Home Equity Conversion (HEC).

Home Equity Conversions: Reverse Mortgages Home Equity Conversions: Reverse Mortgages Authors: Celia Ray Hayhoe, Ph.D, CFP®, Family Resource Management Cooperative Extension Specialist and Stacey Williamson, Graduate Assistant; Virginia Tech Publication Number 354-025, Posted April 2004 Many senior adults are finding it hard to live on their fixed retirement incomes and are looking for ways to supplement those incomes. For some, the largest asset they own is their home, but they do not want to sell their home and move. For these individuals, there is an option called Home Equity Conversion (HEC). One type of home equity conversion is a reverse mortgage. The equity or cash value of the house is used to provide income to repay the loan. All reverse mortgage options are not the same. They have different eligibility requirements, income amounts, timing of payments, interest rates, and/or initial costs. Homeowners should compare the different options, keeping in mind their goals and needs. Advantages The value of your house, not your income, is used to determine eligibility. You can receive a lump sum, a line of credit, or a monthly amount, without having to make a monthly repayment. You do not have to sell your home and move, and can continue to live in the same familiar surroundings. You do not have to worry about losing your home to foreclosure since the payments are made out of your equity in the home, not from your income. The loan must be repaid when the house is no longer used as your personal residence. However, the lender can only look to the proceeds from the sale of the house for repayment. They cannot go to your heirs if the house sells for less than what was borrowed. Money can be used for any purpose. You must attend a free HECM/HUD approved counseling session to see if this type of mortgage is right for you. Disadvantages Interest for a reverse mortgage is compounded, and cannot be deducted on income taxes until you repay it. The income you receive decreases the equity in your home, and the equity may not be adequate for your future needs or for your estate. Interest rates and initial costs (application fees, points and closing costs) are usually higher for a reverse mortgage than for other equity loans. Income ends when you sell your home or no longer use it as a principal residence. Payments may affect Supplemental Security Income and Medicaid payments. You must attend a free HECM/HUD approved counseling session. This may add time to the process of obtaining a loan. You may need to pay off your existing mortgage out of the proceeds of your reverse mortgage. You will be required to maintain the house, pay the taxes, and carry property insurance. Eligibility You could be eligible if you own your own home, use the home as your principal residence, and are at least 62 years of age. You must also have adequate equity in the home. A lender looks at the equity in the home plus any expected appreciation or depreciation in the value of the home to calculate a base amount. The costs associated with any reverse mortgage loan (application fees, interest rates, closing costs, initial charges, sales commissions, and homeowner's insurance) also must be considered. All reverse mortgages currently available in Virginia require homeowner's insurance. The lender and the homeowner must work together to determine the type of payment, the payment amount, and the time period. This is determined not only by the calculations of the base amount by the lender, but also by keeping your goals and financial needs in mind. Income Income from a reverse mortgage is not taxable, and will not affect Medicare eligibility or benefits. But the added income can affect both Supplemental Security Income and Medicaid eligibility and benefits for Virginia residents. Confused? A home equity conversion is not a home equity loan! Home-equity loans require that a homeowner has enough income to pay back the loan, and the payments are made in monthly amounts. A home-equity loan would not work for the majority of senior adults who are living on limited fixed incomes and who could not afford a loan payment. Example A wide variety of loan options are