Reverse Mortgage Lenders San Diego

San Diego Reverse Mortgage Lenders

Reverse mortgage lenders in San Diego offer the HECM reverse mortgage which is the only reverse mortgage insured by the U.S. Federal Government. Applying for a San Diego reverse mortgage is as easy as calling our local office and speaking with one of our reverse mortgage experts to discuss your options. (858) 999-3737

Learn more about reverse mortgages in San Diego and how you can stay in your home without making a mortgage payment. Reverse mortgages have been around for many years, but have become more popular over the last 5 years. A HECM reverse mortgage allows seniors 62 years or older stay in their homes without a mortgage payment, and depending on the equity, they may have the ability to draw cash from the home as well.

Our reverse mortgage specialist can explain this type of home loan over the phone, or come to your home and answer your questions in person. There are many benefits to a reverse mortgage, but they are not for everyone. Unfortunately, many people still do not understand fully how these home loans work, and there a few people qualified to properly explain the loan. Our licensed mortgage professionals that offers these loans are well versed in these programs and can explain them to you.

Borrower Requirements

You must:

• Be 62 years of age or older
• Own the property outright or paid-down a considerable amount
• Occupy the property as your principal residence
• Not be delinquent on any federal debt
• Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and Homeowner Association fees, etc.
• Participate in a consumer information session given by a HUD- approved HECM counselor
• Property Requirements

The following eligible property types must meet all FHA property standards and flood requirements:

• Single family home or 2-4 unit home with one unit occupied by the borrower
• HUD-approved condominium project
• Manufactured home that meets FHA requirements

Financial Requirements

• Income, assets, monthly living expenses, and credit history will be verified.
• Timely payment of real estate taxes, hazard and flood insurance premiums will be verified

For adjustable interest rate mortgages, you can select one of the following payment plans:

• Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
• Term – equal monthly payments for a fixed period of months selected.
• Line of Credit – unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
• Modified Tenure – combination of line of credit and scheduled monthly payments for as long as you remain in the home.
• Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

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We have mortgage professionals that can assist you anywhere in San Diego County California

Reverse Mortgage Lenders Carlsbad
Reverse Mortgage Lenders Chula Vista
Reverse Mortgage Lenders Coronado
Reverse Mortgage Lenders Del Mar
Reverse Mortgage Lenders El Cajon
Reverse Mortgage Lenders Encinitas
Reverse Mortgage Lenders Escondido
Reverse Mortgage Lenders Imperial Beach
Reverse Mortgage Lenders La Mesa
Reverse Mortgage Lenders Lemon Grove
Reverse Mortgage Lenders National City
Reverse Mortgage Lenders Oceanside
Reverse Mortgage Lenders Poway
Reverse Mortgage Lenders San Diego
Reverse Mortgage Lenders San Marcos
Reverse Mortgage Lenders Santee
Reverse Mortgage Lenders Solana Beach
Reverse Mortgage Lenders Vista

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Homes for Sale Harveston Temecula CA

Don’t Try To Buy A Home in Harveston Temecula CA Without Reading This Advice

Buying a piece of real estate in Harveston Lake Temecula a significant financial investment, so it’s important that you go into the transaction with your eyes open. Make sure that you have given yourself a solid education in the basics of the real estate market. This article can help give you the information that you need.

Have a professional appraisal and home inspection done before even considering purchasing a piece of real estate. If their is a home on the land, you will want to know about any problems or defects in the house ahead of time. This can save you lots of money and headaches down the road.

When you are interested in buying a home in Harveston you should always know your credit score. Keep on eye on your credit report so that you will know if anything unusual pops up. If something on your report wasn’t paid or there is a error, it can affect your credit score. Even the littlest thing can cost you points and you don’t want to be turned down for a loan because your Fico score is too low.

Lot of home buyers are discouraged from buying a property because they don’t like its decor, the furniture or the wall color representing the seller’s taste. Buyers should disregard these factors as they are easy to change. They can always repaint the wall, install new carpet and add their own furniture. They should consider features hard to or impossible to change, such as property size, floor plan or location. When you are searching for your potential future home, try to concentrate on the things you can not change. This is because something like the color of the walls or the type of carpeting is easy to deal with and change. However, you can not change the layout of the house or the neighborhood you live in. All this is what you will have to live with for the time you are there.

