Is A Reverse Mortgage For You?

What is a reverse mortgage? A reverse mortgage is a home loan you do not have to pay back as long as you’re alive or for as long as you live there. Does that sound too good to be true? Well, that is what a reverse mortgage does....as long as you possess the property you have purchased there is no pay back. Reverse mortgages provide you with cash you can use for other investments. You are turning the value of your home into cash, which gives you virtually unlimited funds without having to move and even without repaying the loan every month.

There are several ways to give you the cash from reverse mortgages. You can get cash from a reverse mortgage all at once or in a single lump sum. With a reverse mortgage, you can also opt to receive a regular monthly cash advance.

A reverse mortgage can also offer you cash in a “credit line” account. The credit line account from a reverse mortgage will let you get the amount of money you want whenever the need arises. Then again if none of these methods suits you, a reverse mortgage cash may be given to you using any combination of the above methods.

Whether or not you want your cash from a reverse mortgage be paid to you in lump or in installment, the main thing is that you do not have to pay anything back until you die, sell your home, or permanently move. Reverse mortgages usually cater to homeowners who are 62 years old and older.

Reverse Mortgage vs. Other Home Loans

In most other loans, a systematic check on your income and assets is done in order to pre-qualify for the mortgage. This is done as an assurance to the lender that you will be able to afford the monthly payments tied with a loan. Since reverse mortgages do not involve any monthly payments, you not have to go through these tedious prequalification procedures. Qualifying for a reverse mortgage is easy and hassle-free. There is no minimum income required and no monthly repayments. And what’s more, with a reverse mortgage, you do not stand the chance of losing your home.

The downside to a reverse mortgage

In every story, there is always the other side of the coin. While reverse mortgages have their advantages, they also have a downside. As you know already, reverse mortgages do not require monthly paybacks. This means that with reverse mortgages, you are actually taking out equity from your home and turning it into cash. This does not bode well for your debt or your home equity for that matter.

Here’s how it works. Other mortgages require a person to make a down payment when buying a home. As years go on, they use their income to pay back the money they borrowed in making the purchase. This decreases their debt and increases the value of their home.

With a reverse mortgage, everything works in the reverse. You have your home. You convert its value into cash. And then you take out that cash every now and then, thereby increasing your debt and reducing your home equity.

Of course, this is not always the case with reverse mortgages. If your home value grows rapidly or you only one loan on your home, there’s every chance that your equity could increase over
time.

Patty Radford

Buying or Selling On Cape Cod in Massachusetts? Go to

http://www.capecodrelo.com

Then call or email me 774-836-0062

Love Golf? The Ocean? People?

Then Cape Cod may be a place for you.


I did an open house last weekend at a home in Barnstable Village where you can walk to your deeded beach, the harbor, marina, and village. The people who come here are people who have been coming for years. The couples I met that day came with their families and had been renting for 10-14 years. Each year they wonder why they haven't bought as the prices rise. They know they will eventually as most talk about retiring here, have their fondest memories here and made lasting friendships. Imagine if they had bought years ago the investment they would have made!

Now could be your place in time to enjoy family and friends in a special place, Cape Cod.

Go to http://www.capecodrelo.com to start.

Then Call Me...... Patty Radford 774-836-0062

Need a Mortgage Calculator?

Looking at mortgages and loans? You will need to have the best tools to help you make an informed decision. Mortgage calculators help consumers compute interest rates as well as monthly payments of mortgages.

You obviously want to make the best decision for you which means means using the best mortgage calculators. Below please find a great list of some of the best mortgage calculators that the Web can offer.
Mortgage-Payment-Calculators.com – You will find here one of the best mortgage calculators on the Web. Better yet, their best mortgage calculators are offered for free to help you compute Amortization Tables, Monthly Payments, Loan Comparisons, Home Affordability, Early Pay Offs, Refinances, and to PreQuality a mortgage. You will not only find the best mortgage calculator, but you will also have access to online help on your mortgages from experts. You receive the best ideas and get the best options.

