Reverse Mortgage Requirements | Sarasota Reverse Mortgage

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Sarasota Reverse Mortgages

Reverse Mortgage Requirements

Hello Sarasota residents! This is another article in a series of articles that I have written and that I hope you find informative about Sarasota reverse mortgages. I have decided to write on this topic due to the substantial increase in home values in the Sarasota area. Rising home values in the Sarasota area is great news in general for homeowners in the Sarasota area. In particular, rising home values make a reverse mortgage in Sarasota more attractive!  I think rising home values is particularly worth noting for Sarasota homeowners who have been thinking about getting a reverse mortgage.  Recent surges in home values is important because a reverse mortgage loan amount is based upon a percentage of the value of your home. In other words, if your home is worth more, you can get a higher loan amount under a reverse mortgage.

Many of you my not be certain what the requirements are to obtain a reverse mortgage. Sarasota reverse mortgage requirements are quite simple. So simple, in fact, that many people can’t believe that there aren’t more reverse mortgage requirements.  I will list the requirements of a FHA HECM (Home Equity Conversion Mortgage) because this is the most widely used Sarasota reverse mortgage program The requirements to qualify for a reverse mortgage (FHA HECM) are as follows:

1.  You must be a homeowner 62 years of age or older.
2.  You must own the home outright (no mortgages) or have an outstanding mortgage loan balance low enough that it can be paid off with the proceeds of a reverse mortgage loan.
3.  You must have the financial resources/ability to pay ongoing property expenses such as annual real estate taxes and homeowners insurance.
4.  You must live in the home.
5.  You must receive consumer information about reverse mortgages from a HECM counselor prior to obtaining the loan.

That is it!

So, if you have been considering getting a reverse mortgage loan, now may be the time to do it. I am happy to answer any questions you may have about getting a reverse mortgage.  l am happy to use my experience to help guide you through the reverse mortgage process. All you have to do is pick up the phone and give me call – (941) 795-7525. If I am unable to answer, please leave a message and I will call you back as soon as I am able.

I look forward to helping you with this exciting opportunity. Thank you for reading this article and enjoy the rest of your day in lovely Sarasota!

Michael Wyckoff
Operations Director – Sarasota & Manatee
(941) 795-7525

Reverse Mortgage Sarasota | Bradenton | Reverse Mortgage Pros and Cons

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Reverse Mortgage Pros and Cons

Hello again knowledge seekers. To try to help my readers in the Sarasota and Bradenton areas better understand the ins and outs of reverse mortgages, I will describe in this article some of the benefits of availing yourself of a reverse mortgage and some of the things to consider in determining whether a reverse mortgage is right for you. I think a good way to do this is to list and explain some of the pros and some of the cons of a reverse mortgage.

Reverse Mortgage Pros:

1.  The lender pays you for the equity in your home. Rather than make a monthly payment to the lender as is the case with a typical traditional mortgage, with a reverse mortgage the lender pays you. In general, you have the option of being paid out of the equity (value) in your home taking of taking a lump sum (usually in 2 phases) or getting a line of credit or a combination of the two.

2.  You stay in the home without making any payments.

3.  It can be used to pay of an existing mortgage. You can pay off an existing mortgage that does require you to make monthly payments.

4.  You are not personally liable to repay the loan. This is a great benefit. The lender only has right against the home, not you personally. As a result, they are only permitted to recover repayment under the reverse mortgage up to/limited to the value of the home. This is true even if the balance due under the mortgage loan greatly exceeds the value of the home at the time the loan must be paid off.

5.  Your heirs may inherit the home after they pay off the balance owed under the reverse mortgage loan.

6.  You do not need to have a good credit score. This is another great benefit. You may qualify for a reverse mortgage regardless of your credit score.

 

Reverse Mortgage Cons:

1.  The amount due under your reverse mortgage increases over time. Unlike a traditional mortgage under which your monthly payments go toward reducing the amount you owe, under a reverse mortgage, the balance due under your loan goes up over time as interest accrues.

2.  The fees associated with a reverse mortgage are typically higher than those of a traditional mortgage loan. The good news is that the fees can be deducted from amount of the loan. They do not have to be paid by you out-of-pocket.

