Jumbo Reverse Mortgage
The EQUITY PLUS ADVANTAGE is a new jumbo product that is proprietary in its creation to the investor. It allows the borrower to take the maximum amount of money with lower closing costs - no FHA Mortgage Insurance Premium. This product will yield the senior borrower the maximum amount of cash.
The Equity Advantage Product has a 3% margin which is lower than other products available in the market. A higher margin of 3.5% may be selected in return for reduced closing costs. The rate is adjustable, compounded and reset monthly. It is based on the LIBOR index, one of the most stable indexes in the industry, with a 12% cap. Rate.
There is a minimum draw amount required at closing of $100,000 and includes closing costs, liens and any lump sum advancement. The CREDIT LINE GROWTH is 5% per annum with a minimum service fee of $30. per month.
Please contact Ascot Mortgage Services, LLC at 214-360-9505 for a complimentary consultation or schedule a call with your financial advisor to examine the financial, trust and estate planning benefits of a jumbo reverse mortgage.
Tuesday, August 12, 2008
Reverse Mortgages: Part Two
Top Eight Reverse Mortgage Misconceptions
1) I'll have to sign over the title, and the bank/lender will own my home.
As a homeowner, you never relinquish title to your home when taking out a reverse mortgage.
2) The bank will take my house when I use up my reverse mortgage funds and I'll be thrown out of it.
The purpose of a reverse mortgage is to help you stay in your home. It does not become due until the last surviving borrower permanently leaves the home, regardless of the balance of funds. The only exception is if you violate one of the terms of the loan (e.g. fail to pay homeowners insurance or property taxes, transfer the title to another name, or allow the home to fall into disrepair).
3) When my reverse mortgage comes due, the bank/lender will sell my house.
While the repayment typically comes from the sale of the home, that's determined by you or your estate. If the home is sold, your and your estate pays the reverse mortgage balance and keeps any remaining funds.
4) I'll owe more than my home is worth, passing debt onto my children.
Reverse mortgages are non-recourse loans, which means that the debt cannot be passed down to heirs. If the home is worth less than the loan balance, you only repay the current value of the home.
5) I won't qualify because of my bad credit or lack of income.
Income and credit scores are not determining factors for reverse mortgages. The lender only conducts a minimal credit check for identity-verification purposes and to satisfy government and investor guidelines.
6) I'm not eligible because I don't own my home free and clear.
You may qualify, even with a first or second mortgage on the home. Any existing mortgage debt will be paid off first with the proceeds from your reverse mortgage. You receive any remaining funds.
7) The bank/lender will take part of my home's future appreciation.
Prior to HUD's involvement in the reverse mortgage industry in the late 1980's, some loans did have a "shared appreciation" clause. However, we do not offer any reverse mortgages with this type of clause.
8) I don't need a reverse mortgage - I am not poor!
Reverse mortgages are not only for those with financial needs, but for those who simply want to improve their standard of living or make plans for their estate.
Don't hesitate to call Donna at (214) 360-9505 or visit Ascot Mortgage Services online for more information about home financing or investment properties in Texas.
1) I'll have to sign over the title, and the bank/lender will own my home.
As a homeowner, you never relinquish title to your home when taking out a reverse mortgage.
2) The bank will take my house when I use up my reverse mortgage funds and I'll be thrown out of it.
The purpose of a reverse mortgage is to help you stay in your home. It does not become due until the last surviving borrower permanently leaves the home, regardless of the balance of funds. The only exception is if you violate one of the terms of the loan (e.g. fail to pay homeowners insurance or property taxes, transfer the title to another name, or allow the home to fall into disrepair).
3) When my reverse mortgage comes due, the bank/lender will sell my house.
While the repayment typically comes from the sale of the home, that's determined by you or your estate. If the home is sold, your and your estate pays the reverse mortgage balance and keeps any remaining funds.
4) I'll owe more than my home is worth, passing debt onto my children.
Reverse mortgages are non-recourse loans, which means that the debt cannot be passed down to heirs. If the home is worth less than the loan balance, you only repay the current value of the home.
5) I won't qualify because of my bad credit or lack of income.
Income and credit scores are not determining factors for reverse mortgages. The lender only conducts a minimal credit check for identity-verification purposes and to satisfy government and investor guidelines.
6) I'm not eligible because I don't own my home free and clear.
You may qualify, even with a first or second mortgage on the home. Any existing mortgage debt will be paid off first with the proceeds from your reverse mortgage. You receive any remaining funds.
7) The bank/lender will take part of my home's future appreciation.
Prior to HUD's involvement in the reverse mortgage industry in the late 1980's, some loans did have a "shared appreciation" clause. However, we do not offer any reverse mortgages with this type of clause.
8) I don't need a reverse mortgage - I am not poor!
Reverse mortgages are not only for those with financial needs, but for those who simply want to improve their standard of living or make plans for their estate.
Don't hesitate to call Donna at (214) 360-9505 or visit Ascot Mortgage Services online for more information about home financing or investment properties in Texas.
Reverse Mortgages: Part One
What are Reverse Mortgage?
A Reverse Mortgage is a unique loan that enables senior homeowners to convert part of the equity in their homes into income without having to sell the home, give up title, or take on new monthly payments. Reverse mortgages are available to individuals age 62 or older who own their home.