Interest.com Best Mortgage Calculators – Another best mortgage calculator online site. You will find answers to several questions that borrowers frequently ask – What will be my Monthly Payment? How much do I have to make to afford the loan on a particular home? How much can I afford to borrow? When you want to know how much your home loan will save you in taxes, this is the best mortgage calculator you can use. Other options featured in this best mortgage calculator website are an APR (Annual Percentage Rate) calculator, a Budget Calculator, and several Deposit Calculators.


Mortgage-Calc.com – Need another choice? This site is again in the best mortgage calculators on the Web category. Their best mortgage calculators can give you quick and easy access to important calculations and info to help you with your mortgage needs. From how much you can afford and how much you can borrow, this best mortgage calculator website answers all your questions on mortgages and loans.

Bankrate.com Best Mortgage Calculators – If you want to know what your monthly mortgage payments would be, then Bankrate.com has the best mortgage calculators to help you with that. This site include amortization schedules, payment calculations, and more.

HSH.com The Best Mortgage Calculators and Financial Calculators – You will have a number of ways to estimate your credit limit for mortgages and other loan types. Play the “what-if” scenarios with the HSH best mortgage calculator. An added bonus, this best mortgage calculator site lets you download for free the powerful APR calculator from Wheatworks Software. Perhaps the best mortgage calculator offering this site has is its unique Income Qualification Calculator which helps you discover how much income you need to afford a certain monthly payment.

Homefair.com – The Mortgage Qualifier is perhaps one of the best mortgage calculators there is. Use it to find out the maximum amount of loan you can qualify for. The results give out by this best mortgage calculator are based on standard lender rules.

Jeacle.ie – Or Karl Jeacle’s Best Mortgage Calculator. This best mortgage calculator website lets you enter your loan data into designated fields on their online forms uploaded into their site. The best mortgage calculator allows you to compute the principal amount, the interest rate, the years, annual insurance, annual tax, and annual inflation. Aside form this, this best mortgage calculator contains such data as Monthly prepayment, annual prepayment, and one-time prepayment.

http://www.capecodrelo.com

Bad Credit? Bad Credit Loans Are Available, But..

There is only one way of getting out of a financial crisis if you have a bad credit history. Get a bad credit mortgage loan.

When you apply for a loan, the first question every lender asks is: “How’s your credit report?” If the answer is in any way viewed as negative, your application is rejected. With a bad credit mortgage loan though, that would never happen.

Bad credit mortgage loans allow the borrower to get their loans even with a bad credit report. So how does bad credit mortgage loans work?

Well, usually when you submit an application for a loan, you would have to undergo a pre-approval process. This process involves digging into your finances, your income, assets and liabilities, the whole gamut. If your assets come up short of the requirements, your application for a loan will not be accepted.

A bad credit mortgage loan works in a completely different way. There are no pre-qualification requirements when you apply for a bad credit mortgage loan. Lenders who offer bad credit mortgage loans do not even take a second glance at your credit history. The important thing is you get your money and that’s that.

Speaking of lenders, which lending companies are offering bad credit mortgage loans among their list of loan programs? Several bad credit mortgage loans are being offered by some alternative loan companies. When you choose one company, make sure that you know what is required of you when you ask for a bad credit mortgage loan. Below are a few facts you need to know about bad credit mortgage loans.

Higher Interest Rates for Bad Credit Mortgage Loans

It is only natural that elevated interest rates are charged for those borrowers who are on a bad credit mortgage loan. Handing out loans to borrowers with poor credit is a risky business and lenders want compensation for the risks they’re taking.

Bad Credit Mortgage Loan Limits

But while rates are indeed elevated in bad credit mortgage loans, there are also limits to these. Discount points in bad credit mortgage loans are common. Borrowers with good credit may not have to pay for these on their loans or they may but for only a low percentage. For borrowers with bad credit, the limit is usually four or five points on their bad credit mortgage loan.

