Las Vegas Mortgage

Get Away From Reverse Mortgage Scams

2009-07-15T03:40:00.000-07:00

With senior's starting to look for ways to supplement their retirement incomes, reverse mortgages are gaining in popularity. And as the interest in reverse mortgages increases, there is a corresponding rise in cases of reverse mortgage fraud and scams. Many seniors are finding that they have lost thousands dollars of their hard earned equity to these reverse mortgages scams. Since reverse mortgages typically involve our largest asset (your home), this type of fraud can have a serious negative impact on your retirement. You will find the following information on reverse mortgage fraud useful to escape becoming a victim of a reverse mortgage scam yourself.

Reverse Mortgage Scams

The are several types of reverse mortgage scams that can end up costing you thousands and even tens of thousands of dollars in equity in your home if you become a victim.

Charging for free information on reverse mortgages

Thousands of dollars are being charged by several estate planning companies for information provided free from HUD. Typically as part of an estate planning program, these companies charge a price for this information. Seniors that sign up for these programs are unaware that these firms are collecting thousands of dollars by charging a fee of 6 to 10 percent of the total amount borrowed. These fees costs the victims $6,000 to $10,000 on a $100,000 reverse mortgage. HUD has recently issued a directive to lenders that issued reverse mortgages insured by the Federal Housing Administration (FHA) to stop doing business with these companies.

Pushing reverse mortgages as a way to pay for purchases

Often times people that sell more expensive items or services, such as annuities or insurance policies will suggest getting a reverse mortgage to pay them. When the additional cost of the reverse mortgage is factored into the purchase, it ends up costing the homeowner much more than the benefit provided by the product or service.

Unethical reverse mortgage terms

Mortgage companies might try to charge additional fees during the closing or change the terms of the mortgage documents. These terms can have a serious effect a Seniors equity. In some cases, lenders have used shared equity or shared appreciation terms, which gives the lender the right to collect a portion of the appreciation when the home is sold or refinanced. The cost of these type provisions can run into the tens of thousands as the home appreciates. These rising cost provisions eat up equity without providing any additional benefit to the homeowner.

Protecting yourself from reverse mortgage scams

If you are looking into reverse mortgages, there are a few things that you can do to protect yourself from falling victim to these types of scams.

1. Speak with a HUD approved reverse mortgage counselor. You can get help from a counselor in making an evaluation of your situation and in understanding reverse mortgages.

2. Make sure you obtain several offers from different reverse mortgage lenders so that you can compare different options. The rule of thumb is to get at least three
separate offers so that you have a good comparison of the terms offered.

3. Make sure you understand all the terms and conditions within the reverse mortgage contracts. Your reverse mortgage counselor can guide you through
the contracts.

4. After having signed the loan document, you generally have three business days to cancel it for any reason.

If you think that a lender is doing something that is in violation of the law, let your reverse mortgage counselor know and then file a complaint with your State Attorney General's office or banking regulatory agency and the Federal Trade Commission (FTC) at www.ftc.gov.

This article is supported by the mortgage forum, Tucson mortgage , and Irvine mortgage

Loan Modifications

2009-04-22T09:34:00.001-07:00

Loan Modifications

I found this great mortgage forum that has a lot of use info for people looking to refinance or buy a home. It also has quite a few real estate articles, too. I strong recommend you check it you. http://www.mortgagehelpforum.com

How can I get Google Analytics reports emailed to me? :: Free Tech Support from Ask Dave Taylor!

2009-04-21T11:17:00.001-07:00

!

How can I get Google Analytics reports emailed to me? :: Free Tech Support from Ask Dave Taylor!

this is super for tracking the amount of visitors to your mortgage site.

Homebuyer Finds Peace Of Mind When Purchasing Lennar Home In Las Vegas

2009-04-17T22:45:00.001-07:00

Lennar’s “Peace of Mind” Mortgage Payment Protection ProgramSM

Homebuyer Finds Peace Of Mind When Purchasing Lennar Home In Las Vegas

Hopefully, this mortgage payment protection is not underwritten by an insurer that will go belly up. This was the case with many mortgage insurers this past year. They wrote so many policies that when the worst hit, they did not have the funds to cover all of the claims. I would check to make sure the company is solid before making any premium payments.

Time to Refinance Your Mortgage

2009-04-17T22:39:00.001-07:00

Finance And Business | Time to Refinance Your Mortgage :: By Frank Elliot | BharatBhasha.com

The time may be right to refinance your Las Vegas home mortgage because the economy is showing signs of improvements which means the rates will go back up. So take the advantage of lower rates and refinance today.