available depending upon your age, the amount of equity available, the time period of the loan, and the way payments are disbursed. For example, Mary Jones, a 75-year-old widow whose home is her principal residence, is looking at a ten-year reverse mortgage that will provide her with additional monthly income of approximately $450. At the end of the ten years the monthly income payment will stop. But because her loan is through an insured lender (loans offered by HUD approved lenders have government guarantees), the loan will not have to be repaid until she sells the home, moves, or dies. Home Equity Conversion Checklist These questions can to help you determine if you are eligible for a home equity conversion (HEC). YES NO 1. Are you 62 years of age or older? _____ _____ 2. Is your mortgage paid off in full or nearly so? _____ _____ 3. Do you use your home as your primary residence? _____ _____ If you have answered yes to questions 1 through 3, you might want to consult with an HEC lender for specific information. The following questions will help to determine if you are eligible for a Housing and Urban Development (HUD) home equity conversion. A HUD-HEC is similar to other HECs but with additional requirements for the property and residents. 4. Is your home a single-family dwelling? _____ _____ 5. Will your home probably meet HUD minimum property standards? _____ _____ 6. Is your family income less than 80% of area median? _____ _____ If you have answered yes to questions 1 through 6; you might want to consult with a HUD-HEC lender for specific information. The following is a list of HEC/Reverse mortgage programs. FHA - HECM (Home Equity Conversion Mortgage) Guaranteed by FHA/HUD Flexible Income Payment Option Growing Line of Credit Maximum Lending Limit - $ 280,749 Cash Account Flexible Income Payment Options Growing Line of Credit Higher Equity Release Options No Maximum Lending Limit HomeKeeper by Fannie Mae Guaranteed by Fannie Mae Line of Credit Options Maximum Lending Limit - $ 322,700 Zero Point Cash Account Closing Costs Limited Minimum Draw at Closing Required Interest Rate Cap No Maximum Lending Limit The following lenders offered HEC/Reverse mortgages as of March 2004: Mortgage Capital Investors Equity Division 6571 Edsall Road Springfield, VA 22151 (703) 941-0711 East West Mortgage - HECM, HK, CA 4321 Northview Drive Bowie, MD 20716 (866) 9REVERSE [(866) 973-8377] (301) 809-1568, ext. 225 Financial Freedom Senior Funding Corp. (Subsidiary of Lehman Brothers, FSB) - HECM, HK, CA (800) 368-3254 Reverse Mortgages of the Mid-Atlantic - HECM, HK, CA (800) 745-0102 Suntrust 564 Lynnhaven Parkway Virginia Beach, VA 23452 (757) 431-4876 Fidelity & Trust Mortgage, Inc. - HECM, HK, CA 7229 Hanover Parkway Suite C Greenbelt MD 20770 (703) 273-3797 (800) 458-4624 People's Choice Mortgage - HECM, HK, CA (757) 564-8596 Wells Fargo Home Mortgage - HECM, HK (888) 292-1180 Inclusion on this list of lenders does not imply endorsement by Virginia Cooperative Extension, nor does omission from this list imply a lack of endorsement. Home Equity Conversion Comparison Worksheet Name of Lender Features Payment Option: ----------------------- ----------------------- ----------------------- Lump Sum Option Line of Credit Option Monthly Benefit Option APR (Annual Percentage Rate) Time Period Application Costs Closing Costs Sales Commissions Insurance Costs Other Initial Charges For More Information AARP Home Equity Information Center 601 E. Street NW Washington D.C. 20004 (202) 638-2863 http://www.aarp.org/revmort/ Reverse Mortgage Money (866) 363-1914 requestinfo@reversemortgagemoney.com American Credit Counselors Tudor Square, Ste. 10 211 Roanoke St. Christiansburg, VA 24073 (800) 926-0042 virginia@cccsswva.org http://www.americancredit.org HECM Counseling National Center for Home Equity Conversion 360 Robert Street North Suite 403 St. Paul, MN 55101 (651) 222-6775 People Incorporated 1173 W Main St Abingdon, VA 24210-2428 (540) 623-9000 HECM Counseling Original authors: Patricia Gorman, graduate assistant, and Kathleen Parrott, former Extension housing specialist, Virginia View this document in PDF format Visit Virginia Cooperative Extension

Land Loan : 1.

