Redding Reverse Mortgage Facts-
Myths and Facts About Reverse Mortgages
- by Dan Conley
Determining the truth about reverse mortgages is not easy. You need to be educated on the program so that you can make the best decision for your personal situation.
Basically, if you get a reverse mortgage you will be getting a loan that will allow you to have a monthly income coming in, or a large lump sum at once, or a credit line. You can get any combination of these things as well. If you have an existing loan, it will be paid off. So you will not have a house payment. The monthly income you receive from the reverse mortgage is guaranteed and you will receive it as long as you remain living in the home. Regardless of the length of your life, your debt can never be more than the worth of your home.
I have presented the 5 most commonly repeated facts and myths below to help you further understand the benefits and ease reverse mortgages will bring.
MYTH 1: The reverse mortgage lender owns your home.
FACT: In fact, you will continue to be the home’s owner and to hold its deed. There aren’t any penalties when selling, paying off, or refinancing your home.
MYTH 2: Qualification is difficult.
FACT: You only need to be 62 years of age an own your own home. You don’t need a lot of credit or a qualifying income for this.
MYTH 3: The fees associated with closing are much higher than they are for other loans.
FACT: Actually, the closing costs are very much the same as any other home loan and you will be aware of the fees prior to closing when you receive a Good-Faith Estimate. You can also choose to finance with your reverse mortgage loan. The only other cost involved may be for an appraisal in advance of closing. Often, this is the only fee you will have to pay before closing.
MYTH 4: This will affect your taxes and social security in a negative way.
FACT: The earnings you obtain from your reverse mortgage will not become an issue with Social Security benefits or income tax.
MYTH 5: There can be problems with the payment.
FACT: You will ONLY be required to pay the loan if you decide to leave the house or if it is sold. If your spouse dies then you will still be able to remain living in the house and vice versa and also the living spouse will continue to receive the exact payment amount each month. If you have any heirs, they will be presented with the opportunity to off the loan with any other assets or they can opt to refinance so that all the remaining equity will become theirs.
Gather all of the specs, when desiring a reverse mortgage loan. Keep in mind that there are other types of mortgage loan solutions and the right choice only depends on your own unique situation. Carl can help you decide which loan is right for you.
Dan Conley, Owner of US Lending specializes in helping to show his clients their hidden retirement account. You can confidentially contact him at 530-244-6830 or at Dan@USLendingCompany.com
Redding Mortgage Checklist
Checklist Of Items Redding Lenders Need To Approve Your Loan Application
The following list of items has been compiled for your convenience when you are applying for a Redding Mortgage. You will need to bring this information to your mortgage application in order to expedite the processing of your mortgage loan.
- A check for your credit report and appraisal
- Your residence addresses for the past two years
- Names, addresses and phone number of your landlords for the past two years
- Present value of all real estate owned
- Names, addresses, phone numbers and contact person for all employers for the last two years
- W-2 Forms for all employers for the last two years
- Pay stubs covering the most recent 30 day period (all current jobs)
- Addresses, account numbers and current balances for all checking, savings and other deposit accounts
- Three most recent months’ bank statements (all accounts, all pages)
- Name, account numbers, balances and monthly payments for all consumer debt accounts including auto loans, personal loans, student loans, credit union loans and mortgages
- Name, account numbers, balances and monthly payments for all credit cards used in the last several months
- Evidence of alimony or child support, a copy of the court order and ages of child(ren)
- Copy of divorce decree and separation agreement
- Social security and other benefit award letters if being used toward qualifying income
- Stock information including names of stocks, share owned, current price per share and last three month’s stock statements (or most recent quarterly statement)
- Make, year and estimated value of all automobiles. Also include copy of title if auto is less than four years old and owned free and clear.
