AARP “Smart Driver” Course
Recently I took an AARP “Smart Driver” 6 hours Course which I consider must be a “Must Take” course for any Senior driver.
I urge any responsible Senior drivers to look into this course, not only for the valuable information about safe driving habits, Laws, dangers, etc…, but you also might get a sizable premium discount from your auto Insurance premium. I did.
These courses are offered in English ( Español en Dade County) throughout every county in the State of Florida.
You get a 123 pages guide for future reference and home study.
Check at http://AARP.org or toll free at 1-866-850-8317
You do not have to be a Member to Register.
In These Trying Times I Pray that You and Your Family Keep Healthy and Safe!!!!
First of all we hope that you are all well and healthy. We are all going through a very challenging time, but we are in it together and should try to support each other as much as we can.
We want you to know that we are here for you Every day of the week from 9am to 11pm for all your Reverse and Regular Mortgage needs. We are a Mortgage Brokerage Company following all the rules of Social Distancing as far as possible. I will be working from Home for at least until late May 2020, Our office is closed until further notice, but we are Open for Business from home. Please feel free to call me for any question you may have. 786-262-6486 0r RodKohly@gmail.com
Please maintain a healthy Body, Attitude and Behavior. We all have to help each other right now.
Let's hope we will all get through this Crisis and be able to toast to our success soon.
As of January 1, 2020 Federal Housing Administration (FHA) has increased the Maximum Lending Limit for Reverse Mortgages from the old $636,150 to a new $765,600..
Even though the increase is not large, it is an improvement for homes worth more that $765,600.
This means that if your home is worth more than $765,600., (ie $800,000) the maximum value FHA will consider it to be is $765,600. To this amount FHA will apply the age factor, to give a specific loan amount for that borrower.
However, for Higher Value Homes we can offer you a Proprietary Reverse Mortgage with Loan Amounts up to $3,000,000
If you have any questions please call me at 786-262-6486 or email at RodKohly@gmail.com
Planeación Financiera y/o de Jubilación (Florida)
Los Seniors de la Florida tienen una gran necesidad de consejo sobre asuntos financieros que afectan sus vidas diarias y metas a largo plazo. Hoy, con los jubilados viviendo mas años, hay una mayor necesidad de establecer una fuente adicional de liquidez para complementar sus ingresos de jubilación.
La Hipoteca Revertida (Reverse Mortgage) ha cesado de ser una herramienta de planeación de última instancia. ¡Hoy es mucho mas! Puede ser una valiosa herramienta estratégica de obtención de fondos para una estructuración a un costo mas bajo.El consumo estratégico de la Plusvalía del hogar atraves de una Hipoteca Revertida, en lugar de consumir el valor de activos de inversion, pudiera ayudar a impulsar el crecimiento de otros activos.
Ud. puede escoger recibir los fondos Libres de Impuestos* (Tax-Free*) en una de 4 maneras: 1) Un solo pago, o,2) Adelantos mensuales, o, 3) Una Linea de Crédito CRECIENTE (si escoje esta opción). o,4) una combinación de 1, 2 y 3 arriba.
El interés se acumula solamente sobre la cantidad adeudada. En la Creditline o en los Adelantos Mensuales, los fondos no recibidos no acumulan intereses.
Los usos listados abajo, no debieran ser las razones primarias para hacer una Hipoteca Revertida. Sinembargo, este tambien ofrece estas oportunidades para una solida planeación financiera:
* Evite vender activos y pagar impuesto de Ganancia de Capital * Libere liquidez.* Reduzca Herencia Tributable * Flujo de efectivo “Tax Free”** * Demore el Social Security * Supervivencia de Portfolio.* Reserva de fondos “Tax Free” ** con una CreditLine Creciente. (si escogio esa opcion) * Maximíze valor de Capital tributado * Reduzca retiros tributables de IRA.* Regalos Caritativos o Educaciónales “Sect. 529”
* Trust de Seguro de Vida-“2do en morir”* No penalidad por Pre-Pago (parcial o o total),* Un pre-pago parcial aumentaria la CreditLine (si escogio esa opcion),* Porcion del Pre-pago aplicable a los intereses pudiera ser deducible de impuestos*,* etc... .
¡PODEROSAS SOLUCIONES PARA HOY! ¡Llámeme!
Hay muchos mitos sobre las Hipotecas Revertidas. Por esa razón, Banking Mortgage Services Corp. está trabajando con Profesionales financieros como: CPA’s, Estate Attorneys, Financial Planners, Insurance Agents, Credit Unions y Banquero, para despejar esos mitos y dudas y establecer la verdad. Le ayudará a sus Asesores a ayudarle mejor a Ud.
Por favor enviele a su Asesor de confianza este enlace: http://HappySeniorHomeOwners.com/FinancialAdvisors
Si prefiere ver esta informacion en Ingles: http://HappySeniorHomeOwners.com/FinancialPlanning
Podemos ofrecerle un estimado Personalizado confidencial, sin costo ni obligacion alguna: 1) Llame al 786-262-6486 o 2) Fax (786) 345-0783 o 3) email RodKohly@gmail.com con su informacion
Condominium Owners, 60 and Older, We Can Now Offer You a New Proprietary Reverse Mortgage!
Finally, we can now offer you a new Proprietary Reverse Mortgage which is not dependent on the FHA Condo approval process. From 60 years of age and up.