If you want to have a good experience buying a home you should find a local real estate expert who communicates on the same level as you. Some people will need more contact with their agent during the process, and can find it frustrating, if they are dealing with a very busy agent. Your debt-to-income ratio, pattern of savings, job stability are all going to play a big role in your lender’s decision as to whether to provide you with the loan that you need for your new home. Add up all of your monthly bills and costs and subtract it from the income that you have and that will tell you how much you have to left to pay for your new home. To find out more about home loans in Temecula contact one of the mortgage professionals located on the website

When you want to buy real estate but do not have a large down payment saved up you should talk to a mortgage broker about other programs that do not require a lot of upfront money. There are a number of programs that allow you to put down as little as three percent. When buying your first real estate property, you should be aware that there are many programs that are designed to help you as a first time buyer. Check with your real estate agent to see what state or federal programs that you might qualify for. Some programs help with the down payment, while other programs reduce your interest rate, to help make it more affordable.

While the internet has made it easier than ever to buy and sell real estate across town or across the country, it also makes it easier to make expensive mistakes. Never buy a property without actually visiting it yourself or hiring a professional home inspector who can conduct a thorough on-site evaluation of the property and report findings objectively. Remember, photos can be very deceiving.

If you need to purchase a home in a short amount of time, use the internet to jump-start your search. Going to open houses or driving around to find properties is one way to look for a home, but you will lose a lot of time seeing residences that don’t meet the criteria that you have. Searching online lets you look for properties based on the characteristics that you want in a home. This will help you find what you need in a shorter amount of time. But when you are ready to view homes available have a Realtor in Temecula who is an expert with the Harveston community.

By educating yourself on the basic principles of real estate, you will improve your chances of having your transaction go smoothly. If you apply the advice you’ve learned from this post, you can avoid many of the most common mistakes that many real estate buyers commit when they purchase a piece of property. To view homes for sale in Harveston Temecula California, contact the agent listed.

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Meadowview Temecula Homes For Sale

Meadowview Temecula Homes For Sale Are Being Promoted By A New Neighborhood Post By Kevin Leonard And His Real Estate Group

Kevin Leonard, a well-known mortgage professional, is continuing his efforts to control the Temecula real estate market. The latest page on his blog offers information about Meadowview Temecula homes for sale and how the neighborhood began.

Temecula, California (PRWEB) June 16, 2015

The Temecula neighborhood community of Meadowview is being showcased by a new post on Kevin Leonard’s blog. Meadowview is located very close to the Temecula mall, and is full of walking trails for the residents. The area is also an excellent place for horse owners, because of the trails and equestrian center. The median house price in Temecula is right around 400k accounting to popular real estate websites. Meadowview residential community is just one of the many great neighborhoods Temecula has to offer. To view real estate for sale in Temecula contact the local office here, 951-200-5750.

Kevin Leonard and his team offer all real estate and mortgage related products to Temecula Valley residents. From Temecula mortgages to open houses, the team works in tandem to make the home buying experience as easy as possible. The mortgage team has VA loans for military families and also FHA loans for those who qualify. Some of the properties in Meadowview are listed for sale above the conforming loan limits, in this case buyers will have to qualify for a jumbo loan.

The city of Temecula enjoys plenty of visitors to Old Town Temecula and Wine County. The tourism helps the local business, and brings plenty of potential buyers into the area every week. The Temecula Valley has rebounded well since the housing crash, and the homes continue to rise in value. To find out more about Temecula Realtors that work the Meadowview neighborhood buying and selling homes click the new page here,http://ift.tt/1dH7qmB

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Homes For Sale In Temecula California

Homes For Sale In Temecula California Continue to Receive Listing Assistance From Temecula Realtor Kevin Leonard And His Mortgage Team

New pages from Kevin Leonard and his team are being submitted for Temecula mortgages and homes for sale in Temecula CA. The real estate agents and mortgage professionals continue to market the local Temecula Valley with online articles for buyers and sellers of real estate.

Temecula, California (PRWEB) June 15, 2015

The city of Temecula is one of the hot real estate markets for Kevin Leonard and his group of Realtors and mortgage originators. The team works with the top Realtors in Temecula and the surrounding cities. They have several industry professionals that they work with in Temecula from CPA’s to builders offering their real estate services. The website for Kevin Leonard http://ift.tt/1fCOq6y has new pages that offer information about the Temecula real estate market, and points of interest. The group has been very active online with multiple page development about real estate and mortgage related products. They recently finished articles about loans for the Military in Temecula, and the Native American home loans known as the Section 184 Indian Home Loan Guarantee Program.