3.  Many people simply do not understand reverse mortgages. I hope this article and other articles I have written on my website will help you understand reverse mortgages. They are unique “animals” so please do not feel embarrassed if you are confused and don’t completely understand them. I invite you to give me a call anytime so that I can do my best to help you understand them more fully.

Michael Wyckoff
(941) 795-7525

What Is A Reverse Mortgage | Reverse Mortgage Sarasota | Bradenton

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What Is A Reverse Mortgage?

If you are like most people, you have probably heard of a reverse mortgage but you are not quite sure what it is or how it works. In this article, I will describe what a reverse mortgage is and try to help you understand how it works.

Simply said, a reverse mortgage is a mortgage loan product available to homeowners who are 62 or older and have equity in their home. The homeowner/borrower gives the lender a lien against their property and the lender pays the homeowner/borrower money to do so. In its most common form, the borrower can take out a lump sum, receive monthly payments or get a line of credit or a combination of monthly payments and a line of credit.

How Does a Reverse Mortgage Work?

The way a reverse mortgage works may be best described by comparing it to how a regular mortgage works. In a regular mortgage, the homeowner/borrower makes payments to the lender over time to pay down the amount borrowed. Each month, a portion of the mortgage payments goes toward paying interest on the loan and part of the payment goes to pay down the principal amount owed on the loan.

In a reverse mortgage, the lender pays the homeowner/borrower. As a general rule, the borrower does not have to pay back the monies he or she has received so long as he or she lives in the home. At the time the borrower dies, moves out or sells the home, the monies advanced by the lender must be repaid. This can generally be done by selling the home. Most reverse mortgages, however, are non-recourse – this means that the homeowner is not personally liable to repay the loan. This also means that the borrower cannot owe more than the value of the home when the loan becomes due. For example, if the heirs want to keep the home rather than sell it, they would not have to pay more than the appraised value of the home at the time the loan becomes due – even if the amount owed on the loan is substantially higher than the value of the home at the time.

Michael Wyckoff

Operations Director – Mortgages Sarasota Area | Mortgages Bradenton Area
(941) 795-7525

Mortgage company providing reverse mortgage in Sarasota, reverse mortgages in Bradenton and the surrounding areas.

Lowest Mortgage Rates | Mortgage Company | Sarasota | Bradenton

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Mortgage Rates Are Near All-Time Lows Again!

Remarkably, about 3 years after mortgage rates hit historical lows, they have fallen again to near historical lows! I find this unbelievable! Fortunately for those of you in the market to get a mortgage to buy a home or to refiance your current home loan, this news is unbelievably good!

There are many options available depending on your plans for the future. Mortgage rates on 7 year adjustable rate mortgages are incredibly low, mortgage rates on 30 year fixed rate loans are so low it will bring a huge smile to your face and mortgage rates on 15 year fixed rate mortgages are so low you will feel like skipping down the sidewalk!

Let us use our years and years of experience to help you choose the best mortgage for you. But don’t wait too long, mortgage rates will not stay this low for very long. When they reached historical lows about 3 years ago, they went up from those lows very quickly. They will go up again – it is not a matter of if, but when. Be one of the smart ones who brags to your friends and family for years, maybe even decades, about how low your mortgage rate is on your home.

Thank you for reading this article. We hope you found it helpful and informative. We appreciate the opportunity to be your go-to local mortgage company in the Sarasota and Bradenton areas.

Michael Wyckoff
Operations Director – Sarasota/Bradenton Area
Pioneer Mortgage Funding
(941) 795-7525

Mortgage Company serving Sarasota FL, Bradenton FL and the surrounding areas

Refinance to a 15 Year Mortgage Rate | Sarasota FL | Bradenton FL

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Refinance to a 15 Year Mortgage Rate

IT MAY MAKE A LOT OF SENSE TO REFINANCE YOUR MORTGAGE FROM A 30 YEAR FIXED TO A 15 YEAR FIXED

Refinance to a 15 year mortgage rate to pay off the mortgage on your house much earlier and to save yourself a lot of money in Sarasota FL and Bradenton FL!