Available for Refinance and Purchase. Owner Occupied: 1 to 4 families residences, Townhomes, and Condos*. Purchase 1-2 families residences, Townhomes, and Condos*
If you live in your Condo and have not obtained a Reverse Mortgage yet, call me at 786-262-6486. See if a Reverse Mortgage could help you. Characteristics*: 1) Values between the from the $800,000 up to $3,000,000 Loan Amount 2) Minimum Draw: $100,000 3) If Condo, Project DOES NOT have to be approved by FHA*. 4) No Mortgage Insurance. Lower Closing Costs. 5) “Zero” Plan. No Closing Costs.* (optional) 6) Non-Recourse Loan (*other terms and Conditions may apply. Subject to changes without prior notice, errors and/or ommissions).
Please provide this Information: (*Required) *Name: _______________________________ *Street address: _________________________ *Unit #: ____ Zip: _______ *Florida County: ______________ Estimated value: $____________ *Total Amount Owed (all liens): $____________ *Tel: _________________ Email: _________________________________ *DateBirth Youngest Owner: _____/____/19_____ Date of Birth Owner 2: _____/____/19_____ We will require to contact your Association.
Also, please provide your Homeowners Association Info to send them the required information request: Managers name: ___________________ Assoc Name: _____________________ Address: _________________________ City: ______________ ST: FL Zip: ______ Tel:__________________ Fax:__________________ email _______________________________
to Rodkohly@gmail.com or Fax 786-345-0783 or by mail. If you prefer online at http://HappySeniorHomeowners.com/CondoAnalysis
Values have risen! Call today!
Juan Luis
For more information call:
JUMBO 60 Plus If Your, or your Clients House or CONDO in Florida Is Worth up to $6,000,000, We Offer You Higher Proceeds With a New Proprietary Reverse Mortgage!
Finally, we are now offering a new Propietary JUMBO Reverse Mortgage from 60 years of age and up Available for Refinance and Purchase. Owner Occupied:1 to 4 families Residences, Townhomes, and CONDOS.
This, immediately, opens the possibility for many Hi-Value Homeowners to obtain a Reverse Mortgage for a larger Proceeds than with the FHA Reverse Mortgage.
If you live in a Hi-Value Condo or Home and have not obtained a Reverse Mortgage yet, call me. See if this Reverse Mortgage could help you. Characteristics*: 1) Values from the $800,000’s up to $3,000,000 loan amount.* 2) Condo Projects NO FHA approval*. 3) No Mortgage Insurance. 4) Minimum Age 60 years old. (all owners) (*other terms and Conditions may apply. Subject to changes without prior notice, errors and/or ommissions. Condos Lender approval required).
Please provide this Information: (*Required) *Name: _______________________________ *Street address: _________________________ *Unit #: ____ City: _____________*Zip: _______ *Florida County: ______________ Estimated value: $____________ *Total Amount Owed (all liens): $____________ *Tel: _________________ Email: _________________________________ *Date of Birth-Owner 1: _____/____/19_____ Date of Birth-Owner 2: _____/____/19_____ Send to Rodkohly@gmail.com or Fax 786-345-0783 or by mail.
OR Online http://www.HappySeniorHomeowners.com/EnglishReverse
GREAT NEWS FOR SENIOR HOME BUYERS! Dear Florida Senior Homebuyers:
Now there is a FHA Reverse Mortgage Program that enables Seniors to purchase a Florida primary residence with Reverse Mortgage financing.
Borrower makes NO Mortgage payments as long as a Borrower lives the home as Primary Residence, pays property taxes, insurance, any property charges and maintains it in good condition.* The older the youngest Borrower, the lower the DownPayment. (Please request estimate using form provided below)
Examples - Based On Age of Youngest Borrower:
Purchase Price*
$200,000
$300,000
$500,000
$700,000
$900,000
MonthlyP & I Payment
Age
Net Cash Required To Close(Including Closing Costs )*
$0.00
62
$129,679
$191,764
$314,904
$445,311
$648,611
67
$122,879
$181,554
$297,904
$422,203
$625,503
70
$118,879
$175,554
$287,904
$408,610
$607,800
75
$113,679
$167,754
$272,654
$390,939
$594,239
*Estimate Basedonage of youngest borrower, at4.5%Fixed Annual Rate, * Lesser of Purchase Price or Appraised Value or FHA lending Limit of $679,650. Subject to Financial Assessment and other conditions. Pre-Paids not included in Closing Costs. Subject to errors and omissions and changes without prior notice.APR Between 5.745% to 6.297%3/20/2018
Scenario 2: Buyer could buy a better , more satisfactory home than what they could afford if paying All Cash.
All Cash Purchase
Estimate With Reverse Mortgage Financing * Age 67
Purchase Price: $200,000
Purchase Price*: $300,000
FundsRequired to Close: $200,000 PLUS Closing Costs
Net Funds Required To Close: $181,554 INCLUDING Closing Costs
Percentage of Purchase Price:100%
Percentage of Purchase Price: 63.7%
Monthly Payment: $0.00
*Estimate Based on age 67, at 4.5% Fixed Rate, *Lesser of Purchase Price or Appraised Value or FHA lending Limit of $679.650 (1/31/2018). Pre-Paids not included in closing Costs. Subject to errors and omissions and changes without prior notice.
If you were planning to spend the $200,000 to purchase the home, now you could save the balance in your bank.
Properties that qualify: 1 to 4 families dwelling units, including Townhouses and Condos (FHA approved only).Call me for more information at 786-262-6486 or email me RodKohly@gmail.com or eFax at 786-345-0783 or use the form provided at the bottom of the pageAct today! Do not pass up the opportunity to buy without having to make monthly payments. Call me today!