The new pages about Temecula are to help those seeking information about the informative data about the city. They offer information about the population, neighborhoods, and key points of interest like Old Town Temecula and the Wine County. Those searching homes for sale in Temecula California can find all the information needed about public and private schools as well as home buying tips. The pages also provide links for viewers to connect with Temecula Realtors and local mortgage professionals. Having local experts in the area assist in financing and real estate contracts, buyers and sellers can alleviate issues that can arise in real estate transactions. To discover more about Temecula homes for sale, or about the city and its amenities click on the page here, http://ift.tt/1MA1veN

Contact:
Kevin Leonard
Phone: (951) 200-5750

NMLS #6279

For the original version on PRWeb visit: http://ift.tt/1FijjW9

 

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Homes for Sale Meadowview Temecula

In 1967 The Bekedam family purchased a model dairy built on Margarita (formerly General Kearny) and Solano roads. The original Rancho California development plans include sites for forty 20-acre dairies on the land where the Meadowview residential community will eventually be built.

Meadowview residential community has roughly 360 acres of common land with plenty of walking trails,  tennis courts, pools, spas, and basketball courts. Horse owners can visit the equestrian center or take a ride through the meadows.  Meadowview residential community is very close to the Temecula Promenade and fast access to the 15 freeway in Temecula, California.

Don’t Search Homes for Sale Meadowview Temecula Without Reading This Advice

Real estate can be quite the process and you can often get frustrated if you don’t know what you are looking for. It is important to make sure that you do know what you are looking for when it comes to the real estate in Meadowview Temecula you are trying to buy. This article will provide you with the information you need.

If you are considering buying a home, hold off on any major purchases for at least six months. Your credit profile needs to be as clean as possible. If a lender sees that you make timely payments and don’t have a lot of debt, they are more likely to loan you the money you need to buy your home. When figuring your monthly costs and how much you can afford to pay, be sure to take homeowners association dues and fees into account. Usually applicable to condo units, HOA costs are also a factor in some single-family developments. Be sure to find out what the current dues are and if there are any special assessments in the near future. Meet with a lender prior to looking at homes. Ask about the available loan options so you will get an idea of how much cash out of pocket you will need for closing costs, down payments, and any other fees. You may find yourself surprised at the amount of money that you may be able to afford due to the low interest rates.Try to get your home loan pre-approved in Temecula before you start looking for a home. There are a lot of sellers that will only allow those with pre-approval letters to look at their property because it is an indication that you are serious about buying some property.

When looking to purchase a home in Meadowview Temecula, take into consideration the size of the house. Houses vary in size in neighborhoods. If resale value is important in your purchase, do not buy the biggest house in the neighborhood. The homes nearest to yours will be used when determining fair market value. If most of the houses are smaller, they will bring down the value of your larger home.Think of a new house as a part of your future. Choose a house based less on your current circumstances, and more on where you see yourself in five to ten years. If a house will still suit your needs in that many years, it might be worth placing an offer. Even if you think you know more about real estate than most people, real estate agents are valuable assets worth paying for when looking to buy or sell a home. They know their area well and can often spot someone charging too much or too little for a home before anyone else can. We have the top real estate agents in Temecula working with our organization to assist our clients every step of the way. When trying to figure out how much money to put away for the purchase of a home, you need to remember that the down payment is not the only financial responsibility that comes with buying a home. You will still have to factor in closing costs, Realtor fees, property taxes, and moving expenses.

One important tip when it comes to real estate, is to make sure that you keep a detailed journal of everything that you do throughout the process. This is important as either the buyer or the seller, because it will help to ensure that not only do you know how well you are accomplishing your goals, but will also be a good record in case you need proof, if an unforeseen circumstance arises.

If your home-buying strategy involves foreclosed or short-sale houses, don’t put your entire heart and soul into just one property. Real estate bargains are a hot commodity in times of recession, and you are almost certain to encounter a number of individual and commercial buyers vying for the same properties. Cultivate multiple interests, and don’t miss out on other potential dream homes by focusing exclusively on a single lot. If you find a house that you would love to purchase but the kitchen is far from what you are looking for, you should reconsider the purchase. Major kitchen renovations are very time consuming, and can cost a lot of money, so only buy the home if you are ready for that type of commitment. An important thing to remember when looking to purchase a home is not to pick the first one you see. Even if the home seems perfect to you, it is vital to look at other ones too. You never know what your other options are unless you look at them.

Don’t buy a home in Meadowview  that you didn’t realize wasn’t worth it in the beginning, take the knowledge you have learned from this article and make sure the properties your search meet the standards that you have set for your purchase. Otherwise, you will just be wasting your money. Learn more about Temecula mortgage banks and how to apply for a home loan before you begin your search by clicking on the contact us page.

