Financing / Mortgages Archives | Bold Real Estate Group

Reverse Mortgage

October 27, 2017 By Realtor Millie Gil

A reverse mortgage is a loan for house owners that are senior this uses the home’s equity as collateral. The loan does not have to be refunded until the last owner passes away or permanently moves out from the property. During the time, the estate has to repay the balance of the mortgage or sell the house to pay the balance off. If the house sells for less than the remainder of the mortgage the estate is responsible. The Federal Housing Administration requires that all home owners be at least age 62 to be entitled to a HECM reverse mortgage. Your house have to be owned free also clear or all liens must be pleased with proceeds from the reverse mortgage.
It might be repaid entirely with the proceeds of the mortgage loan if there’s a mortgage balance. In general there are no credit rating requirements for a reverse mortgage. Ordinarily, a reverse mortgage loan can’t be outlived also will not become due, provided that a minimum of one homeowner lives at home as their primary residence, carries on to pay needed property taxes and home owners insurance and keeps the home according to FHA requirements. In the example of death or in the event this the house ceases to be the residence for over twelve months, put the home up for sale or the homeowner’s estate can opt to repay the mortgage loan.

In case the equity at home is higher compared to the remainder of the loan when the house is sold to pay back the loan, the remaining equity is owned by the estate. In case the sale of the house isn’t enough to pay off the inverse mortgage, the lender have to take a loss and request reimbursement of the FHA. No other assets are impacted by a reverse mortgage. Investments, second homes, vehicles, along with other valuable possessions can’t be taken from the property to pay off the inverse mortgage. The amount that’s available usually depends upon four factors: age, current rate of interest, appraised value of the house and authorities imposed lending limits.

Use their calculator to estimate how much you might be eligible for. There are many ways to get the proceeds from a reverse mortgage. Tenure – equal monthly installments so long as the homeowner lives at home. Term – equal monthly installments for a fixed number of years. Line of Credit – draw any amount in the any moment till the credit line is exhausted.

We’re here to help you in all your Florida real estate matters—starting with arriving at decisions that let you feel comfortable. I hope you’ll give us a call!

Millie Gil is Broker-Realtor for Bold Real Estate Group, fluent in English and Spanish with a strong network of Real Estate Professionals Worldwide. Millie says “we are committed to providing a high level of service over and above the customer’s expectations. It is our goal to become your Realtor for life”.

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Free Credit Score Ads Grow Scarcer for Florida

May 15, 2017 By Realtor Millie Gil

Free Credit Score ads grow scarcer for Florida. If you’re a typical Florida consumer, it wasn’t too long ago that you were being constantly bombarded by offers to let you in on a secret: your credit score. The “free credit score” ads got a lot of responses, but lately, they’ve grown scarcer. I think I know why.

It used to be that thrift-minded people shied away from plastic because it made overspending too easy. Today, ubiquitous credit card bonus points and associated discounts and freebies make the opposite true. After all, taking a vacation without using at least some of your credit card airline “miles” or hotel “points” seems more careless than thrifty.

And the fact is, you don’t have to use the credit part of credit card purchases: if you’re careful, you can pay off the balances before interest starts to accrue. And there’s a major additional benefit to conscientious attention to of all your credit accounts— that is, the credit score dimension.

For many years, credit scores seemed a sort of hush-hush affair. That was before initiatives by the Consumer Financial Protection Bureau and the Fair Isaac Corp (FICO) changed the rules of the game, making it mandatory to allow free access to your credit scores. Even so, it was still a bit of a hassle to get to see them—and the “free” access was limited to once a year.

But that’s been changing. Today, many credit card accounts include free access to the FICO credit scores associated with them. If you use the card issuers’ online account systems, you’re usually just a mouse click away from your most recent score. Apparently, the banks behind the cards know it’s a good way to make online bill paying more attractive than snail mail—which is a profit saver for them. At last count, by April of last year more than 150 million accounts included the instant credit score feature.

What that means to Florida real estate transactions is a solid positive. When Florida consumers can keep a steady watch on their credit scores, they are much more likely to notice FICO mistakes or any of their own inadvertent slip-ups. The scores affect the interest rates associated with their credit card accounts—but they also heavily influence the offers they can expect from the mortgage underwriters.