Larger Down Payments for Bad Credit Mortgage Loans

Like interest rates, down payments for bad credit mortgage loans are higher than regular loans. This again points to the “risk” part those lenders of bad credit mortgage loans are taking. This might be a good thing for borrowers on bad credit mortgage loans.

Larger down payments usually mean smaller monthly payments for your bad credit mortgage loan. This also means that you can slowly and steadily reduce your bad credit mortgage loan balance, providing for better affordability.

A Few Companies Offering Bad Credit Mortgage Loans

Bad Credit Loans & Mortgages are offering a bad credit mortgage loan program that involves the following key features: lowest interest rates in the U.S., free up cash for home improvements or debt consolidation, and up to 100% home value to be borrowed. E-Loan is also offering a bad credit mortgage loan program with no lender fees and no hidden costs.

There are several other lending companies offering bad credit mortgage loans in their list of loan programs. Just do a little Internet-exploring and find out what bad credit mortgage loan is best for you.

Looking to buy or sell a home on Cape Cod in Massachusetts? Go to my website at
http://www.capecodrelo.com

Patty

Mortgage Rates Factors

There are several factors that affect your mortgage rate. One major factor of mortgage rate movement is inflation. Inflation means a growing economy and increasing prices of goods and services. A growing economy means a stronger demand for goods and services, allowing producers to increase their prices. This therefore results in higher real-estate prices, higher apartment rents, and higher mortgage rates.
In an effort to reduce inflation and slow down economy, the Federal Reserve lowers down interest rates, and in the process, decrease mortgage rates. Although mortgage rates have the tendency to move in the same direction as interest rates, their actual movements are also based on the supply and demand for mortgages. Mortgage rates have a slightly different equation in their supply and demand as compared to interest rates. This is the reason why sometimes, mortgage rates move differently from other rates. For instance, a lender has a commitment to make and is forced to close additional mortgages. To achieve this, they would have to lower down the mortgage rates even with interest rates going up.
Other Factors Affecting Mortgage Rates
Mortgage rates are affected by several other factors besides inflation. Mortgage rates rise up when the amount of the loan increases. This increase in mortgage rates is especially true if the loan amount exceeds the established loan limits of Fannie Mae and Freddie Mac. Loan limits typically changes at the beginning with each year to conform with the trend mortgage rates are taking.
The length of the loan may also affect mortgage rates. Shorter loans usually means lower mortgage rates and longer loans can cost you higher mortgage rates. Loans with a 20-year or 15-year note can allow you to save thousands of dollars on mortgage rate payments. However, this also means that your mortgage rate payments every month will also be a lot higher.
To avoid this, an adjustable mortgage rate may help you get started on a lower mortgage rate, but if interest rates grow, your monthly mortgage payments will rise also. Fixed mortgage rates are usually higher than adjustable mortgage rates but they can save you money too, especially if the interest and mortgage rates go up.
Larger down payments can help you save up on your monthly mortgage rate payments. You can get the best possible mortgage rate with a down payment that is greater than 20%. Higher mortgage rates are expected if the down payment is less than 5% since the beginning equity is smaller and provides less collateral.
Discount points are another way to move mortgage rates. Lower mortgage rates usually means higher points paid on your loan. The same goes for closing costs, which are fees that the lender must pay. Higher closing costs paid to them means lower mortgage rates. However, if you do not wish to pay for all the closing costs upfront, the lender will raise your mortgage rate in order to cover it.
The concept is pretty simple. Lenders are usually willing to lower mortgage rates as long as more money is paid upfront. More money down means lower mortgage rates. And lesser money down means higher mortgage rates.

http://www.capecodrelo.com

Hud Homes For Sale

You really should investigate this site. There is a wealth of information.