Before you refinance mortgage, take these steps -- chicagotribune.com

2009-04-13T19:33:00.001-07:00

Before you refinance mortgage, take these steps -- chicagotribune.com

This mortgage article is a must read, it has a lot of valuable advice for refinancing your Las Vegas Mortgage.

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Know what it will cost you to refinance | Richmond Times-Dispatch

2009-04-12T03:23:00.001-07:00

Know what it will cost you to refinance | Richmond Times-Dispatch

Yes, make sure to shop around and use negotiation to get the best deal when you refinance your Irvine Mortgage .

Many fail to realized that getting a mortgage refinance is like buying a car. You have to shop around and go back and forth to get a good deal. Car payments are only a few years while a mortgage can last a very long time.

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The president tells people to refinance

2009-04-09T14:05:00.000-07:00

Everyone you need to go out and get your Las Vegas home mortgage refinance today. The president is saying this is the best time to do it because we currently have low Las Vegas interest rates. So do't wait, don't hesitate just do it. You will end up saving a lot of money refinancing your Las Vegas mortgage.

common sense mortgage advice

2009-04-01T12:04:00.000-07:00

I been reading and answering a lot of questions on yahoo answers and yedda. A lot of these questions consists of people in foreclosure, behind on their payments, doing loan modifications, and some first time home buying. This just shows the state of our economy.

There were realtors and loan people out there saying that the market will is still going down, while others are saying interest rates will go up, and others remain undecided. The truth is the decision is up to you on when and how to get a mortgage. My only advice is to be as informed as possible.

Free Mortgage advice

2009-04-01T11:59:00.000-07:00

There's a great site with a lot of mortgage advice on it. You should check it out. It is at Irvine Mortgage . The site is non-lender which means that they do not do loans and only give advise on mortgages, so you don't need to be concern that they will give you false advise to entice you to become a customer.

Tighter guidelines makes for harder mortgage refinance

2009-03-20T00:08:00.000-07:00

With tighter guidelines, it may not always be possible to get a new mortgage. And enough equity in their home or has credit issues can be a problem.

Locking mortgage rate in is good

2009-03-20T00:07:00.000-07:00

Calulated monthly payments will not change if the mortgage rate goes up.

March mortgage rates unchange

2009-03-20T00:02:00.000-07:00

30-yr Fixed – Slightly HigherThis Week: 5.07%Last Week: 5.04%1yr Ago: 6.24%
15-yr Fixed – UnchangedThis Week: 4.68%Last Week: 4.68%1yr Ago: 5.72%

After election thoughts on mortgages

2009-03-19T23:58:00.001-07:00

elated or deflated from the results of the election, I am sure we are all relieved that it is over. I can admit I have been slightly obsessed with the daily dramas

Mortgage loan limits to remain the same

2009-03-19T23:56:00.000-07:00

conforming loan limits for 2009 will remain the same as loan limits of 2008, except in certain high cost areas which includes the Bay Area.

Obama Mortgage bill

2009-03-19T23:55:00.000-07:00

President Obama signed The American Recovery and Investment Act of 2009, a $789 billion dollar stimulus bill. What kind of impact does it have on the first time home buyer? What does the new economic stimulus bill mean to home buyers?

President Obama signed The American Recovery and Investment Act of 2009, a $789 billion dollar stimulus bill. What kind of impact does it have on the first time home buyer? What does the new economic stimulus bill mean to home buyers?

Canada mortgage

2009-03-19T23:49:00.000-07:00

There may be an upside to Canada’s emerging subprime-mortgage problem as lenders. People can afford a mortgage

Some of our more friends at Califorina mortgage

2009-03-19T23:46:00.000-07:00

San Jose Mortgage,
San Francisco Mortgage,
Fresno Mortgage,
Sacramento Mortgage,
Oakland Mortgage,
Stockton Mortgage,
Modesto Mortgage,
Santa Rosa Mortgage,
Elk Grove Mortgage,
Sunnyvale Mortgage,
Vallejo Mortgage,
Santa Clara Mortgage,
Roseville Mortgage,
Fairfield Mortgage,
Berkeley Mortgage,
Daly City Mortgage,
Richmond Mortgage,
Antioch Mortgage,
Grass Valley Mortgage,
Nevada City Mortgage,
Auburn Mortgage,
Vacaville Mortgage,
San Mateo Mortgage,
Livermore Mortgage,
Tracy Mortgage,
Redwood City Mortgage