Send this link to your REALTOR to learn more about the Program!http://www.HappySeniorHomeOwners.com/RealtorsReverse PS: As a Loan Originator, a Senior and having a Reverse Mortgage on my own home, I can tell you that it can be a blessing for many Seniors.
* View a Reverse Mortgage Home Purchase Presentation * Documents Required from Buyers - Click Here
Buy Home That Has a Reverse Mortgagehttp://HappySeniorHomeOwners.com/BuyHomeHasReverse
Buy a New Construction Home with Reverse Mortgage Financing http://HappySeniorHomeOwners.com/BuyNewHomeReverse REQUEST A FREE, NO OBLIGATION ESTIMATE OF THE FUNDS A BUYER CAN EXPECT FROM REVERSE MORTGAGE FINANCINGBuyer's/Borrower's information (all Buyers must be 62 or older at date of closing) REQUIRED FIELDS* (please fill out and Fax to 786-345-0783 or email to RodKohly@Gmail.com * Youngest Borrower - Last Name: _________________________ * Date Of Birth:_____/_____/19___Buyer 2 Date Of Birth: :_____/_____/19___ * Property's Zip Code:_______________ * located in ____________________ County, FL.* Appraised Value or Purchase Price: $_________________ * Down Payment available: $ _______________* Purpose of Loan: [ ] Purchase or [ ] Refinance* Type of Property: ______ SFR, Townhome (PUD), 2-4 Units, Condo, FHA approved ONLY.*If Purchase, Estimated Closing Date:___________ ____________________ / 20___ Buyer's Realtor's Name(if any): __________________________________________Mobile: _____________________ Realtor Fax: _____________________eMail: _______________________________@_______________________________. _______ Broker:______________________________________________ Telephone: ______________Remarks: _____________________________________________________________________________:_____/_____/19___ Reverse Mortgage Home Purchase Estimate Request If you are Realtor for a Senior Buyer please fill only the Last Name of your Customer.
Your comments will be appreciated. Post here or send them to RodKohly@Gmail.com * For most answers call me at 786-262-6486 or visit http://HappySeniorHomeOwners.com (English-Español). Follow me in Facebook: http://Facebook.com/RodKohlyLO To tell a friend visit http://www.happyseniorhomeowners.com/tellfriend.aspx
In the next few months FHA will be issuing new Rules relaxing the approval conditions of some individual Condo units, even if the Project has not been approved.
This will open the possibility for many condo owners obtaining a Reverse Mortgage on their unit. This does not guarantee that all units would qualify.
If you live in a Condo and have not obtained a Reverse Mortgage yet, call me and let me show how it could help you.
Please provide the following Information: Name: _______________________________ Street address: _________________________ Unit #: ____ Zip: _______ Estimated value: $____________ Amount Owed: $____________ Tel: _________________ Date of Birth Youngest Owner: _____/____/19_____ to Rodkohly@gmail.com Fax 786-345-0783 If you prefer online at http://HappySeniorHomeowners.com/CondoAnalysis
Apply Immediately Before the New Changes Become Effective on October 2, 2017
Call Today! (786) 262-6486
Dear Senior HomeOwner:
We notify you that The Department of Housing and Urban Development has announced that, effective October 2, 2017 the proceeds that you can get from a Reverse Mortgage will decrease drastically.
We recommend that you make an appointment to come to our office to explore how these changes can affect the possibility of getting a Reverse Mortgage.
We will explain exactly how a Reverse Mortgage works and we will analyze if it is a good financial option for you and your family. Take action before the changes take place on October 2, 2017 and reduce the proceeds you can get from the program.
A Reverse Mortgage insured by the Federal Government offers you:
§Tax Free “Cash” advance, or in a Growing CreditLine or in monthly advances.
§Financial freedom: Pay-off your current mortgage, consolidate your debts, pay medical expenses, improve your home, or simply enjoy your Money.
We invite you to call for an appointment at our office, without any cost or obligation, before the October 2 changes so you can benefit from this wonderful current Program.
Don’t Stay Behind!
Call 786-262-6486 or 305-646-0402 ext 107RodKohly@Gmail.comhttp://HappySeniorHomeOwners.com
Financial / Retirement Planning (Florida)
Florida Seniors have a great need of advice regarding financial issues affecting their daily lives and long term goals. Today, with retirees living longer, there is a greater need to establish an additional source of liquidity to complement their Retirement income.
The Reverse Mortgage has Ceased to be a “Last Resort” Planning Tool. Today, it is much more! It can be a Stand-By Strategic Funding Tool for a Lower Cost Structuring!Strategic consumption of the home’s equity through a Reverse Mortgage, in lieu of consuming the value of investment assets, could help drive the growth of other assets.
You can choose to receive the Tax-Free* proceeds in one of 4 ways: 1) Lump Sum or,2) Monthly Advances or, 3) a GROWING CreditLine or,4) a combination of 1, 2 and 3 above.
Interest accrues only on outstanding debt. On the CreditLine or Monthly Advances options, unused proceeds do not accrue interest until funds received.