I recommend pre-qualifying for a home loan: it’s one of the best ways to make your offer the winner in a multiple offer scenario. For other ideas that give you a head start when it comes to buying or selling Florida real estate, just give me a call!

Millie Gil, BROKER-REALTOR® is fluent in English and Spanish with a strong network of Real Estate Professionals Worldwide. Other real estate blog posts by Millie Gil

Online Contact: Click Here Phone/Text: (772) 224-1634

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OWN A HOME OPPORTUNITY GRANT PROGRAM

September 7, 2016 By Realtor Millie Gil

Click link to view other available homes in PGA Village

About the Author: Millie Gil has been a successful REALTOR® servicing the Florida market for over 25 years. Millie is Broker-Owner of Bold Real Estate Group located in Stuart. A Broker agency committed to concierge personalized service for discerning Buyers and Sellers of Real Estate properties. This commitment level has helped build a remarkable track record of delivering results. Doing Real Estate Relocation is also a passion, by assisting families with every residential Real Estate need. Millie is fluent in English and Spanish with a strong network of Real Estate Professionals Worldwide. Other real estate blog posts by Millie Gil

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Keeping an Eye on Mortgage Experiment for Florida Buyers

June 28, 2015 By Realtor Millie Gil

Keeping an Eye on Mortgage Experiment for Florida Buyers

Florida home buying activity may be going great guns, but for some would-be buyers, credit score woes are still a stubborn obstacle. That’s why we have been keeping an eye on the new pilot project that was announced late last year. This was the one called the “Wealth Building Home Loan.” It’s an experiment aimed at opening up home ownership options, particularly for first time home buyers. Bank of America and Citibank were first to sign up for the program, said to “take a fresh approach to affordable mortgage lending.” It sounds like a pretty good idea!

How It Works
The Wealth Building Home Loan is a mortgage that runs for 15 years at a fixed interest rate. Because the term is so short, equity builds rapidly. The payments are more manageable than any reality-grounded Florida mortgage watcher would think because discount points can be used to buy the interest rate down to…well, “zero”! Since no down payment is generally required, home buyers can apply their available cash to purchasing those points. Since that sounds almost too good to be true, we’ve been keeping an eye open for progress reports.

Extra Help for Buyers with Modest Income
Qualifying for the mortgages would emphasize home buyer income rather than credit score. This would be a real godsend to the many people still rebuilding their credit after the economic downturn. Furthermore, interest would be set at three-fourths of a percent lower than the 30-year FHA rate—which makes sense, since shorter terms mean lower lender risk—with additional points to be offered at special bargain prices.

A Game-Changing Approach
The loan program is piloted through The Neighborhood Assistance Corporation of America, which secured underwriting from BofA and Citibank. It’s intended to be “a game changer,” because equity ownership takes place rapidly. Already in the first three years of a WBHL, 77% of the monthly payments pay off the principal, rather than the 68% that goes to interest under a standard 30-year mortgage. The effect is to accumulate a significant ownership stake almost from the word ‘go’—and more ownership equates to better loan performance.

When last checked, the program was in “pilot project” status (still in the initial shakedown phase) while the innovators who came up with the idea figure out how to make the loans widely available. So far, so good, apparently—we’ll keep an eye on developments to see if the program is greenlighted by the two underwriters.

In the meantime, Florida mortgage-seekers have a wide variety of currently available options for taking advantage of the great buys viewable on this morning’s Port St. Lucie, Stuart, Jensen Beach, Palm City listings. Give us a call 772-224-1634 for a no-obligation discussion of how you can take advantage of today’s home buying opportunities!

We know all the Communities, New Homes, Furnished Models and Builders. We can even save you money on Pre-Construction properties and find you a model lease-back money opportunity. Please contact us for your customized real estate tour of your desired Florida community. We will send you all the information you need to find or build your dream home.

For Immediate Assistance contact us 772-224-1634 or email your specific request to communityinfo@comcast.net

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Understanding Your Credit Scores

July 18, 2014 By Realtor Millie Gil

Understanding Your Credit Scores.

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Why Low Rates Aren’t Always Good for Housing | Realtor Magazine

July 18, 2014 By Realtor Millie Gil

Why Low Rates Aren’t Always Good for Housing | Realtor Magazine.