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Homes For Sale In Temecula CA

Temecula, Riverside County CA 

Temecula is located in the Southwestern part of Riverside County California. The city of  Temecula enjoys over a hundred thousand residents. The city is also home to the Pechanga Indian Reservation and many great neighborhoods to raise a family. Temecula has many tourists that visit the Wine County and Old Town, as well as the Temecula Valley Balloon & Wine Festival.

Temecula Valley Unified School District

The (TVUSD) -Temecula Valley Unified School District and its schools are continually ranked as having the highest Academic Performance Indices inside Riverside County. U.S. News & World Report^.   Has awarded Chaparral High Great Oak High School, and Temecula Valley High have all obtained silver medals in the U.S. News Best High Schools rankings.

The school district’s general area extends north to Baxter Road in French Valley, south of the Riverside/San Diego county line, east to Vail Lake, and west to the Temecula city limit. The Temecula Valley Unified School District encompasses approximately 148 square miles, with an enrollment of approximately 25,000 students (Grades K-12).

Private schools

• Hillcrest Academy
• Linfield Christian School
• Rancho Christian School
• Van Avery Prep
• Saint Jeanne de Lestonnac School
• Saint Ives
• Saint Bernaby
• Temecula Christian School

Charter schools

• Temecula Preparatory School
• Temecula Valley Charter School
• River Springs Charter School
• Keegan Academy

Buying a new house often proves to be the largest financial outlay in your entire life. With that in mind, it is absolutely imperative that you make the best decision possible the first time. If you follow these tips, there is a much greater chance that you won’t regret the six-figure outlay of buying a new house.

One of the most important factors in buying real estate concerns your credit. It is in your best interest to investigate any issues that may be on your credit profile before entering into a real estate purchase. This will avoid any unknown issues that may be lurking in your credit history and save you negative surprises when it comes time to get approved. There are places online that offer to research your credit report and score for free, so you can get an idea on what type of financing you may qualify for.

When considering buying a particular house, take a good look at the immediate neighborhood. If you buy the home, they will be your neighbors. Getting a good look at who these people might be is a good idea when deciding where you are going to live for the next few decades of your life. Check out your new neighborhood. See what kind of people live nearby, visit the grocery stores, and see if there is some sort of community organization. The more knowledgeable you are about the place you may be moving to, the better informed you will be to help make your decision. Ask yourself if you can see living in this neighborhood.

When making an offer on a home, it must be drawn up by the potential buyer or the buyer’s agent. It is then presented to the seller’s agent, who then presents the offer to the seller. It is a simpler document than a sales agreement, but is like it in many ways. It is best to have an agent draw a sales agreement up for you. We work with the top real estate agents in Temecula, working with a Realtor who is familiar with the area can be a great benefit.

When considering how much of a home you can afford, be sure to look at estimates of how much utilities cost for the home. Keep in mind that the larger the home, the more the bills will be. This could greatly affect how much you can afford monthly and will keep you more on budget.

If a particular neighborhood interests you, take advantage of open houses that come up now and then. This is a good way for you to preview a home at your leisure. You can ask the seller’s agent at the open house about the home, nearby schools and the neighborhood, without feeling any pressure.

If you are planning on buying a foreclosed home, be aware that those homes are sold as-is. You are not going to get a better deal on a foreclosure because it needs repairs. Generally, foreclosures are sold at the amount the bank needs to sell it for to recoup their loss, and they are not often going to negotiate below the selling price of other comparable properties. To assure your home inspector doesn’t miss anything, hire an inspector privately rather than using one provided by your real estate agent. A home inspector should be looking out for your best interests, not the ones of your agent. Using a private inspector will help you feel more secure in your purchase.

Be cautious of buying a home that includes Home Owners Association fees. Pay attention to what amenities are included in the dues; ask yourself if you will actually use those things. If you won’t, paying the fees don’t make a lot of sense, and you may save money and be happier living outside of the neighborhood.

If you are visiting multiple properties during your home search, develop a rating system to use for each property. By filling out what you liked and what you didn’t like immediately after touring the home, you will be able to compare your choices and eliminate houses that fall short of your needs. Working with a Temecula Realtor will help you view homes that will best suit your needs. In addition getting prequalified for a home loan in Temecula will allow you to shop for homes for sale in your price range.

From getting an appraisal and inspection to closing the loan, the real estate process is convoluted and fraught with potential pitfalls. That is why it is important to have guidance every step of the way. Make use of these tips to simplify the real estate buying process and make it manageable.Our team can assist you every step of the way, from mortgage financing to shopping for a new home, contact us and let us help take care of the process.