The uses listed below should NOT be the primary reasons to get a Reverse Mortgage. However, it could also provide opportunities for financial planning:
? Avoid selling assets and paying Capital Gains Tax,? Estate Preservation,? Reduce Taxable Estate, ? Additional source of liquidity, ? Reduce taxable IRA withdrawals, ? Manage market volatility, ? Charitable or Sect. 529 Educ. Gifts,? Delay Social Security,? Portfolio Growth / Survivability, ? Life Insurance Trust -“2nd to die policy”,
? Tax Free* Cash Reserve with a GROWINGCreditLine. (if option chosen),? No Pre-Payment penalty (partial or full),? A partial pre-payment will increase CreditLine (if that option chosen),? Portion of a Pre-payment applicable to interest could be tax deductible*,? etc... Powerful Solutions For Today! * We do not provide legal, financial or tax advise. Consult competent Financial/Tax/Legal advisor.
* Subject to Financial Assessment Requirements, to errors and/or omissions and to change without prior notice. ** (IRS.gov Pub 936 or 1-800-829-1040) We don’t provide tax, financial or legal advise. This Document has Not been approved by HUD/FHA/CFPB.
There are many myths today about reverse mortgage products and services. For this reason our organization is currently working with other financial professionals such as: CPA’s, Estate Attorneys, Financial Planners, Insurance Agents, Credit Unions and Banks, to dispel the myths and set the record straight. It will help your Advisors to better assist you. Send the link below to your trusted Advisor: http://HappySeniorHomeOwners.com/FinancialAdvisors To view this information in Spanish:http://HappySeniorHomeOwners.com/PlaneacionFinanciera
We can offer you a free, no obligation Confidential Personalized Estimate: 1) Call 786-262-6486 or 2) Fax (786) 345-0783 or 3) email RodKohly@gmail.com me your information
NON-Borrowing Spouses that had to be removed from Title on Reverse Mortgages that Closed prior to August 4th, 2014, SO-SO GOOD NEWS.
HUD has issued a Letter (ML2015-3) to Lenders stating the if the Borrowing spouse passes, the Lender may, at their choosing ELECT to DEFER the "due and payable" clause in the mortgage. This, if elected by the lender, would allow an "eligible surviving NON-Borrowing spouse" the opportunity to remain in the home, despite their non-borrowing status and not being on Title.
To qualify for the deferral period, the eligible surviving spouse must:1) Have been legally married or in a committed relationship akin to marriage, to the Borrower at time of Closing and at the passing of the Borrower.2) Currently reside the property as principal residence.3) Obtain within 90 days of the passing, good, marketable Title to the property.
Please remember that the Lender MAY elect to do it or not.
This can be great news for Surviving spouses, but it is not Guaranteed. That is why I say So-So Good news
FINANCIAL ASSESMENT FOR NEW REVERSE MORTGAGE APPLICATIONS EFFECTIVE APRIL 27, 2015
THESE CHANGES WILL NOT AFFECT LOANS ALREADY CLOSED OR IN PROCESS THAT CLOSE BY THE DATE DETERMINED BY HUD IN THE FUTURE.
Starting April 27, 2015, new applicants will have to go through “Financial Assessment”. This means that FHA wants to be sure that they have the sufficient means to support themselves and still be able to pay for the Property Taxes, Insurance premiums ( “property charges”) and the willingness to do so.
In the past, many Seniors, spent all the funds received from the Reverse Mortgage and stopped paying the “Property Charges” on their home.
Since these two conditions are obligatory in order to maintain the mortgage on the home, failure to pay them has led to a default, foreclosure and loss of some Senior’s homes.
Neither the Government nor the Lender want to see a Senior lose their home.
In order to determine the financial CAPABILITY, HUD wants to analyze: 1) INCOME: from valid sources (some exceptions may apply), investments and the proceeds received from the Reverse, etc.., 2) EXPENSES: such as utilities, and “Property Charges” of all properties owned, among others.
Also to be considered is your WILLINGNESS: Credit History and financial responsibility of the Senior. Some extenuating circumstances might be considered.
As of this date, there is No Credit and No Income qualification to get a Reverse Mortgage This will change April 27, 2015
The new guidelines might require, in some cases, that a “Set Aside” reserve be established to pay for future taxes, insurance premiums and property charges for a few years. This would reduce the amount that can be received from the Mortgage, but might prevent a foreclosure in the future.
It could also be that the funds received might not be sufficient to pay off the present mortgage.
MAJOR CHANGES TO REVERSE MORTGAGE PROGRAM VERY SOON
THESE CHANGES WILL NOT AFFECT LOANS ALREADY CLOSED OR IN PROCESS THAT CLOSE BY THE DATE DETERMINED BY HUD IN THE NEAR FUTURE. You are still on time to prevent these changes from affecting you if you have not applied for a Reverse Mortgage.
CHANGE 1 – VERY CERTAIN
After a Date, to be announced very soon by HUD, new applicants will have to go through “financial assessment”. This mean that FHA wants to be sure that they have the sufficient means to support themselves and still be able to pay for the Property Taxes, Insurance premiums ( “property charges”) and the willingness to do so.
As of this date, there is No Credit and No Income qualification to get a Reverse Mortgage
If you have any situation that might impede you from getting a Reverse Mortgage once the guidelines are implemented, you must act immediately! Learn your options, before it is too late. Call 786-262-6486 and let us help!
These measures will REDUCE the number of Seniors that could get a Reverse Mortgage. It will be beneficial to the ones that will be able to obtain them by increasing the possibility to stay in their home.
