The Reverse Mortgage is an excellent way to use the equity in your home to pay off your existing mortgage and enjoy the peace of mind with a financially secure retirement. The federally regulated and government insured program is designed for seniors aged 62 and over. You can use your proceeds for anything you wish, including improvements to your home, paying off other debts, contributing to your grandchildren's college education and supplementing your current retirement income.
With a reverse mortgage, you continue to own your home, with no monthly mortgage payments. This program, guaranteed by the Federal Housing Administration and funded by Fanny Mae, is a safe solution for your retirement needs. With this FHA regulated program you are entitled to receive free independent advice and counseling.
The amount one can receive with a reverse mortgage is calculated according to the equity in the home and the age of the senior. Credit is not an issue; a senior, aged 62 and up, can qualify for a reverse mortgage, even if they have bad credit, as long as they do not owe past due income taxes or other debt to the federal government.
One can either take a lump sum payment or receive monthly payments with a reverse mortgage. Either way, the reverse mortgage enables seniors to enjoy a more secure retirement while living in their home for as long as they choose to.
The reverse mortgage is not due to be repaid until the homeowner sells the home, moves out, or passes away. When they pass on, their heirs, or whoever inherits the home will be given time to sell the home or refinance and pay off the reverse mortgage with a new mortgage of their own.
The reverse mortgage is a wonderful program for senior homeowners who are having difficulty making ends meet with their retirement income. In some cases, a reverse mortgage can help a senior who is facing foreclosure; when the lender is open to cooperating, one can use a reverse mortgage to pay off their home with a short sale.
This article was written by Alan Faitel, a real estate specialist who has a passion for helping homeowners in financial distress. Even if you are behind on your mortgage payments, if you are 62 or over, Alan will help you find out if you qualify for a reverse mortgage. If you are a senior, or if you have loved ones who could benefit from a reverse mortgage, contact Alan Faitel at 248-363-0100 or afaitel@yahoo.com Find out more about Alan's services at http://www.oaklandmichiganhomes.com
If you are facing foreclosure you are not alone. Thousands of people have lost their homes to foreclosure in the last year and thousands more will lose their homes in the next year.
Who could have seen this coming? It all began with the low interest rates encouraging people to refinance their homes and use the equity to make new purchases or pay off other debts. The Adjustable Rate Mortgages (ARMs) looked like a great deal. People were able to get 100% financing at a very low rate, fixed for 3 years. Many were aware that the rate could increase significantly, but they weren't worried; they would simply refinance before the ARM reset.
But, two devastating things happened. First, unemployment increased; many people lost their jobs; therefore, they were unable to qualify to refinance their home. Now, they are stuck with a mortgage payment that they cannot afford. Second, market values declined sharply, so the homes cannot appraise for anything near the amount owed on the mortgage; therefore, another reason refinancing is impossible.
As the ball keeps rolling, people are walking away from their homes. Investors are taking a huge loss and mortgage guidelines are getting strict. Even people with very high credit scores are finding it difficult to get a new, fixed rate mortgage.
Foreclosure hurts, no matter what the cause. People facing foreclosure are devastated, humiliated, and feeling hopeless. They wonder who to turn to as they receive countless phone calls and letters from their mortgage company, demanding payment.
To add to the confusion, they receive letters from lawyers or other companies promising to "save your home from foreclosure" or "stop foreclosure now". Some of these companies are somewhat reputable, but many are preying on your last dollar. They ask a high fee for a service that gives you false hope and ultimately does not provide a solution. Some even promise to take over your mortgage payments while you lease your home from them. You pay them, they don't pay your mortgage, the foreclosure process continues and you still lose your home.
We can help. Our service to you is ABSOLUTELY FREE! We will work with your lender to get them to agree to a short sale, where they accept less that the amount owed on your mortgage. We will ask your lender for WRITTEN SATISFACTION of your debt, so that they do not come after you for the balance owed; they will not file a deficiency judgment against you. You satisfy the bank, avoid having a foreclosure on your record, and get on with your life.
We will help you find another home to purchase on a lease option or a land contract. We will refer you to an agency that will help you restore your credit so you can eventually refinance your home with a fixed rate mortgage.
We do get paid for our services, but not by you! We do offer a guarantee, but not one that sounds "too good to be true". To be honest, there is no guarantee that your lender will work with us. There is no guarantee that they will be cooperative or that they will accept an offer from one of our investors. The only thing we can guarantee is that you will lose your home and your credit will be destroyed if you do nothing! So, you really have nothing more to lose if you call us for a free consultation today!
Call Alan at 248-363-0100
Email: afaitel@yahoo.com
Website: http://www.oaklandmichiganhomes.com
Do you have bank owned listings available?
Do you have the time and energy to negotiate the short sale?
Will you consider an investor offer?
Would you like to "double-dip" the commissions?
Our investors work with short sale specialists; we are experts in the field and we are professionals.
Benefits of working with The Short Sale Group:
Our offer does not "tie up" the property or take it off the market
You keep control of your listing
You continue to show the property
You can collect the sellers and buyers commission
You don't have to spend your valuable time negotiating with the bank
You most likely have several listings that have been on the market for quite some time now. With market values declining, sales are few and far between. We provide a valuable service to realtors who have been trying to sell their listings with no luck in today's market.
Yes, we will be presenting an investor's offer, a short sale, at a significantly lower amount than the asking price. We will be doing all the work to negotiate with the bank to convince them that they are better off taking a financial loss on a quick sale than they would be to continue holding this non-performing property while market values continue to decline as the empty house poses a serious liability risk.
Call Alan at 248-363-0100 to learn more about this service
Email: afaitel@yahoo.com
Website: http://www.oaklandmichiganhomes.com
My name is Alan Faitel; I am a licensed Real Estate Broker with the State of Michigan, with over 22 years of active real estate experience. I have bought and sold over 300 homes in the constantly changing real estate market, and I have managed to stumble upon a niche' in every market, no matter how dire the circumstances have appeared to be.
The "new niche" is the Short Sale, which only works in the most dire of economical conditions. This is the way out of foreclosure that creates a great outcome for the lender and the distressed homeowner.
I can get your lender to accept less than you owe on your mortgage, so an investor can buy your home and you can satisfy your lender and avoid having a foreclosure on your credit report.
One of the best things about this solution to foreclosure is that it doesn't cost you anything. You are the one who has to authorize my services, but your lender ultimately pays my fee!
The other cool thing is I find you anther home to purchase with seller financing, like a land contract or rent-to-own (lease option) and you get a great price with a monthly payment of much less than the one you are struggling to make right now.
So, while you are losing your home to an investor who is getting such a great deal, you get to turn around and do the same thing - I will find you another home, at a great deal, and you will continue to live in a home where you have ownership interest.
Visit our site for more information about our foreclosure services at http://www.oaklandmichiganhomes.com
Call Alan at 248-363-0100
Email afaitel@yahoo.com
Investing in Real Estate is still possible in the Michigan real estate market
Financing is a reality, but you need to be creative. Banks are no longer a great help in today's economy.
For fast closings on today's great real estate buys, use Private Money
We can introduce you to Private Lenders who have real cash to fund your next wholesale real estate deal
Call Alan at 248-363-0100
Email afaitel@yahoo.com
We buy homes using private funds so there is no need to wait for bank approvals. If you need to sell your home and close quickly we can complete the transaction within just a few days.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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