Great tribute to Betty White, the grand dam of television posted on YouTube. We hope you enjoy it.
If you are still hot and need assistance with decisions about whether or not to use your home to stay in your home, give us a call today. Reach out to Laurie at 541-342-7576 or Fred at 541-221-3455. Reverse mortgage information is essential to a good decision.
I have moved! I am now located in Oak Harbor Washington with Pinnacle Mortgage Planning, a sister company to Alpine Mortgage Planning. I am still doing the same thing, just a bit farther north. Laurie is still in the Eugene office and there to help you. I apologize for not updating sooner but it has taken some time to get settled.
I am still associated with Alpine Mortgage Planning in Eugene and still licensed to do mortgage business in Oregon and Washington but have dropped my California license. Since almost everything is done by e-mail, text and scans anymore, there shouldn’t be a lot of change for my friends and customers from Oregon. However, since I am not in Washington, my company name is Pinnacle Mortgage Planning, not Alpine. Same company, different name in a different state.
So, how about my contact information? Well, all of my Oregon contact information is the same. You can still reach me at the same place, it just gets forwarded. For those in Washington, I have new contact information. Contact me at my Washington office, Pinnacle Mortgage Planning, 3157 N Goldie Rd., Ste. 107, Oak Harbor WA, 98277, 360-682-6913/541-221-3455 cell, I am always ready to help with the mortgage process. I am also in the process of compiling some Washington specific blog sites for future use.
I am still on top of what is going in the real estate marketplace and have people that I trust to work with in Eugene. Thanks for your continued support. I look forward to updating this on a regular basis, now that I am settled in.
Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at my Washington office, Pinnacle Mortgage Planning, 3157 N Goldie Rd., Ste. 107, Oak Harbor WA, 98277, 360-682-6913/541-221-3455 cell or through Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-743-2966/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.
Availability and terms of Lane County Reverse Mortgages could be changing rapidly. As Reverse Mortgage lenders adapt to changes brought about by the two biggest Reverse Mortgage players in the market a real gap has emerged.
For homeowners who are “house-rich, but cash-poor,” Reverse Mortgages can be a lifeline that enables senior citizens to remain independent while meeting basic needs. However, declining home values and a collapse of mortgage markets have had a major impact on all aspects of Reverse Mortgages.
The release of additional products like the HECM Saver may bring additional choices to seniors, but it has also made Reverse Mortgages more complicated, and therefore led to more scrutiny from Congress and regulatory agencies charged with protecting consumers. In recent years, Congress has passed two sweeping consumer protection laws aimed at unsuitable financial products but also hitting Reverse Mortgages.
In a recent report by the AARP Public Policy Institute, it was noted that Reverse Mortgage borrowers are getting younger in years, not older. “The trend toward borrowing at earlier ages raises concerns about the long-term impact of reverse mortgages on financial security. This, coupled with more borrowers taking out a lump sum at closing, the report says that “more research is needed on the consequences of Reverse Mortgages for long-term financial stability.
As new, less experienced agencies enter the market, it’s important to work with a professional who will provide safe and affordable Reverse Mortgage options.
Laurie has been working with Reverse Mortgage clients for well over 6 years and has a strong grasp on guiding you through the process-from start to finish.
Feel free to give us a call. We’re always available to offer sound advice and information on whether a Reverse Mortgage is the right option for you.
Contact Us
If you have questions about a Reverse Mortgage we will not pressure you to take one out, but it may be in your best interest to check out one now, rather than later. Please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?
Remember, we offer information and sound advice with no pressure.
The Mobility Rate (rate at which households report having moved) among seniors has declined due to the toll the financial crisis took on both the equity in their homes and their retirement accounts, according to a March 2011 report from Harvard University’s Joint Center for Housing Studies.
The report states that mobility rates have been trending downward since the mid-1980’s. The 2008-09 economic recession further accelerated the downward trend in mobility because so many owners were left underwater (or nearly so) on their mortgages, making it difficult for households to move; Mobility rates among older homeowners posted the sharpest drop. According to one figure, the mobility rate for those aged 55 or older dropped 37.5% between 2005 and 2009.
“Many seniors who planned to retire and move to a different home deferred that decision after the recent financial crisis took a toll on both the equity in their homes AND their retirement accounts,” the report says. The study goes on to say than many of those who had owned their homes for long periods of time “had paid down significant amounts of debt,” meaning they would still have home equity and be candidates for a reverse mortgage.
Results from a 1995-2007 American Housing Survey show that 62% of the 75 and older crowd has been residing in the same home for 20 or more years. And, the report says, these homes are typically less valuable since older homeowners are less likely to remodel their homes to modern standards or expectations. This, in addition to a depressed housing market, makes it less likely that seniors will find it worthwhile to sell their home, but more likely that they may want to obtain a reverse mortgage.