- Documentation relating to any special issues such as bankruptcy, credit problems and recently established accounts for deposits or loans
- Copy of deed, most recent tax bill and most recent homeowner’s insurance bill (for refinance only)
FOR VA LOANS:
- DD214 of Certificate of Eligibility (original)
IF YOU ARE SELF EMPLOYED:
- Two years personal tax returns
- Two years partnership/corporate tax returns (if applicable)
- Year to date profit and loss statement, signed by accountant
IF YOU ARE APPLYING FOR A NO-DOC LOAN:
- Three months of original bank statements or other proof of source of funds for closing
REAL ESTATE AGENTS, PLEASE PROVIDE:
- Copy of listing card
- Complete ratified contract of sale (all pages)
- Your personal business card
- Name, address and phone number of condominium management company (if applicable)
I hope you have enjoyed this special report. We currently have over 40 creative loan programs to fit your needs. Please contact us at 530-356-8100 to set up your FREE No-Obligation consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.
Sincerely,
Dan Conley
Us Lending
2150 Churn Creek Rd #100
Redding, CA 96002
Phone: 530-244-6830
For more information on Redding Mortgage visit 530lending.com
3 Tips To Repair Your Credit For a Redding Mortgage
Three Quick Tips For
Repairing Your Credit Report
By Dan Conley
Most of the major purchases we make through out our life will be affected by our credit scores, which will determine the prices we pay. Saving money and contributing to a comfortable retirement may be as easy as managing your credit wisely. Saving $33,000 on the average mortgage may be as simple as improving your credit score by 50 points. It’s also likely that you’ll find yourself paying higher rates for car loans and other types of credit so you could be looking at a rather large amount of money. Wouldn’t it be amazing if you could put all of that money in a retirement fund?
The difficulty in fixing your credit depends on how low your credit rating has fallen. I suggest that you look into hiring a legitimate credit repair company if you are unable to spend the time or you can’t deal with collection agents yourself.
Credit Report Quick
1) Designate your preference to not receive any credit bureau solicitations. Your information is sold to solicitors by credit bureaus without your permission.
The companies that buy your information are trying to get you to have even more credit card debt and are the ones that are sending you all those “fake” checks that are designed to trick you into thinking you are already “pre-approved”, or that somehow you are getting free money.
A little known fact is, the credit bureaus have to stop selling your private information if you tell them to. In fact, the credit bureaus automatic scoring system sees this as a responsible thing for you to do and actually raises your credit score when you contact them to tell them to stop selling your information. This raise you credit score 3-10 points in just a week by simply exercising your right to “opt out” of this practice.
The website to do this is located at: www.optoutprescreen.com
2) It is important that you review the information on your credit report on a regular basis, which requires that you get a copy of the report. The credit bureau report will be your blueprint if you are serious about cleaning up your credit.
It will cost you around $40 to receive a credit report that has all 3 bureaus and scores. There are a lot of companies that claim to give free credit reports, but only if you join their credit monitoring services that will cost you about $40.
Once you receive your credit report, you need to confirm that ALL of the debts reported by collection agencies belong to you. Since the credit bureaus must remove these by law, look for debts that are older than 7 years old, starting from the charge-off date. You need to dispute the debts with the credit bureau directly, not the collectors. The next thing that you need to do is check for duplicate collections, as many times when an agency sells your debt to another company they fail to remove their original report. To request removal of a debt from your report, you need to send a letter to the credit bureaus explaining why you are disputing the item.
3) Dispute ALL credit bureau debt – Dispute all negative remarks, late payments, and collections that appear, not with the collection agencies but with the 3 credit bureaus. You should clearly state that the debt is not yours, and request that the reporting agency prove that it is yours, or else remove it. This is no different than walking into a court of law and pleading “Not Guilty”. You have the absolute right to do this.
Remember when I suggest disputing all items, I mean every negative item whether real or not. An agency must let you know about the debt owed in a reasonable amount or time or they must remove the remark on your bureau in accordance with the law. The requests of the credit bureau are often not responded to because of the heavy work load of many collection agencies. If this is the case, the credit bureaus are required to remove the negative remarks whether they are legitimate or not.
Dan Conley, Owner of US Lending, is a nationally recognized expert specializing in helping release his clients from the “credit prison” that too many people find themselves in. When you or one of your friends finds yourself needing real answers and real solutions to credit issues, you can confidentially contact him at 530-244-6830 or at Dan@USLendingCompany.com
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