Well, I am sure you have heard by now that mortgage rates have risen substantially over the past few months. If you missed mortgage rates when they were at their low, it may still make sense for you to refinance. Currently, many lenders are advertising interest rates on a 15 year fixed rate home loan that are nearly one (1) percent lower than the rate on a 30 year fixed rate home loan. As a result, the monthly payment on a 15 year home loan can be around the same amount as the payment on your current 30 year fixed interest rate mortgage loan. For example, on a $100,000 loan amount at an interest rate of 6.25% amortized over 30 years, the principal and interest payment is $615.72. That same loan payment on a 15 year fixed rate mortgage at a 3.5% interest rate is $714.88. That is less than $100 more and your mortgage is paid off in one-half the time – in 15 years rather than in 30 years! That can be a savings of up to around $93,000 over the life of the loan!

So, do not beat yourself up over having missed out on your chance to refinance your home mortgage loan when interest rates were at their lowest. You can still refinance your home loan from a 30 year fixed to a 15 year fixed to pay off your home mortgage much earlier and save yourself a lot of money!

Disclaimer:  This article is for general informational purposes only and is not intended to serve as/be financial advice.

Sarasota Home Loans | Sarasota Mortgages | Locally Owned

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SO YOU MAY HAVE MISSED THE LOWEST INTEREST RATES

Sure, you may be one of the many who have missed the period of the lowest interest rates offered, but rates are still extremely low meaning that mortgage payments are still unbelievably low, in most cases much lower than rent payments, thus, a very smart choice compared to paying rent!

So whether you are thinking about purchasing a home or refinancing, now is still a great time to do so!

For example:

A $180,000 mortgage loan amount at 4% interest on a 30 year fixed mortgage has principal and interest payments of only $859 per month. Add monthly escrows for real estate taxes at $150 per month and homeowners insurance of $150 per month and the total monthly payment is about $1,160 per month. Let’s face it, in today’s rental market, it will probably cost more than that to rent a good home in a good neighborhood. So why rent, when you can own?!

Don’t believe what you may have heard from others and what the media is saying – that there are no mortgage loans available for people that want to buy a home. IT IS SIMPLY UNTRUE – THERE ARE PLENTY OF HOME LOANS AVAILABLE FOR PEOPLE THAT WANT TO BUY A HOME.

Please call us today so that we can use our experience and knowledge of the local Sarasota marketplace to guide you through the process of qualifying to buy your home. Don’t go to the big banks and be treated like a number. Let us sit down with you to provide you with our local knowledge and personalized, friendly service custom tailored to your needs. PLEASE CALL US TODAY AT 941-795-7525 SO THAT WE CAN SCHEDULE A TIME TO WELCOME YOU TO OUR OFFICES TO HELP YOU GET MORTGAGE FINANCING TO PURCHASE YOUR NEW HOME OR REFINANCE YOUR CURRENT LOAN TO A LOWER RATE TO START SAVING YOU MONEY!

Believe it or not, we can help you find a lender that can match or beat the interest rates that the big banks offer with lower closing costs while giving you the personal, neighborhood service you deserve. Sarasota home loans are our specialty, helping people with Sarasota mortgages for over 10 years, locally owned and operated to provide you the best service possible and helping customers find home loan mortgages at low interest rates, with low closing costs.

Refinance – Upside Down Homeowners Whose Home Value Is Less Than Mortgage Amount – Another Year Of Tax Breaks!

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Refinance – Upside Down Homeowners Whose Home Value Is Less Than Mortgage Amount – Another Year Of Tax Breaks!

Great news for struggling homeowners who owe more on their primary residence home mortgage loan than their home is worth. The law that exempts from being taxed as income the amount of debt forgiven by their lender that would otherwise be deemed taxable income but for the exemption has been extended by Congress.

Thus, if you are 1) facing foreclosure, 2) considering granting to the lender a deed in lieu of foreclosure, 3) considering a short sale, 4) considering a loan modification, or 5) one of the fortunate small percentage of homeowners who have been granted a principal reduction, but have not completed any of the preceding as of December 31, 2012, you are in luck! The law, known as the Mortgage Debt Relief Act of 2007, that grants homeowners an exemption from being taxed on the amount of certain forgiven debt, remains exempt from taxation through the end of 2013.