CHANGE 2 – MOST CERTAIN
EXTREMELY POSSIBLE REDUCTION IN THE AMOUNT YOU CAN GET FROM A REVERSE MORTGAGE:
Each October, for the past few years, HUD has reduced the amount that a borrower can receive from a Reverse Mortgage. It is usually announced in September. October is around the corner. The conditions exist for HUD to reduce the amount again. If you are thinking of getting a Reverse Mortgage, please don’t wait until it is too late.
CHANGE 3 – VERY POSSIBLE
VERY POSSIBLE REDUCTION OF THE MAXIMUM LOAN LIMIT FROM $625,500 TO $417,000 the Statutory Limit. Congress has extended this limit for several years, but it ends on December 3, 2014, unless Congress extends it, and there is no talk at this time of doing so. It does not affect any Reverse Mortgage already in effect before that date. This would affect those owners whose properties are valued between $417,000 and $625,500 or more, as they would lose about 33% of the proceeds of a Reverse Mortgage.
Write Your Senators
Write Your Representative
If you or any one you know has been postponing getting a Reverse Mortgage, DON’T wait any longer. Call me today. 786-262-6486
Your comments will be appreciated. Post here or send them to RodKohly@GMail.com * For most answers call me at 786-262-6486 or visit http://HappySeniorHomeOwners.com (English-Español). Follow me in Facebook: http://Facebook.com/RodKohlyLO To tell a friend visit http://www.happyseniorhomeowners.com/tellfriend.aspx
If a Spouse Does Not Qualify For a Reverse Mortgage Due to Being Younger Than 62 Years of AgeNew Rule From HUD
Recently HUD modified the Rule so that if a Non-Borrowing Spouse had to be removed from Title due to being younger than 62 years of age, he/she would not have to pay off the mortgage or leave the home, within a period of one (1) year, if the Borrower passed.
This applies to new, future loans only.
The proceeds from the loan will be lower, since it will be calculated using the younger, Non-Borrowing Spouse’s date of birth.
The Borrower must be married to the Non-Borrowing Spouse at the time the loan is applied for and an annual certification must be signed.
This is great news for those couples where one spouse does not qualify for the Reverse Mortgage because he/she is younger than 62 years of age. The final rules are not out yet, but if in the past you did not do a Reverse because your Spouse would not be protected if you passed, now is the time. Call or write me today 786-262-6486 or RodKohly@gmail.com
For the Florida Care Givers among you. I invite you to view this page, from where you can access valuable information also for Caregivers and seniors in general.http://www.HappySeniorHomeOwners.com/CareGivers
and for Links to valuable information http://www.happyseniorhomeowners.com/caregiverlinks
I sincerely hope they are helpful.
HUD has delayed the strict Reverse Mortgage Financial Assessment Requirements scheduled to begin on January 13, 2014. It might have prevented many Borrowers, specially the most needy from obtaining a Reverse Mortgage.
When notified in September 2013, the Reverse Mortgage Industry commented vigorously on the requirements and HUD is reviewing and updating them.
It is expected that the new requirements will be issued in the next few weeks and will become effective Ninety (90) days from that date. We will inform as soon as we have a date.
For Reverse Mortgage Borrowers
The State of Florida through the “Florida Hardest Hit” Program helps qualifying Senior Borrowers who are in Default of their Reverse Mortgages for non-payment of property Taxes and/or insurance charges, and are in danger of loosing their homes through foreclosure, with up to $25,000 to pay insurance and property taxes.
“The Florida Hardest-Hit Fund Elderly Mortgage Assistance Program (ELMORE) is designed to assist seniors who are in arrears on their reverse mortgage by providing up to $25,000 to pay past due and future property charges, so that they may avoid foreclosure and can stay in their homes.”
For more information: https://www.floridaelmore.org
or Call 1-(800) 601-3534 Toll Free
**** For Borrowers with regular mortgages (Not Reverse Mortgages)http://www.flhardesthithelp.org
Or Call: 1-877-863-5244 Toll Free
As I announced in my recent Post there will be more changes to the FHA Reverse Mortgage Program - HECM - on January 13, 2014.
Then, new applicants will go through "financial assessment" which mean that FHA want to be sure that they have the sufficient means to support themselves and still be able to pay for the Property Taxes and Home Owners Insurance.
The reason for this change is that in the past, many Seniors, spent all the funds received from the Reverse Mortgage and stopped paying the Taxes and Insurance on their home.
Since these two conditions are obligatory in order to maintain the mortgage on the home, failure to pay them has led to a default and to foreclosure and loss of some Senior’s homes.
Of course, neither the Government nor the Lender want to see a Senior lose their homes.
In order to determine the financial capability, the proceeds received from the Reverse, all income from valid sources, investments, etc.., will be considered.
Also to be considered is the Credit History and financial responsibility of the Senior.
The Program might require that a "Set Aside" reserve be established to pay for future taxes and insurance premiums for a few years. This will reduce the amount that can be received from the Mortgage, but would help to prevent a foreclosure in the future.
While these measures may limit the number of Seniors that may get a Reverse Mortgage, they will be beneficial to the ones that will be able to obtain them by increasing the possibility to stay in their home. We will wait and see.
If you or any one you know has been postponing getting a Reverse Mortgage, DON’T wait any longer. If you are a Florida Resident, call me today. 786-262-6486
Effective Sept 27th, 2013 many changes to the Program happened.
These changes affect only those applicants that obtain the FHA Case Number after Sept 27th, 2013.
