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94574 : Real Estate Advice

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  • Home Buying4
  • Home Selling1
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Activity 6
Thu Aug 11, 2016
One thing that seniors have that other do not, is the reverse mortgage. I do these these with a twist. For example.

I am talking to a couple who are refinancing but the numbers are the same on a purchase. These are actual numbers but they only apply to this case. Your case will be different. This is a bit complex, call me to see exactly how it may apply to you.

They owe $150,000 on the home which will be paid off in 7 years but it has a high rate and the do not qualify to refinance, their payment is $1700 a month. Almost all of their income. The did not want to do a reverse mortgage as they had heard a reverse mortgage makes it hard for their kids to inherit their house. He is 72 and the wife is 65.

Here is what we proposed, we did the reverse mortgage, gave the husband a $150,000 reverse mortgage and a life insurance policy for $150,000. The life policy looks $500 a month or so. it insures that when the last one dies or until he is 99 at which time he can take back all of the money he has put into the policy.

Now it is not fool proof, as if he dies in say 10 years the interest on the reverse mortgage will have built up and the $150,000 will not cover all of it. I

But neither would he have paid off all of it. This way the kids have the funds to keep the house if that is what they want. f they die after he turns 99 they get no insurance but they do get all of the cash value that has built up.The point is, they get to live in the house for no payments accept the $500 a month. They can cancel anytime after 10 years and get all of their money back on the insurance. It will gain cash value, it can not be canceled due to age or health.

So they have increased their cash flow by $1200 a month, and made sure their kids can buy they home if they die. This is complex, and really is different from person to person. give me a call for a personalized proposal.


License # 287206 I work with 3rd party estate attorneys and planners to provide the insurance benefits.
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Thu Aug 27, 2015
Taycollins42 answered:
It really does vary depending on what you need and who you hire. One of my brother's friends just finished building a new house a few months ago and he was saying that he saved a lot of money by renting the construction equipment and dumpsters himself. That way he wasn't getting charged extra to have the companies he hired bring them. You might want to look into that if you can.
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Tue Oct 29, 2013
Brian Nguyen answered:
Have you considered what you will do when it comes to financing for you new home? Before you start looking for homes I strongly recommend you get pre-approved. This is important because it gives you an idea of the price range you can afford. Also, offers from individuals with pre-approvals are taken much more seriously. I am a lender based out of California and I have done plenty of loans throughout the state. I would be glad to speak with you to help you get the loan you need so feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 ... more
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Fri Apr 26, 2013
John Arendsen answered:
I must take issue with some of the comments on this thread. FYI, I'm a RE broker, Manufactured Home Contractor and licensed Dealer and General Contractor. If anything having that much fire power is extremely relevant to just about every transaction I've been involved with.

There's nothing wrong with a RE professional knowing about and understanding construction and architecture. Frankly I'm called upon quite a bit because I have the aforementioned credintails and experience.

I think sometimes we need to think a bit more before we speak.
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Sun Sep 2, 2012
Peter Mohylsky answered:
Trulia takes a while to add listings but they have links to update when yuu have the mls number
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