and provide comps that are appropriate

3. Seller - get a prelisting appraisal, this will help in setting a listing price

4.  Prelisting appraisal can be given to the buyer's appraiser

5.  You can always contest the appraisal, the appraiser or supervisor may agree to consider new or overlooked information.

Click here for more information

 

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Looking to build your Dream Home? 

Call/Text Connie Perez:  386.793.4172

 

 

 

 

 


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