To repeat my previous post, here is a summary:
1) Proceeds that you can receive has been decreased by approximately 15%2) During the initial 12 months, the Borrower may not draw more than 60% total of the funds. If there are obligations (closing costs, mortgages, liens, etc...) to be paid off, and there are funds left, the Draw can not be more than the total of the obligations plus 10%.3) The Initial "Mortgage Insurance Premium" (IMIP), will increase considerably when the disbursements for obligations exceed 60% of the Initial Principal Limit.4) A "Property Taxes and Insurance Set Aside" reserve may be required in order to have sufficient funds to pay future premiums and taxes.
Don't hold your breath waiting for the changes to disappear. They are here to stay
New changes are coming effective January 14th, 2014. I will cover them in another Post. What does this mean? If you are interested in doing a Reverse Mortgage on your home, DO NOT WAIT ANY LONGER.
Call me at 786-345-0783 or 786-345-0783 or email me at RodKohly@gmail.com even if you already applied with another lender in Florida.
Your comments will be appreciated. Post here or send them to RodKohly@Gmail.com * For most answers call me at 786-262-6486 , 786-262-6486 or visit http://HappySeniorHomeOwners.com (English-Español). Follow me in Facebook: http://Facebook.com/RodKohlyLO To tell a friend visit http://www.happyseniorhomeowners.com/tellfriend.aspx
Well, HUD in its infinite wisdom has decided to make changes on the HECM Reverse Mortgage Program. I will try to summarize them.
THESE CHANGES DO NOT AFFECT LOANS ALREADY CLOSED.
Why the changes? For very valid reasons. In the last few years, many Seniors that have used up all the funds received from their Reverse Mortgages, have stopped paying Property Taxes and Insurance on their homes. This is a PRIMARY CONDITION of their mortgages. This constitutes a Default, and unless it is paid by the Borrower, has led to Foreclosures and loss of homes.
In order to help to ensure that Senior Borrowers will be able to sustain themselves financially for longer periods of time, these changes had to be made. Also, it helps preserve more of the Equity of the home. They are, for the most, very wise.
Effective for those Loans where the FHA Case Number is issued on or after September 27, 2013:1) Amount you can receive will be decreased by approximately 15%2) During the initial 12 months, the Borrower may not draw more than 60% total of the funds. If there are obligations (mortgages, liens, etc...) to be paid off, and there are funds left, the Draw can not be more than the total of the obligations plus 10%.3) The Upfront "Mortgage Insurance Premium" (MIP), will increase considerably when the disbursements exceed 60% of the Initial Principal Limit.
What does this mean? If you are interested in doing a Reverse Mortgage on your home, DO NOT WAIT ANY LONGER. If you wait you will receive LESS proceeds.
You must be counseled and apply AS SOON AS POSSIBLE. We must have the Counseling Certificate and submit an Application no later than Sept. 23, 2013. Call me at 786-345-0783 or 305-445-9003 or email me at RodKohly@gmail.com.
More changes are coming effective January 13, 2014. I will cover it in another Post
Notice: The information provided is for informational purposes only. Please be advised that nothing contained is this post should be construed to be legal advice. Juan Luis Rodriguez-Kohly, Loan Originator, NMLS257898 IS NOT an attorney and is not qualified to give legal advice. Please consult a competent attorney:
A Durable Power of Attorney in Florida:
In a Reverse Mortgage Transaction it is a legal document through which the Principal (SeniorBorrower) authorized an Agent (the “POA” or “Attorney-in-Fact”) to act on behalf of the Principal and executed BEFORE the incapacitation occurs. A durable POA remains valid even though the Principal becomes incapacitated. Only a Durable POA can be used in a Reverse Mortgage transaction. Ideally it should be done by an attorney, DO NOT use a “store-bought” template.
Duties of the “Agent” or “Attorney-in-Fact” or “POA”:
Those Duties are established by Florida Law. It creates a “Fiduciary Duty” to act for the Principal. The “Agent” MUST act in the utmost good faith and undivided loyalty towards the Principal in accordance with highest principles of morality, fidelity and fair dealing. In general the “Agent” MUST understand that the Reverse Mortgage Loan is done to benefit the Principal and the Loan proceeds are only, exclusively to be used for that purpose. The loan proceeds CAN NOT be used to the “Agent’s” or other parties’ benefit.
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I have just received from the Florida Department of Elder Affairs, several copies of three very Valuable publications that will be very helpful to you, your relatives and friends
These are:
Consumer Resources Guide: 366 pages of Valuable information of Services and programs for Older Floridians. http://www.HappySeniorHomeOwners.com/ConsumerResourcesGuide
Older Floridian Handbook: Laws and Programs affecting Older Floridians.http://www.HappySeniorHomeOwners.com/OlderFloridianHandbook
Florida’s Guide for Aging Drivers: http://HappySeniorHomeOwners.com/SafeMobileSeniors
If you want a set, please call me at 786-262-6486 and make an appointment to pick them up at my office at 5820 SW 40th Street (Bird Road), Miami FL 33155.
I cannot mail them. You can read or Download on the links above.