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Temecula Mortgages

Get Helpful Tips About Home Mortgages That Are Simple To Understand

Have you had a mortgage before? If you have, you understand how tense it can be. The mortgage market is something that’s ever changing, which means you have to know what you’re doing. This article will help you how to obtain a mortgage that best suits your needs. Understand your credit score and how that affects your chances for a mortgage loan. Most lenders require a certain credit level, and if you fall below, you are going to have a tougher time getting approved for a home loan with reasonable rates. A good idea is for you to try to improve your credit before you apply for mortgage loan. Work with one of our Temecula mortgage experts to determine a program that is best for you.

Investigate preapprovals before you start home shopping. Preapproved mortgages will give you an idea of both how much home you can afford plus what your monthly mortgage payments will be. This will set the parameters of your home shopping and save you time not looking at properties you can’t realistically afford. Have a local Realtor in Temecula show you homes in your prices range after getting the preapproval, a real estate agent that is familiar with the local market will be able to know the neighborhoods price range.

Know how much you can afford to put towards your home mortgage. Do not rely on the lender to tell you the amount you qualify for, causing you to borrow the maximum amount. Try planning your budget and leaving some room for unexpected expenses. This is usually the case when you buy a home. You can use banking calculators to determine how much you can afford on a home and provide an estimate of the monthly mortgage payments. In addition, be sure to compare the different term options that are available for home mortgages. You could choose between a number of options, including 10, 15 and 30 year options. The key is to determine what the final cost of your home will be after each term would be up, and from there whether or not you would be able to afford the mortgage each month for the most affordable option.

Be sure to establish a healthy and well funded savings account before applying for a home mortgage. You’ll need that cash for your down payment as well as inspection, application, closing, credit report, title search and appraisal costs. You will get better mortgage terms if you are able to make a larger down payment.You must be demonstrably responsible to get a home mortgage. This means you have to have a good job that pays for your lifestyle with money to spare. Not only that, you must have been on the job for a couple of years or more, and you must be a good employee. The home mortgage company is entering into a long term relationship with you, and they want to know that you will be able to pay the mortgage in a timely manner.

Adjustable rate mortgages, also known as ARM, don’t expire when the term is up. The rate on your mortgage fluctuates depending on the current interest rates. This may mean that the person doing the mortgage will be at risk and have to pay a lot of interest. There are many different home loan products available from Jumbo loans to FHA loans in Temecula, be sure to speak with a local mortgage professional to learn about the benefits. Also, because of the many military families in Southern California, VA loans in Temecula are very popular as well.

Remember, no home mortgage is “a lock” until you’ve closed on the home. A lot of things can affect your home mortgage up to that point, including a second check of your credit, a job loss, and other types of new information. Keep your finances in check between your loan approval and the close to make sure everything goes as planned. Never assume that a good faith estimate is fact or written in stone. It is in fact not just an estimate, but one written in good faith. Always be wary of extra costs and fees that can creep into the official and formal paperwork later that drive up your total expense.Look over you real estate settlement statement before signing any papers. Your mortgage broker is required by law to show how all the monies are dispersed at the closing. If the seller has agreed to pay for some of the closing costs, ensure that this is noted on the settlement statement.

If you are having problems paying your home mortgage, contact your lender immediately. Don’t ignore the problem. That’ll only make the issue worse. Your lender can show you many different options that may be available to you. They can help you keep your home by making the costs more affordable. Before buying a house, it is important to understand what you need to know to secure a mortgage. The wrong mortgage can cost you a lot of time and money, or even your home. In the end, what you want is a home you can enjoy for years and a lender who is understanding and fair.

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FHA Loan Limits San Diego 2015

The 2015 FHA San Diego, Carlsbad area rose from 2014 for one to 4 units.

For the typical person, they’ve got a large amount of questions with regards to purchasing or refinancing house .  These new loan limits will be in effect for case numbers which have been signed starting January 1 onwards and will last until December 31. The FHA will calculate the limit for the maximum loan for areas that are considered as high-cost. These areas will be with the same rate while they were last 2014 at $625,500. Alternatively, for places with low housing costs, the rate will continue to be the same—the rate will still be $271,050.Each year, the FHA recalculates the limit to the national loan. They recalculate it based from the number in the national limit for conforming loans. It will depend on this that the floor limit to the minimum national loan is scheduled. The FHA sets it at 65% from the national limit for conforming loans. This really is applicable to areas wherein 115% of its median home prices are below 65% of the national limit for conforming loans. And also this means that the opposite also applies.

 The loan limits for San Diego, Carlsbad in 2015 increased from 2014.

