What Is A Reverse Mortgage

A reverse mortgage is a unique financial plan that allows seniors to use the equity in their homes. The reverse mortgage loan requires no monthly payments or fees. Instead, the lender pays you. No payments are due as long as you remain in your home. Monthly Interest charges are deducted from your equity. The loan balance only becomes due when you move from your home or pass away.

Reverse Mortgage Facts:

• No financial qualification is needed
• There are no payments as long as you live in your home
• Fully guaranteed by the Federal Housing Administration (FHA)

What Are The Benefits of a Reverse Mortgage

There are a number of benefits:

• Provides access to money that you can can use for assisted care in your home or in a care facility
• Tax-free payments as long as you live in your home
• No income or credit requirements
• The proceeds of the reverse mortgage will pay off any outstanding mortgages against the property
• No payments are required during your lifetime as long as you live in the home
• Keep title and possession of your home
• Choose a cash flow plan customized for your needs
• Pay off existing mortgage
• Retain your personal and financial independence
• No prepayment penalty

Common Use of Loan Proceeds

• Health care or long-term care
• Reducing financial burden on your children
• Living expenses
• Emergency cash fund
• Home improvement
• Paying off debt
• Travel
• Paying cash for new RV, car or time share
• Family Vacation
• Grandchildren’s college fund

What is the Down side of a Reverse Mortgage?

A reverse mortgage can cost you more interest monthly that a coventional loan. Some mortgages are charging interest just on the amount you borrow but will also charge interest on the whole amount they approval your loan for from the appraisal. Yes, you have no monthly payment but interest charges are charged against your equity so that when you move or pass away those charges are paid from your loan balance. In other words, you are charged $900.00 a month to use your equity of $300,000.00. You do not pay that monthly but you are adding it to your loan balance so you are paying interest on your interest charge, which can be costly over a long loan balance.

You may only need $100,000.00 but since you have a approval for $200,000.00 You may be charged interest on the $200,000.00 loan amount monthly even though you may not be using it.

You need to shop for a reverse mortgage and do your homework over the length of the loan to see if it is worth using, how long you anticipate you will need the funds, etc…

To qualify for a reverse mortgage, you must:

• Be 62 or older
• Own a single-family home or condo with some equity
• Occupy the property as your primary residence

So you will need to seek good counsel from a Certified Public Accountant or Tax Attorney that you can trust, who will assist on determining if a reverse mortgage is in your best interest.

Wedding Floral Designer-The Best Kept Secret the South Bay has to offer! 

If you are planning for a ultra wealthy once in a lifetime wedding event floral designer or hosting a exclusive celebration, you must check out Emily Cristiano at Cristiano Designs.

Emily specializes in events held at La Venta Inn, Trump National, Beverly Hilton, Private Estates and the Hoiday Homes Tour. Events also done in Manhattan Beach and the South Bay.

Cristiano Designs has gone from creating romantic moods at the La Venta Inn to a wedding at the Portuguese Beach Club decorating a empty sandy beach into Hawaii Wedding Spectacular, which included staging a empty sandy beach with Palm Trees, Hawaiian Flowers, elegant candle lite mood lighting, custom designed Tiki Torches and adding a moment to remember Hawaiian gazebo laced with exotic Hawaiian blooms and plants, all  just steps away from the crashing surf waves..  I had the pleasure of viewing this wedding myself.

                  What ever your wedding dream is Cristiano Designs can make it come true. Victoria, Romantic, Hawaiian or the Latest Trend, Cristiano Designs can design it all.

Emily is gifted, has unique talents and very upscale prices but her events will take your breath away and create an evening to remember for a long time to come.

Here is her website for the best kept secret on the Palos Verdes Peninsula..http://www.cristianodesigns.com Enjoy the Website Tour, The website alone is a spectacular site. Must See!

Another unusual Perk of the Current Real Estate Loan Market is

If you noticed the HELOC Rates, Your home equity loan rates are now in many cases offering a lower rate than the 1st Mortgages, which is just fantastic for all those IRS Tax Deductible family gifts for your children.

If you add the Home Equity Loan savings along with the New FHA Loan Rates, now is the best opportunity for low rates we have had in over 20 years.

Los Angeles County Great News- Save Money on Mortgage Loans with New FHA Loan Limits and Interest Rate

As per this article in the California Association of Realtors, we are now able to check for the new FHA Limits in our Los Angeles AreaThis is a fantastic opportunity for the first time homebuyer and any homeowner that wants to reduce their interest rate and refinance out of a jumbo loan to FHA.

I would be happy to send you the loan limits for your area , we track it on the FHA website.

FHA Mortgage Limits By County in California Available Online* (Mar 10, 2008 - *Since the FHA mortgage limits by county have recently changed, the latest information is available by typing in the county name and then clicking on “Send” - The temporary FHA loan limits range from $271,050 to $729,750. Loan limits will be set at 125 percent of the median sales price for the area. However, these higher loan limits are temporary and expire at the end of 2008.)

Feature Home of the Week Pasadena:

http://activerain.com/blogsview/433530/-Special-Home-of

Feature Ocean View Condo of the Week!

http://activerain.com/blogsview/388938/32646-Coast-Site-Rancho

Picture courtesy of homeloans.com

Great Article in the Los Angeles Times about the Luxury Multiple Homeowners that want Luxury and location convient to Downtown….fantastic spectacular Los Angeles developments This is a few highlights of Jennifer Lisle article in the LA Times, March 30,2008..

High-rises, high prices

With luxury penthouses in Los Angeles, developers pursue the ultra-wealthy buyer.

By Jennifer Lisle, Special to The Times
March 30, 2008

IF you want a killer condo in L.A., the stakes are getting higher. Several über-luxe penthouses are defying the gravitational pull of the housing market and redefining the meaning of luxury.

Mostly new, they are set atop buildings awash in every service and amenity imaginable and target the ultra-wealthy multi-property owner more concerned with maintaining an upscale lifestyle than the cost of it.

“The multimillion-dollar luxury housing market held up much better than the overall market in 2007,” said Andrew Le- Page, a market analyst at DataQuick Information Systems. “There was no evidence the rich were getting poorer.”

These 10 units will include six that are 6,000-square-foot half-floor condos priced at $18 million, two 8,000-square-foot two-level units priced at $27 million each, and two full-floor 10,000-square-foot units priced at $30 million. http://www.latimes.com/classified/realestate/news/la-re-penthouse30mar30,0,4446484.story

For more information on ultra luxury market, I would be happy to help you!

Featured Pasadena Home of the Week:
http://activerain.com/blogsview/433530/-Special-Home-of

Featured Ocean View property of the Week:

http://activerain.com/blogsview/388938/32646-Coast-Site-Rancho