How Does this Differ from a Conventional Loan?
· Does not require repayment until Borrower (s) move out, sell the property or pass away
· No income and minimal credit qualifications
· No monthly mortgage Payments
· Mortgages in Mexico
Reverse Mortgage Qualifications
Benefits are calculated by appraised value of home or maximum lending limit (whichever is less) The age of the youngest borrower Current interest rate No restrictions on how you use the funds in most States Proceeds from a reverse mortgage are non-taxable (please consult financial advisor)
How safe is FHA Reverse Mortgage? FHA administers the HECM (Home Equity Conversion Mortgage) and guarantees that borrowers receive their requested loan advances if the lender defaults You and your heirs will never owe more than your house is worth
Flexible Payment Options
Four payment options are available to you:
· Tenure Option (you pick the monthly payout amount for x years)
· Term Option (specific payment for x years)
· Line of Credit
· Combination of above
· You can change the plan at any time during the life of the loan (not all options available in all states)
Upfront and Financed Coasts
You will be provided an itemized estimate of closing costs, but typical costs include appraisal, title insurance, origination fee, counseling fee, FHA mortgage insurance, recording fees and other typical and customary closing costs. All closing costs are funded through the loan.
Appraisal Process and Borrower's Responsibility
· Home must meet FHA guidelines
· Termite report may be required
· Most repairs can be funded through the loan
· Property taxes MUST be kept current
· Maintain homeowners insurance
· Utilize home as primary residence
Repaying the loan
· No repayment necessary until borrower's move, sell or pass away
· No penalty for early repayment
· Non-recourse loan
SUMMARY OF REVERSE MORTGAGE BENEFIT . You maintain the benefits of home ownership . Satisfy your desires, needs, wants .
Stop Foreclosure
· You maintain the benefits as long as you remain in your home
· Allows you to maintain financial independence
A Reverse Mortgage is a unique loan that enables senior homeowners to convert part of the equity in their homes into income without having to sell the home, give up title, or take on new monthly payments. Reverse mortgages are available to individuals age 62 or older who own their home.
How Does this Differ from a Conventional Loan?
· Does not require repayment until Borrower (s) move out, sell the property or pass away
· No income and minimal credit qualifications
· No monthly mortgage Payments
· Mortgages in Mexico
Reverse Mortgage Qualifications
Benefits are calculated by appraised value of home or maximum lending limit (whichever is less) The age of the youngest borrower Current interest rate No restrictions on how you use the funds in most States Proceeds from a reverse mortgage are non-taxable (please consult financial advisor)
How safe is FHA Reverse Mortgage? FHA administers the HECM (Home Equity Conversion Mortgage) and guarantees that borrowers receive their requested loan advances if the lender defaults You and your heirs will never owe more than your house is worth
Flexible Payment Options
Four payment options are available to you:
· Tenure Option (you pick the monthly payout amount for x years)
· Term Option (specific payment for x years)
· Line of Credit
· Combination of above
· You can change the plan at any time during the life of the loan (not all options available in all states)
Upfront and Financed Coasts
You will be provided an itemized estimate of closing costs, but typical costs include appraisal, title insurance, origination fee, counseling fee, FHA mortgage insurance, recording fees and other typical and customary closing costs. All closing costs are funded through the loan.
Appraisal Process and Borrower's Responsibility
· Home must meet FHA guidelines
· Termite report may be required
· Most repairs can be funded through the loan
· Property taxes MUST be kept current
· Maintain homeowners insurance
· Utilize home as primary residence
Repaying the loan
· No repayment necessary until borrower's move, sell or pass away
· No penalty for early repayment
· Non-recourse loan
SUMMARY OF REVERSE MORTGAGE BENEFIT . You maintain the benefits of home ownership . Satisfy your desires, needs, wants .
Stop Foreclosure
· You maintain the benefits as long as you remain in your home
· Allows you to maintain financial independence
The process is easy, please give Ascot Mortgage Services, LLC a call at 214-360-9505 or for more information about reverse mortgages and other loan programs visit us at ascotmortgage.com
Friday, August 1, 2008
Investment Properties in Texas
Investment Properties in Texas
Owning investment properties in Texas is becoming more popular these days, as investors grow tired of the ups and downs of the stock market. Those who find becoming a landlord appealing, may find investment properties a good way to build wealth.
For many small investors, long-term ownership makes the most sense. You'll have plenty of time to ride out any swings in the market, and rental income can make a nice supplement to your day job. Find enough rental properties, and being a landlord may become your day job.
Finding profitable rental properties can take time, connections and plenty of research. At Ascot Mortgage Services, we have financed many investment properties over the years and we can refer you to several real estate professionals who specialize in investment real estate in Texas and Mexico.
Savvy investors are now looking to invest in Model Home Leasebacks, which means the investor buys a model home from a new home builder and then leases it back to the builder, knowing that all maintenance and fees will be paid. It is a win-win situation for both the builder and the investor. Please call Donna for more information regarding model home leasebacks.
Please contact Ascot Mortgage Services for a complimentary consultation on investment real estate in Texas and Mexico. Visit our website www.ascotmortgage.com , call us 214-360-9505 or email us at info@ascotmortgage.com.
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