2014	2015
$546,250 – Single Unit	$562,350 – Single Unit
$699,300 – 2 Units	$719,900 – 2 Units
$845,300 – 3 Units	$870,200 – 3 Units
$1,050,500 4 Units	$1,081,450 4 Units

When it comes to maximum, the maximum national limit ceiling from the FHA is scheduled at 150% of the national conforming limit. For places whose 115% with the median price is greater than the ceiling limit then your FHA loan limit will continue at 150% of the conforming load. Using the median area home in to consideration, a place may be deemed qualified to receive an FHA loan limit which is in the national standard limit and to the country’s ceiling level. Should you require any additional more knowledge about the money limit adjustments for two, three, as well as four properties in addition to Special Exception areas, look for more from the FHA’s mortgagee letter. Also, as a possible extra on the Mortgagee Letter, what’s more, it provides info on the countries that could sign up for these types of loan limits which are on the national standard. Borrowers who already have existing FHA insured mortgages can continue to continue using the FHA’s Streamline refinance program. This may not consider the continued balance off their current loan. They also announced the home loan limits which might be used in the FHA-insured reverse mortgages. It’s going to remain identical to the previous year and may continue to have a maximum claim amounting to $625,500. There will still be actual loan limits and these will be based on the following factors: borrower’s age, property value, as well as the current interest. These reverse mortgages lets homeowners at the age of 62 years and above to gain access to the equity of their houses and without resorting to further requirements in monthly installments.

Learn more about FHA home loans, FHA Streamlines, FHA Jumbo loans, or FHA High Balance loans in San Diego by speaking with a licensed mortgage professional

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Reverse Mortgage Lenders

Riverside Reverse Mortgage Specialist

If you are looking for more information regarding reverse mortgages or local reverse mortgage lenders in Riverside County we can help. Our licensed mortgage professionals can help provide you with all the information you need about the HECM reverse mortgage. The HECM constitutes over 90% of the reverse mortgages in the market, and the HECM or Home Equity Conversion Mortgage is the only one insured by FHA. Contact us and find out more about a reverse mortgage at 951-200-5750.

To qualify for a reverse mortgage in Riverside County California the applying senior must be 62 years old or older with equity in their home. The property must be an owner-occupied or primary residence in order to qualify. The home must be in good condition, and depending on the age of the HECM reverse borrower the cash available will vary. Below are some of the payment options.

For adjustable interest rate mortgages, you can select one of the following payment plans:

• Tenure– equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
• Term– equal monthly payments for a fixed period of months selected.
• Line of Credit– unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
• Modified Tenure– combination of line of credit and scheduled monthly payments for as long as you remain in the home.
• Modified Term– combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.  For fixed interest rate mortgages, you will receive the Single Disbursement Lump Sum payment plan.
• Single Disbursement Lump Sum – a single lump sum disbursement at mortgage closing.

There are many benefits to using a reverse mortgage, in order to  be eligible for the FHA HECM reverse mortgage in Riverside California, your house must be a single family home or a 2-4 unit home with one unit being occupied by the applying individual . In addition, manufactured homes, and HUD-approved condominiums that meet the current FHA requirements are also eligible. The amount of cash or “equity” that the borrower receives varies by borrower and depends on, the age of the youngest borrower or non-borrowing spouse, and the current interest rate. The other variables are, the lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price, and Initial Mortgage Insurance Premium.

Like any type of other loan there are fees associated with these types of loans, and are paid through the loan without any “out of pocket” money. These fees consist of, a loan origination fee, third party fees (i.e., appraisal, inspection, lender title policy, etc.), FHA Mortgage Insurance Premiums, servicing fee, and interest. There is also mandatory counseling for every borrower who chooses to apply for a Riverside reverse mortgage.

Why is HECM Counseling required?

• To educate borrowers about using a HECM
• costs of obtaining the loan
• financial implications
• borrower obligations
• alternatives
• repayment conditions

The HECM borrower has obligations after the loan has been funded.They must continue to occupy the home as a principal residence. Pay Home Owners Association (HOA) fees, ground rents, etc. as well as property taxes. Also maintain a current homeowner’s hazard insurance policy, and maintain the property in the same condition it was when the loan was initiated.

Riverside cities that our reverse mortgage experts service:

Banning, Beaumont, Blythe, Calimesa, Canyon Lake, Cathedral City, Coachella, Desert Hot Springs, Eastvale, Hemet, Indian Wells, Indio, Jurupa Valley, Lake Elsinore

La Quinta, Menifee,Moreno Valley. Murrieta, Norco, Palm Desert, Palm Springs, Perris, Rancho Mirage, Riverside, San Jacinto, Temecula, Wildomar

In 1987, The Housing and Community Development Act got the ball rolling for these types of loans . This started the HECM or Home Equity Conversion Mortgage, and in 1988 (HUD) or known as the Department of Housing and Urban Development received the ability to insure these types of home loans through the FHA – Federal Housing Administration.