You can print, fill out by hand and mail the three order coupons here. Only Florida addresses. Click belowhttp://HappySeniorHomeowners.com/OrderFormsElderAffairsGuides
Others:
Directory Senior Serviceshttp://www.happyseniorhomeowners.com/DirectorySeniorServices
Directorio De Servicios Para Seniorshttp://www.happyseniorhomeowners.com/DirectorySeniorServices
Juan Luis Rodriguez-KohlyLoan Originator
Your Trusted Reverse Mortgage Professional!Banking Mortgage Services Corp
5820 SW 40 St.Miami FL 33155
Direct: 786-262-6486Of: 305-445-9003Skype: RodKohlyRodKohly@GMail.comhttp://RodKohlyMortgages.comhttp://HappySeniorHomeOwners.com
JLRK: NMLS #257898 FL #LO5069 BMS: NMLS: #257880 FL: #ML0700044
Visit My Blog
For SeniorsReverse Mortgages
http://www.happyseniorhomeowners.com/CustomPage
For Senior HomeBuyers http://HappySeniorHomeowners.com/SeniorBuyers
HARP 2 Refinance Program
http://RodKohlyMortgages.com/HARP2
Down Payment Assistance Programs Miami-Dade County
http://RodKohlyMortgages.com/1stTimeBuyerMDC
The Florida Department of Elder Affairs and "Communities for a Lifetime""SAFE Homes" Program
Recently I attended 2 workshops on how to make the home safer for "Aging in Place". These are valuable suggestions, checklist and recommendations to help you. I have included them here for your benefit.
I sincerely hope you will read and apply them.
Read and DownLoad athttp://HappySeniorHomeOwners.com/SafeHomePackage
The Florida Department of Elder Affairs and “Communities for a Lifetime” Invite you to their “SAFE Homes” workshops in Miami and Broward.
MIAMI: Date: Wednesday, March 6, 2013, Time: 1:00 p.m.- 3:00 p.m. Location: United HomeCare, 8400 NW 33rd Street, Suite 400, Miami, Florida 33122, Contact: Blanca Ceballos at 305-328-0875 or email me at RodKohly@gmail.com
KEY BISCAYNE: Date: March 7, 2013, TIME: 11:30 - 1:30 pm. Location: Key Biscayne Community Center, 10 Village Green Way, Key Biscayne Contact: Roxy at 305-365-8953 or email me at RodKohly@gmail.com
Broward County: Date: Monday, March 18, 2013, Time: 12:00 p.m.- 2:00 p.m., Location: Plantation General Hospital, 401 NW 42nd Avenue, Plantation, FL 33317, Contact: Marlene S. Crep, Director of h2u, and Volunteer Services at (954) 513-6663
View Information Flyer at http://HappySeniorHomeOwners.com/SafeHomesFlyer
FHA has finally announced the suspension of the Fixed Rate "Standard" Plan in the HECM Reverse Mortgage Program effective April 1st, 2013.
What does this mean? Today, there are 2 Fixed Rate Plans. 1) The Fixed Rate "Standard" Plan which has a higher payoff, but it also has a higher Closing Cost. 2) The Fixed Rate "Saver" Plan, with a lower payoff but also lower Closing Cost.
After April 1st, no new Fixed Rate "Standard" Plan will be accepted
After April 1st, the Fixed Rate "Saver" Plan will continue to be available.
The good news is that there are 2 Adjustable Rate Plans which will continue to be available without change at this time. The Adjustable Rate "Standard" Plan which has a payoff and costs similar to the Fixed Rate "Standard" Plan. 2) The Adjustable Rate "Saver" Plan, with a lower payoff but also lower Closing Cost.
This will not affect any application which receives a FHA Case # before April 1st. You must have been Counseled to be able to obtain FHA Case #
This will NOT affect any Mortgage that has been closed before April 1st.
If you have been postponing doing a Reverse Mortgage, do not delay any more. Call me at 786-262-6496 today
It Happened!
FHA will announce shortly the suspension of the Standard Fixed Rate Reverse Mortgage effective January 31, 2013. The suspension is for a still undetermined period of time.
This does not affect the Saver Fixed or the Standard or Saver Adjustable rate Plans.
The “Saver” Plans, Fixed or Adjustable, have a lower Closing Cost, but the procceds to the Borrower are much lower than the “Standard” Plan.
If you were postponing doing a Reverse Mortgage, DON’T wait any longer. Call me now. 786-262-6486 or RodKohly@Gmail.com
What Happens After Death?
Reverse Mortgage Borrowers.
This question is paramount in the mind of many Homeowners that have a Reverse Mortgage on their homes, as well as with their heirs, future and present. NONE of the generalized information provided here is to be construed as legal advice, I AM NOT AN ATTORNEY.For the purpose of this post, I will refer ONLY to the US Congress created, HUD regulated, FHA Insured "Home Equity Conversion Mortgage" - H.E.C.M. Reverse Mortgage the only one available today and the most numerous one. A few years ago, there were several "propietary" Reverse Mortgages which might have different set of terms and conditions. You should check with a competent attorney to determine which type you have.
Let's get one thing clear, the HECM Reverse Mortgage was created to help the Senior Homeowner, nobody else. Period. The Borrower owns the property, but Lender has some rights given by the mortgage. Neither the Lender nor the Government own or want the property. Period.
As a Senior with a HECM Reverse Mortgage on my home, and a Reverse Mortgage Specialist Loan Originator for over 7 years, I can vouch for the fact that it has helped many, many Seniors. For MANY it has been a blessing.
Now, lets start by saying that a HECM Reverse Mortgage is a Non-Recourse loan. In simple terms it means that the Lender (Mortgagee) CAN NOT collect one penny more than "the lesser of the balance due or the value of the home", either from the Borrower in life, or from the estate. Not a penny more. Period.
Let’s see some samples to make it clear.Sample 1): Property Sold or refinanced or loan paid off.Home Value: $300,000 Loan Balance due: $200,000Remaining Equity: $100,000 This Equity belongs to Homeowner in life or to estate.