Although the baby boomer generation generally lives in newer (and thus more valuable) housing, trends suggest that as they near retirement age, they may have more incentive to remain in their homes to stay close to grandchildren or continue to work, and less incentive to move because of the home’s decreased value in the overall market.
In the short-term, we are likely to see mobility rates remain below their long-term trend. Seniors with dreams of downsizing in today’s market may want to investigate whether a reverse mortgage might be a financial tool worth using.
Contact Us
If you have questions about a Reverse Mortgage we will not pressure you to take one out, but it may be in your best interest to check out one now, rather than later. Please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?
Remember, we offer information and sound advice with no pressure.
As the senior citizens in Eugene/Springfield gets older each year, the opportunity of using an FHA Insured Reverse Mortgage might be the answer to many monetary problems.
The New York Daily news is reporting that while the number of Reverse Mortgages originated nationwide fell 35% to 72,683 in 2010, demand is expected to rise with the release of the HECM Saver. However, as with all Reverse Mortgage products, consult with us for advice on which one is best for you.
Reverse Mortgages require no monthly payments from borrowers. Loans are made for up to just over half of the value of borrowers’ homes, less any outstanding liens against the property. The maximum property value to lend on is currently $625,500.00; the loan is due and payable when the borrowers die, move out or are gone for 12 consecutive months.
Insured by FHA since 1989, reverse mortgages gained popularity in the past decade. But their use dropped sharply last year.
The decline occurred, in part because in late 2009, the FHA reduced the amount of money borrowers could receive from reverse mortgages by 10%. At the same time, home values remained depressed. Both factors make it more difficult for would-be borrowers to qualify for loans.
Demand may likely get help from a new, lower fee version of the loan called the Home Equity Conversion Mortgage Saver. Industry experts are expecting a rise in reverse mortgage closing to climb to between 80,000 and 85,000 units nationwide, up from 72,683 units closed in 2010.
The Saver loan has about 1/3 lower fees than the traditional reverse mortgage product. The tradeoff, however, is that the Saver loan payout is smaller than the standard loan’s.
For cash-strapped seniors looking for a short term solution, the HECM saver may be a benefit.
Contact Us
If you have questions about a Reverse Mortgage we will not pressure you to take one out, but it may be in your best interest to check out one now, rather than later. Please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?
Remember, we offer information and sound advice with no pressure.
(Editor’s Note: Now and again we try to cover other items that are of interest to seniors other than reverse mortgages, today, we are covering credit card debt.)
What happens to the balance on a credit card upon your death?
Short answer is: It depends.
Factors such as where you live, whether the card is a single or joint account, and if any assets are left in the estate can all come into play.
Spouse’s Account in Decedent’s Name Only
If your spouse dies, you may or may not be responsible for any credit card debt. If the credit card is only in the decedent’s name, the credit card company typically makes a claim against the estate to receive the balance owed, according to the FreeScore Website. If no assets remain, the credit card company simply writes off the debt as a loss.
Spousal Joint Account
If you share a joint credit card account with your spouse, you are liable for any balance remaining if your spouse dies. If you are only an authorized user on the account rather than a joint account holder, you are not responsible for paying the credit card balance. If you live in a community property state (Oregon is not one but California and Washington are), you might be responsible for the debt whether you are a joint account holder or not. Not all community property states have the same rules, check with your state government to see which laws pertain to you.
Your Parent’s Card
If your parent dies with credit card debt and you are not a joint account holder, you are not responsible for it. Credit cards are unsecured debts, meaning they are not attached to an asset, such as a car or a house. However, as in scenario #1, the credit card company can make a claim against your parent’s estate to receive the balance owed.
Debt Collectors
Even though you are not legally responsible to pay a deceased family member’s credit card debt unless you are a joint owner on the account or unless you are a spouse living in a community property state, that does not necessarily stop collection agencies from trying to get your to pay. If a bill collector contacts you to try to get you to pay the debt of a deceased family member of which you are not responsible because of the reasons above, simply hang up the phone. If they continue to attempt collection after they have been informed you are not the responsible party, file a report with the state Attorney’s General Office.
Executors
If you are the executor of the estate, do not rush to pay bills too quickly, says Mary Randolf, author the “The Executor’s Guide,” on MSN Money. If you pay the credit card bill when it comes in, you might not have enough money in the estate to cover funeral costs, for example. If there are no assets, you should send a letter to other creditors stating there are no assets, and include a copy of the death certificate. If there is money left for credit card companies, you would pay them or divide the money that is left in the estate between creditors.
Contact Us
If you have questions about a Reverse Mortgage we will not pressure you to take one out, but it may be in your best interest to check out one now, rather than later. Please contact one of us today at 541-342-7576. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail Laurie here or Fred here. We are here to help you make the decision that is right for you. Reverse Mortgages are not for everyone, but they are an excellent choice for some people. Isn’t it time that you checked out the advantages of a Reverse Mortgage?