Unfortunately many seniors still don’t understand how a reverse mortgage work. According to the report, consumers are frustrated with their loan terms, servicing runarounds, and foreclosure problems.

“Consumer complaints tell us that the complex terms of reverse mortgages continue to be misunderstood,” said CFPB Director Richard Cordray. “As more baby boomers choose reverse mortgages to tap into their home equity, they need to understand the unique terms and features of this product. Our advisory can help those who have already chosen reverse mortgages to plan ahead for loved ones.”

If you are considering a reverse mortgage in Riverside California, have an expert who is used to explaining these types of loans assist you. Our reverse mortgage experts can provide you with the information you and your family needs to make a decision if a reverse mortgage is right for you. Doing a reverse mortgage in Riverside takes a few months from counseling to closing, so there is never any major rush. Take your time and research the pros and cons of a reverse mortgage, and fee free to call us and discuss your options at 951-200-5750.

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HUD 184 Loans Riverside County California

Section 184 Indian Home Loan Guarantee Program

According to the latest figures from HUD there has been over $4,171,447,044 of home loans Guaranteed
in Indian Country, and 25,748 loans to date as of 2015. The great thing about the Section 184 Loan Guarantee Program, or better known as the HUD 184 loan can be offered on or off Native land.Native American home-ownership has historically been an undeserved market, because of the unique status of Indian lands being held in Trust. Working with an expanding network of private sector and tribal partners, the Section 184 Program looks to increase access to more capital for Native Americans and also provide private funding opportunities for tribal housing agencies with the HUD Section 184 Home Loan Program.

Eligable 184 borrowers can be  Indian or Alaska Native who plan to occupy the property as a principal residence and who have also met the credit and underwriting standards. An Indian tribe, Indian Housing Authority (IHA) or Tribally Designated Housing Entity (TDHE) may borrow funds to develop homes that that are subsequently sold to eligible borrowers, or to create tribal owned rental housing.

MAXIMUM LOAN AMOUNT

The maximum loan amount is the lowest of:

• 150% of FHA loan limits for the applicable county

or

• Loan to Value (LTV) (Appraised value – excluding closing costs):

• 98.75% of LTV if appraised value is $50,000 or less
• 97.75% of LTV if appraised value is more than $50,000

or

• Acquisition Cost (sales price + closing costs)

• 98.75% of acquisition cost if it is $50,000 or less
• 97.75% of acquisition cost if it is more than $50,000

 

Learn more about the benefits of this amazing home loan product by applying for a Section 184 Indian Home Loan Guarantee Program in Riverside County California.Our Riverside HUD 184 loan expert also works with real estate agents that are familiar with this type of home loan financing. Working with a finance professional that is already working with HUD 184 approved lenders in Riverside CA will make the whole process much easier. Speak to a HUD 184 loan Riverside specialist by calling the local office here 951-200-5750

HUD 184 Loan Service Area Riverside County California

HUD 184 Loan Banning
HUD 184 Loan Beaumont
HUD 184 Loan Blythe
HUD 184 Loan Calimesa
HUD 184 Loan Canyon Lake
HUD 184 Loan Cathedral City
HUD 184 Loan Coachella
HUD 184 Loan Corona
HUD 184 Loan Desert Hot Springs
HUD 184 Loan Eastvale
HUD 184 Loan Hemet
HUD 184 Loan Indian Wells
HUD 184 Loan Indio
HUD 184 Loan Jurupa Valley
HUD 184 Loan Lake Elsinore
HUD 184 Loan La Quinta
HUD 184 Loan Menifee
HUD 184 Loan Moreno Valley
HUD 184 Loan Murrieta
HUD 184 Loan Norco
HUD 184 Loan Palm Desert
HUD 184 Loan Palm Springs
HUD 184 Loan Perris
HUD 184 Loan Rancho Mirage
HUD 184 Loan Riverside
HUD 184 Loan San Jacinto
HUD 184 Loan Temecula
HUD 184 Loan Wildomar

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FHA Loans Temecula

FHA Loans In Temecula, California Are Begins Promoted With Flyers Being Delivered To Local Neighborhoods

The mortgage division working with Kevin Leonard continue their marketing efforts by delivering FHA home loan information. The team recently handed out VA loan flyers and now those looking for FHA loans in Temecula are receiving different product guidelines.