http://www.hud.gov/homes/homesforsale.cfm

Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out - one might be just what you're looking for!
Single Family And Multi Homes for Sale

http://www.hud.gov/homes/homesforsale.cfm

Centerville, Ma Cape Cod Home

New to market. Pride of ownership inside & out of this lovingly maintained home. Not your cookie cutter house. Outside the front is lined with an abundance of blue hydrangeas, manicured grounds and irrigation system. Inside the fireplaced living/dining room is open, spacious w/cathedraled ceilings, skylights, wood beams. Open loft/hallway overlooks living/dining room. Perfect for entertainment! The master suite added to the home in 2002 along with septic & roof.Master has large walkin closet, private tiled bath, sitting room or office all added in 2002. Beautiful all fenced in back yard with patio. Outdoor shower you can actually use and enjoy. A large finished room in the basement has a wood stove(not used, but works), + a work area. Attached oversize 2 car garage, breeze way finished & heated. Alarm system. Definitely worth seeing. Best Buy at $500,000.
More photos, info at http://www.capecodrelo.com

Cape Cod Home + 1.59 Acres For Sale Cotuit, MA 319k

Reduced below assessed value! Bright sunny home on 1.59 acres. Fireplaced living has cathedral ceilings, skylights and hardwood floors. 2 full baths one with cathedral ceiling, whirlpool tub, pedestal sink, central air, alarm system and a finished room in the basement. Kitchen/dining with sliders to a deck and private yard. Priced to sell! Photos, info at http://www.capecodrelo.com or call me direct at 774-836-0062

Why Use A Buyer's Agent? Cape Cod, MA Real Estate

It's important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.
First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyer's agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price.

Also, when you use a buyer's agent, you will see more properties. Not only are they plugged into their Multiple Listing Service, but also they are actively finding homes that are listed as FSBO, or homes that sellers are thinking about listing.

I am an Accredited Buyers Agent selling real estate on Cape Cod since 1985. Go to my web site at http://www.capecodrelo.com You can search all homes listed in MLS there. Then call me direct at 774-836-0062. You'll receive an informed and educated level of service always.

Pent Up Demand May Lead To Busy Fall

The phones are ringing, the emails are pouring in and the hits on my web site have gone way up, all signs that there is definitely a pent up demand for homes here on Cape Cod. Buyers have obviously been holding back to see what the market would do. September will be interesting to see if those inquiries turn into sales........I'll keep you posted!

Mortgage interest rates are down slightly which is always good as long as confidence remains up. This is largely controlled by the media. I have been selling real estate for over 20 years and have noticed the media always forecasts a down turn in the market prior to it happening. They of course get their information from the "experts". What is disturbing to me is how they report this on a daily basis until it becomes a reality. The "Bubble Burst" forecast was talked about almost daily for over a year before it happened. I wonder what would have happened if they hadn't said a thing, hmmmm......Something to think about.

Labor Day Almost Here...Vacation Over!

Well I have to say the summer has flown by....time really does fly when you are having fun. Summer on the Cape, well, there is nothing like it as far as I'm concerned. Sun, sand, beaches, boats, outside concerts, family cookouts....I could go on and on. I was born and raised on the Cape and yet the smell of the salty air is still a treat.

Today is a rainy, windy day on Cape Cod which prompted me to catch up on a few things such as blogging before I show a few homes to future Cape Codders. They all have vacationed here, had a wonderful time and envisioned their future with Cape Cod as a major focus.

Cape Cod real estate is not only an investment in real estate, it is an investment in you and your way of life.

How often have you heard "Life's too short", "Don't sweat the small stuff", "Take time to smell the roses" or as i like to say the sweet smell of salty air? There's a reason.

Stop listening to the media about the bubble bursting. Stop being afraid of what the real estate market is going to do. Real estate in resort areas are always a good investment long term. Invest in it long term and you won't regret it.

Well, have to go meet future Cape Codders. Maybe one day it will be you.

Live life and enjoy!

http://www.capecodrelo.com