REFINANCE YOUR HOME LOAN MORTGAGE TO TODAY’S HISTORICALLY LOW INTEREST RATES EVEN IF YOU OWE MORE THAN YOUR HOME IS WORTH! YES, if you have not missed any mortgage payments and you would like to refinance your mortgage loan to take advantage of today’s historically low interest rates to lower you monthly mortgage payments, you still can! It does not matter if the outstanding principal balance of your mortgage (the amount you owe to your lender on your home loan) is substantially more than the current fair market value of your home (the amount a buyer is willing to pay for your house in today’s market). That’s right, even if your home is underwater, your home is upside down, you still may qualify to refinance your home loan to a much lower interest rate!

FOR A FREE EVALUATION AS TO WHETHER YOU QUALIFY TO REFINANCE YOUR HOME LOAN TO TAKE ADVANTAGE OF TODAY’S HISTORICALLY LOW INTEREST RATES TO LOWER YOUR MONTHLY MORTGAGE PAYMENT, CALL 941-795-7525 TODAY. WE ARE STANDING BY READY TO HELP YOU START SAVING MONEY!

HARP loans in Sarasota Florida, HARP loans in Bradenton Florida, refinance my home loan in Sarasota Florida, refinance my home loan in Bradenton Florida, mortgage refinance, home loan refinance, meeting all of your mortgage financing needs.

LEGAL – THIS POST IS NOT INTENDED TO BE NOR SHALL IT BE DEEMED TAX ADVICE – I am a real estate and business lawyer that handles short sales, loss mitigation, asset protection, foreclosure defense and other work-out solutions as well as many other matters related to real estate, business and other areas of the law. I AM NOT A TAX LAWYER, CPA, or ACCOUNTANT. As such, you should always consult with a CPA when seeking advice on tax matters.

Home Value Upside Down Home Loan-Refinance Today-HARP II

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HARP II

Is your home worth less than you owe on your mortgage? If so, you are not alone. Fortunately, there is a new home loan program designed just for you! The HARP II loan program is here! Let us help you lower your mortgage payments and interest rate today.

Have you been turned down by your own lender? Has your loan been declined by other lenders? No problem. Not all HARP II lenders are the same. Many of them limit the loan to value ratio to as low as 105% and that may be why your loan was declined. Not the lenders we work with. We work with lenders that approve loans many other lenders will not touch. And no, not at higher rates than everyone else is getting; but at interest rates that are nearly the same as those everyone else seems to be getting! Yes, that’s right, even though your home is way upside down, you may still have the opportunity to take advantage of the low interest rates that are available to those whose homes are not under water.

So if you are still reading this article, chances are that the amount of your mortgage is higher than the value of your home. So, how much higher is it? 25% higher? 2 times the value of your house? 3 times? Believe it or not, there is a very good chance that we have access to a lender that will still approve your loan! And not at high interest rates, but at rates that are nearly the same as those a comparable borrower with an 80% loan to value ratio would get.
For example, let’s say your home is worth/has a value of $200k. Is the balance of your home mortgage $400k? That’s a 200% loan to value ratio. No problem.
For example, let’s say your home is worth/has a value of $125k. Is the balance of your mortgage $375k? That’s a 300% loan to value ratio. No problem!

Of course, you must meet certain requirements to qualify for the loan. There is no “catch.” It is simply the same case as it is with all loans – there are certain requirements that you must meet to qualify for a loan. For example, one of the criteria is that your income must be sufficient to afford the monthly mortgage payment. Fair enough, right? Please call us today for a free analysis of your situation and determination of whether we can find a solution custom tailored for you to help you start saving money as soon as possible – 941-795-7525.

Our goal is to help those with underwater homes, upside down homes, homes with the mortgages higher than the value of the home, home value upside down home loans, home value underwater home loans. We realized that there are many of you out there in our community. Let us help you.