Temecula, California (PRWEB) June 04, 2015

Many homeowners have had their homes financed by a FHA insuranced home loan. The mortgage group working the Riverside County market, are hand delivering home loan products that can benefit homeowners. Kevin Leonard and his team work Southern California providing home financing for those looking purchase a home or refinance an existing loan. They just wrapped up delivering information about the benefits of using a Temecula VA loan specialist to assist with financing needs. They are continuing their marketing by doing the same technique for FHA home loans in Temecula. To find out how to use a FHA loan to buy a home in Temecula call the local office at 951-200-5750.

FHA has been assisting people become homeowners since 1934. They make loans easier to qualify for by offering low down payments, low closing costs, and easy credit qualifying. The FHA does not offer the loans, instead they insure them for approved lenders to offer. The maximum loan limit for a FHA loan in Riverside, California is $355,350 for a single family residence. In addition to traditional loans the FHA also offers the most common FHA reverse mortgage the HECM or Home Equity Conversion Mortgage. These home loans are for seniors 62 and older and have enough equity build up in their homes, to reside in their primary residence without making a mortgage payment. Learn more about FHA loans for purchases, reverse mortgages or even a FHA streamline in Temecula to lower an existing interest rate by speaking with a FHA loan expert.

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VA Loans Temecula

VA Home Loans In Temecula Receive A Boost From Door To Door Advertising

Home loans expert Kevin Leonard has a part of his VA mortgage team going door to door, providing VA loan information. The flyer offers mortgage products for home purchases and refinancing for Veterans in Temecula.

Temecula, California (PRWEB) June 01, 2015

The mortgage team working with Kevin Leonard are canvasing neighborhoods in Temecula California with marketing materials. This is the busy season for those looking to sell their homes, and the mortgage professionals would like to help the buyers with home loans. One of the more popular home loans in Southern California is a VA loan due to the heavy military presence. Doing a VA loan in Temecula is attractive to those who qualify because there is no down payment required or private mortgage insurance. The VA also has programs for refinancing an existing VA loan called the Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA Streamline Refinance Loan. This type of loan can help applicants receive a lower interest rate by refinancing an existing VA loan. To discover the benefits of a VA loan in Temecula or to speak with a VA home loans specialist call the local office at (951) 200-5750.

The VA does not VA actually offer the loans themselves. The home loans are provided by banks, mortgage companies and private lenders. The VA guarantees a portion of the loan, enabling the lender to provide these types of home loans. The group working in Temecula also offers the Native American Direct Loan (NADL) Program. This loan program assists eligible Native American Veterans finance the purchase, construction. It can also be used for an improvement of homes on Federal Trust Land, or even reduce the interest rate on an existing VA loan. Find out more about these types of loan programs by working with a licensed mortgage professional who is an expert in VA loan products.

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Temecula Realtors

Temecula Realtor Promotes Discount Real Estate Listing Service with New Online Commercial

The real estate agents in Temecula working with Kevin Leonard and his group release promotional video describing the benefits of using discount Temecula Realtors. These agents offer to sell a home by either using a flat fee MLS listing service or 1% listing commission to save homeowners thousands.

Temecula, California (PRWEB) May 31, 2015

The real estate division headed by Kevin Leonard know that more and more consumers are looking to save money in real estate commissions. Whether a buyer is looking for a buyer rebate at closing, or a homeowner wants to save money in real estate commissions when listing a home an agent from the group can assist them. A new video for their flat fee MLS listing service in Temecula was just published online for local residents to view. The mortgage and real estate professionals that work with Kevin Leonard continue to offer information about all the latest trends in real estate and mortgage products available in today’s market. Videos like the one seen here,https://www.youtube.com/watch?v=YrcWSzrMfWw, explain how using a Temecula Realtor that offers discounted realty fees saves homeowners huge savings in real estate agent commissions. Find out which real estate brokers in Temecula are offering these discounted services by calling the local office at 951-200-5750.

The Temecula Valley has many great neighborhoods to live in, with parks and schools close by, family’s look to call Temecula their home. The Realtors that work with Kevin Leonard and his mortgage origination team assist consumers with searching and financing for homes in the area. Between the groups Murrieta Realtors and the agents that work the Temecula area, they have the entire area covered. The mortgage division offer FHA, Jumbo and VA loans in Temecula to pre-qualify consumers for home purchases. Once the consumer is pre-qualified, the real estate agents can then show them homes in their price range and begin to make offers. To list a home for sale in Temecula or to search homes for sale in Temecula click here,http://ift.tt/1wq9c0H.

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