Sample 2): Property "underwater"Home Value: $300,000 Loan Balance due: $350,000Shortfall: ($ 50,000)
The amount owed, will depend on several factors: (1) how many years ago the Reverse Mortgage was done. (2) the amount of proceeds advanced to the Borrower. (3) Plan chosen and Interest Rate of the loan. An external factor which is the increase or decrease in value of the property does not affect the balance due. However, it does affects whether the balance due will be smaller or greater than the value of the home.
The Homeowner paid a FHA required Mortgage Insurance Premium(MIP) at closing and monthly. This Mortgage Insurance compensates the Lender for this shortfall once the property is foreclosed and sold, sold in a Short Sale, or "given" to the Lender In a "deed-in-lieu-of-foreclosure" arrangement and sold. The Lender can not, repeat CAN NOT, recover this amount from the Borrower or the heirs.
Now, let's see what happens when the LAST Borrower passes away. By the terms of most loans whether traditional or HECM, at death the loan becomes immediately due and payable. The Borrower no longer exists. Lenders subscribe to services which notifiy them of the death of a Borrower. Heirs should notify Lender as soon as possible.
However, HUD rules generally allows for a "reasonable" amount of time (6 months and up to 2 (two) 90 days increments), not to exceed one (1) year. In other words, heirs have UP TO a year to pay off the balance due as descibed above. Heirs must show they are doing "due diligence" to pay-off the loan. During that time, the estate should communicate and cooperate constantly with the Loan Servicer and seek their help and guidance. Most will try to help you.
If balance due is not paid within the time allowed (up to 1 year) the Lender will initiate Foreclosure action and the property could be lost. If the estate does not cooperate, Servicer does not have to wait one year to initiate the foreclosure action.
Please note that interest, MI premiums, and service fees (if any) continue to accrue until the loan is paid off in full. Property Taxes, insurance, and maintenance fees (if any) must be paid during this period.
When the last Borrower passes away, there is a H.U.D Rule that could allow the estate, heir or heirs to satisfy the HECM debt by paying the lesser of, the mortgage balance or 95% of the current appraised value to keep the property.
Please be aware that any non-borrowing occupant MUST vacate the property opportunely.
I have tried to simplify the process to make it easier to understand. I sincerely hope that it is helpful. Again, this should not be construed to be legal advise. You are welcome to post your comments or questions, but please consult a competent attorney. It is subject to error and/or ommissions and to change without prior notice.
Your comments will be appreciated. Send them to RodKohly@Gmail.com * For most answers call me at 786-262-6486 or visit http://HappySeniorHomeOwners.com (English-Español). Follow me in Facebook: http://Facebook.com/RodKohlyLO To tell a friend visit http://www.happyseniorhomeowners.com/tellfriend.aspx
As most of you already know, you must be 62 years of age or older to be able to do a Reverse Mortgage on your home.
There are a few reasons why you could consider removing a Spouse or owner from Title in order to do a Reverse Mortgage. As an ethical, responsible, caring human being and Loan originator, I DO NOT recommend doing it in, ANY CASE, without consulting competent legal counsel an obtaining a Legal Opinion in writing:
SOME OF THE REASONS:
1) One Spouse or Owner is younger than 62 and you "need it now". You may want to consider how long you would have to wait until he or she turns 62 and then do the Reverse Mortgage.
2) The proceeds from the Reverse Mortgage with the younger Owner on Title would not suffice to pay off your present Mortgage balance and you are facing LOOSING THE HOME TO FORECLOSURE.
While it is possible to remove an owner from Title, TODAY LENDERS ARE NOT ALLOWING IT TO BE DONE IN ORDER TO DO A REVERSE MORTGAGE.
The reason for the “gravity” of this action is that IF the Borrower Pre-deceases the removed Spouse or owner, the Estate would have UP TO 1 year ( 6 months of due diligence and 2 extensions of 3 months each) to pay off the loan or face foreclosure.
The property can be sold, refinanced or simply pay off the balance and keep the home. If the Balance due is higher than the Value of the Home a “short Sale” or “Deed-in-Lieu-of –Foreclosure” might be negotiated with the lender or the Estate might pay off a 95% of the current appraised value to the Lender and keep the home.
There have been unethical or uninformed Loan Originators who have told Clients of mine that you can put the spouse on the Title and on the Mortgage once they turn 62. It is NOT correct. Yes you can, easily, put the spouse on Title, but NOT on the Mortgage and the Lender would “call-in” the Reverse Mortgage and it will become “due and payable” immediately. You must do a HECM to HECM Refinance and pay Closing costs again.
If the Balance due on the old Reverse Mortgage is higher than the proceeds of the new Reverse Mortgage due to the younger age of the new Borrower or because of decreases in value, then you might not be able to do this refinance.
Whatever you decide to do, call me, before you do it, and I will be happy to talk it over with you without any cost or obligation.
50th Anniversary of the Cuban Units "UC - Unidades Cubanas" in the US Army1962-2012
Celebration
Click the link below to view and download the invitation (spanish only)
http://HappySeniorHomeOwners.com/50AniversarioUC
View the Cuban American Veterans Association's Active Members Services Directory (spanish-english)
Click the link below to view and download the Directory:
http://HappySeniorHomeOwners.com/CavaServicesDirectory
Safe Homes Program
The Florida Department of Elder Affairs has a wonderful Program to help make a more safe, accessible and functional environment at home for our Elders.
Access their information at:
http://HappySeniorHomeOwners.com/SafeHomesFlyer