Home loan mortgages Sarasota, FL, Home loan mortgages Bradenton, FL, refinance Sarasota, FL, refinance Bradenton, FL

About Michael D. Wyckoff

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PERSONAL PROFILE OF MICHAEL D. WYCKOFF

Believe it or not, I am a Florida native. I was born in Tallahassee, Florida, grew up in Gainesville, Florida (Go Gators!), have moved to various cities throughout Florida and now live in beautiful downtown Sarasota, Florida, where I have resided since 2007. Being a Florida native, I am a water nut. If you do it in, on, or around the water, I am ready to go! So when I have spare time, I enjoy fishing, boating, beaching it, swimming, kayaking, scuba diving and observing nature. I also love to travel. One of my many goals in life is to see the world. I think I have traveled to over 30 Countries and have quite a few to go. We have one life to live on this planet, so why not experience as many places and cultures as possible. Thank you for visiting my website and I look forward to being of service in any way that I may be of help.

BACKROUND/EXPERIENCE:

Born Tallahassee, Florida, December 19, 1965.

Admitted to Florida Bar, 1993.

Education: University of Florida (B.S.B.A., With Honors, 1988); Florida State University (J.D., With Honors, 1992). Received book award for Commercial Paper. Member of Journal of Transnational Law & Policy.

Member: Past member of the Manatee County Bar Association; current member of the Florida Bar (Member, Real Property, Probate and Trust Law Section).

Chairman of the Real Property Law Section of the Manatee County Bar Association for 1999/2000.

United Way Allocations Committee member for 1998/1999, 1999/2000, 2000/2001 and 2001/2002 campaigns.

Practice Areas of Concentration: Real Property Law, Business Law, General Commercial Transactions, Commercial Financing and Loan Transactions; Real Estate Transactions; Commercial Sales and Purchases, Foreclosure Defense, Loan Work-Outs, Bankruptcy Matters.

Member of the Board of Directors of the Anna Maria Island Chamber of Commerce (1999/2000, 2000/2001 and 2001/2002).

Title insurance agent for Attorneys’ Title Insurance Fund, Inc.

Past member of the Manatee County Economic Development Council Finance Task Force.

Established Gold Key Title, LC in February, 2000.

Established Gold Key Mortgage Services, LC, November 2001.

Refinance? Short Sell? Foreclosure? What Should I Do?

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Refinance? Short Sell? Let It Go To Foreclosure? What Do I Do?

Is your home worth less than your mortgage(s)? (Is your home underwater, upside down mortgage?) Are you having trouble making your mortgage payments? Are you unsure whether you should 1) refinance your mortgage to lower your interest rate and lower your monthly payments, 2) short sell your house, 3) let your home go to foreclosure. If so, you are like many others is our community that are facing similar financial challenges. These questions are not easy to answer. Fortunately, as a real estate lawyer and mortgage consultant, I can help you navigate your way through the minefield of issues involved in making your decision and I am happy to be in a position to do so.

HARP refinance loans are here! Now you may be able to take advantage of today’s lower interest rates and lower your monthly mortgage payments! A new government sponsored program allows many homeowners who owe more than their home is worth to take advantage of today’s low interest rates to lower their monthly mortgage payments! So why wait, call us today for a free consultation and evaluation of whether you may qualify for this life-changing program. Prior to this program release, many people were stuck with their high monthly mortgage payments and no way out. Not anymore. Start saving today! Call 941-795-7525 for a free consultation. Your Sarasota, Bradenton, Manatee County, Florida, mortgage company assisting customers whose homes are underwater, who have upside down home loans-upside down mortgages, home loans that are higher than their home is worth look forward to a richer future! If you find yourself saying “my home is worth less than my mortgage”, “my home is upside down”, “I can’t afford my payments”, “I need to lower my mortgage payment”, “I want a lower monthly payment”, “I want a lower interest rate”, then call us today. We can help! HARP loan, HARP mortgage loan, HARP home loan, HARP refinance, upside down home loan, mortgage Sarasota Florida, mortgage Bradenton Florida, refinance Sarasota Florida, refinance Bradenton Florida.