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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1320
Location: florida
217.78 Dollars($)
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 Posted: Tue Nov 27, 2007 4:32 am Post subject: RE: appreciate your concern |
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Hi Tony,
I really appreciate your concern for the right information to flow into the community. That's good thinking indeed. But I think Jonny didn't have the right details on reverse mortgage and perhaps he felt he was on the right track and he just wanted to help Cynthia. Anyway, thanks for providing the correct information. It really helps a lot...
Good luck
_________________
Mortgage Shopping made easy with booklet |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Tue Nov 27, 2007 6:25 am Post subject: Tony Golden |
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Hello Caron,
Thanks for the feedback. I"m sure Jonny has good intentions. The fact still remains that no one should give information to others if it incorrect. I know we all are hear to help but stating things we do not know or are not accurate does not help anyone.
I'm sure many of us have helpful information to offer but it needs to be the correct information.
Thanks
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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Aden
Guest
0.10 Dollars($)
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| Posted: Tue Dec 11, 2007 12:51 am Post subject: Need to pay off cc debts - looking for the best choice |
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| I'm a retired person and owe $25000 of cc debts. till the past 6 years I've been trying my best to pay off the debts regularly but now that I'm retired and can no longer afford to make payments around $1000 a month (I can at the most make $500 a month), what do I do? The company isn't co-operating, I'm worried of they go into collection agency and …it'll be quite harassing isn't it? Any options that you can advice me? |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Tue Dec 11, 2007 4:19 am Post subject: Tony Golden - Aden |
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Hello Aden,
Sorry to hear of you situation. Based on your post I would say there is a few things to consider.
If you are struggling to pay the 1000.00 per month and find it hard to pay the 500.00....even if the credit card company made arrangements with you chances are you will never pay it of and it may increase in debt as charges will continue.
Your concerns of collection agencies harassing you can be frustrating but the big concern I see is the effect on your credit and the burden of payment each month.
depending on your home ownership and available equity a reverse mortgage can be a consideration. For the immediate concern you can pay off the credit card debt and eliminate the concern and free up the 1000.00 burden you are struggling with each month.
There is many factors to consider and no one should try to accutately advise you without considering all the facts.
If you would like to see if a reverse mortgage can assit you please use the mortgage quote button above or you can contact me below and I will have someone send you more information on reverse mortgages and put you in touch with someone that will explain everything in detail.
I hope this was helpful.
Regards
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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kathiwe
Guest
0.10 Dollars($)
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| Posted: Tue Dec 11, 2007 4:23 am Post subject: |
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| Is it legal for me to take my name off the title so that my hsband is the only one listed and he qualifies for rthe reverse mortrgage? |
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jenkin7
Joined: 04 Jun 2007
Posts: 867
128.56 Dollars($)
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| Posted: Tue Dec 11, 2007 5:13 am Post subject: |
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Hello Kathiwe,
As far as I know, there's no harm in doing that. You may take off your name from the title so that your husband may qualify for a reverse mortgage. |
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Guest
0.10 Dollars($)
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| Posted: Tue Dec 11, 2007 6:01 am Post subject: Tony Golden- Kathiwe |
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Hello kathiwe,
Jenkin7 is correct. Many time people fce the same issue where one spouse is not 62 years old. When you do your reverse make sure the professional you are dealing with and guide you through the process.
The concern you will have is if your husband passes unexpectedly you will have to payoff the reverse mortgage within a 6 month to a year afterwards. Although you are off the deed make sure you have plans in place to transfer the ownership of home to you. A life estate may be something to consider so the home does not go into probate.
Once you turn 62 you will be able to do a reverse yourself if need be.
Like a say in all my posts, there are many factors to consider and it is not possible to clearly explain everything on this site.
You are welcome to contact me directly if you have any other questions or concerns
Regards
Tony Golden |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Tue Dec 11, 2007 6:03 am Post subject: Tony Golden |
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Hello kathiwe,
Jenkin7 is correct. Many time people face the same issue where one spouse is not 62 years old. When you do your reverse make sure the professional you are dealing with and guide you through the process.
The concern you will have is if your husband passes unexpectedly you will have to payoff the reverse mortgage within a 6 month to a year afterwards. Although you are off the deed make sure you have plans in place to transfer the ownership of home to you. A life estate may be something to consider so the home does not go into probate.
Once you turn 62 you will be able to do a reverse yourself if need be.
Like a say in all my posts, there are many factors to consider and it is not possible to clearly explain everything on this site.
You are welcome to contact me directly if you have any other questions or concerns
Regards
Tony Golden
Sorry....forgot to login
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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Steven
Guest
0.10 Dollars($)
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| Posted: Sat Dec 15, 2007 5:38 am Post subject: can i get out of reverse mortg and refinance |
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| I want to help my friend's family. They have taken a reverse mtg since the past 3 years and need to pay off some medical bills. Can they get out of the rev mtg and refinance to pull out their equity? |
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tgolden
Joined: 06 Jan 2007
Posts: 50
Location: South Carolina/ Nationwide
27.80 Dollars($)
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| Posted: Sat Dec 15, 2007 6:39 am Post subject: Tony Golden - Steven |
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Hello Steven,
Yes, they should be able to pay off the reverse from the proceeds of the new financing. It does depend on the type of reverse mortgage they have but if itis a HECM it functions just like a forward mortgage.
Aslo, depending on what increased equity they have since they originally did the reverse they can refinance into another reverse but the actual fatcors would have to be considered to determine if that would benefot them.
I feel obligated to ask if what they are wanting to do will create more risk for thier future. Paying off a reverse and to do a forward mortgage will burden them with a monthly payment for the rest of thier life. If lack of income or medical issues hinder them in making the payments they may loose thier home in the long run. You have to also consider if they can qualify for a forward mortgage as income and credit will be a requirement to qualify.
I do not have enough information to give clear answers, just potential concerns to consider
Hope that help
Regards
Tony Golden
_________________
Our mission is to help mortgage consumer make the right decisions. We are more then Loan Officers, we are also Financial Advisors.
I specialize in Reverse Mortgages, FHA, VA financing and Cash Asset Manager Loan Program |
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brad
Joined: 17 Dec 2007
Posts: 71
Location: Florida
19.29 Dollars($)
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| Posted: Tue Dec 18, 2007 2:44 pm Post subject: Reverse Mortgages |
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Hello All,
I am a new member. I am a Reverse Lender in Florida and the programs that are out there for seniors are better than ever! I have been reading and Tony has made some very good points!
Today I actually took an application for a couple to Purchase a property via a Reverse Mortgage. There are so many options that are so beneficial to our seniors because of the rising costs of healthcare and taxes.
Bradley D. Gertz
email: "brad@accesslendinginc.com"
[Deactivated email address as per forum rules. Thanks.]
_________________
Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:
www.accesslendinginc.com |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1320
Location: florida
217.78 Dollars($)
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| Posted: Wed Dec 19, 2007 2:38 am Post subject: RE: welcome message |
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Hi Brad,
Welcome to our forums.
I have been reading some of your posts. They're indeed informative and would surely help our community.
Well, we do have Tony amongst us since quite some time now and he's been of great help to the people here.
I hope you'll like our community and enjoy your stay in the forums.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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brad
Joined: 17 Dec 2007
Posts: 71
Location: Florida
19.29 Dollars($)
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| Posted: Wed Dec 19, 2007 6:29 am Post subject: |
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Thank you very much! I enjoy hearing what everyone has to say as well as being able to help out!
_________________
Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:
www.accesslendinginc.com |
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Harry12
Guest
0.10 Dollars($)
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| Posted: Fri Dec 21, 2007 5:37 am Post subject: what does reve loan mean for me |
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| I stay with my parents and my dad who's 63 years old wants to get reverse mtg on our home. Now I am college student who plans to stayu with parents until I graduate – there's 6 years left to it. My father wants to utilize the extra money to buy a new car and go ona vacation ands pay for my tuition>but is he on the right track? What does that reve mtg mean for me? |
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brad
Joined: 17 Dec 2007
Posts: 71
Location: Florida
19.29 Dollars($)
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| Posted: Fri Dec 21, 2007 5:41 am Post subject: |
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Harry,
Your father can obtain a reverse mortgage for a multiple of reasons. He can get it to take a lump sum or recieve monthly payments. For your parents it means they get to live stress free of mortgage payments while paying your tuition.
I am not sure what you mean by what does it mean for you? are you asking if there will be any equity left in the home for you when they pass? If that is the case you really need to speak with your parents or get some information regarding reverse mortgages to see how they plan to set theirs up.
Let me know if I can help further
_________________
Bradley D. Gertz
V.P. Lending Operations
Office: 561-746-1484
Cell: 772-607-1925
Fax: 561-746-7383
email:
www.accesslendinginc.com |
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