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Mortgage Loan Calculators -Interest.com Compare Today's Rates | Mortgage Calculators | Mortgage Trends Mortgage Home Calculators Advertisement Mortgage Calculators What will be my Monthly Payment? Want to know how much your monthly payment is for your mortgage? Additional Payment Calculator How much do you save by paying more or making additional payments than your initial mortgage terms? How much do I have to make to afford the loan on a particular home? Not sure how much money you'll have to earn to afford your house payment and accompanying expenses? How much can I afford to borrow? Want to know how big of a loan you can take on? How much can I afford to borrow? (Alternate Version) Want to know how big of a loan you can take on if you already know how much of a monthly payment you can afford according to the 28/36 rule. Should I pay discount points when I get mortgage loan? Not sure if you should pay discount points on your mortgage loan? 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Interest-Only Monthly Payment and Savings Calculator This basic calculator finds your monthly savings if you use an interest-only payment plan. Want to know your Amortization Schedule. This automated amortization sheet covers 5 years (60 months). Change any number, and the entire spreadsheet will update itself! No need to recalculate and fill all the numbers, just edit the numbers and go. Additional Payment Calculator How much do you save by paying more or making additional payments than your initial mortgage terms? Another "What's my Monthly Payment" Calculator? A mortgage payment calculator that incorporates detailed data to calculate your monthly amount. Rent vs. Buy Calculator Is it less expensive to buy than to rent, and how much can you really save? Budget Calculator Want to know how much of your paycheck is left after you pay for your monthly expenses and financial obligations? 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Real Estate - Forbes.com U.S. | EUROPE | ASIA Jump Select Section Home Investment Newsletters Polls & Discussions Premium Tools Special Reports Video & Audio Watchlist IT Research Library IT Product & Service Search Business -Manufacturing -Technology -Commerce -Services -Energy -Healthcare -Small Business Technology -E-Business -Enterprise Tech -Infoimaging -Personal Tech -Science & Medicine -Wireless Markets -Equities -Economy -Commodities -Bonds -Emerging Markets -Currencies Work -Careers -Compensation -Entrepreneurs -Management Lists -Companies --Forbes 500s --Forbes Global 500 --200 Best Small Cos. --400 Best Big Cos. --Largest Private Cos. -People --World's Richest People --100 Top Celebrities --400 Richest Americans --Best Paid CEOs -Places --Best Places Personal Finance -Estate Planning -Funds -Philanthropy -Retirement -Strategies -Taxes Lifestyle -Collecting -Health -Real Estate -Sport -Travel -Vehicles -Wine & Food Columnists Magazines -Forbes Magazine -Forbes Global -Forbes FYI -Forbes ASAP -Best of the Web -Archives -Subscriptions Tools About Us Contact Us Help Reprints/Permissions Sitemap Advertising Conferences Forbes Collection Forbes Mobile Special Advertising Search Quote HOME PAGE FOR THE WORLD'S BUSINESS LEADERS Home Special Advertising Section Paid Advertisement Article When it comes to Real Estate, Knowing Your Stuff is the Key to Success Are you looking to buy or sell a home or other piece of property? The real estate market is a difficult one, and should not be entered casually. With the right information, you can make your venture a success, but all to often lack of foresight and failure to do the proper exploration leave consumers in unfortunate situations that are difficult to rectify. An educated consumer is a happy consumer, and in no market is this truer than the property market. Before you commit, learn as much as you can – whether you’re buying or selling, you’ll never regret doing a little extra research. Real Estate Basics To begin with the basics, let’s consider a few definitions. “Real Property” is legally defined as “land and improvements permanently attached to the land.” Improvements include everything from houses and garages to in-ground swimming pools, but exclude portable items like mobile homes and tool sheds. Also included in real property are substances beneath the land, such as gas, minerals and oil. There are many types of real estate, but most consumers will encounter only two: single-family homes and commercial property. Commercial property may include spaces used for retail, office, shopping, hotels, warehouses, manufacturing facilities, apartment complexes, as well as vacant land zoned to be used for any of those purposes. Aside from specialty properties like farms and industrial sites, almost any property to be used for anything besides a single-family homes is considered commercial. Different rules govern transactions involving each kind of property, and it’s important to know what you will encounter before you get started. The use of any property is limited by zoning laws, which govern the purpose – for example, housing, retail, or industrial – for which the real estate can be used. Zoning laws also restrict the size and height of buildings, the portion of property that may be used for parking, how far buildings must be set from the street and from each other, and whether and what kind of hazardous materials can be stored there. Public easement and right of way laws, which fall into the general category of zoning, outline whether and which parts of private property must be reserved for public use, usually in the form of sidewalks, electrical lines, sewer pipes, fire hydrants and similar public goods. Laws differ from town to town, so if you are looking at multiple locations, keep track of how each municipality’s rules will affect how you can use your property. Choosing a Real Estate Professional Although some people prefer to work on their own, it is usually good to hire a licensed real estate professional if you are looking to buy or sell a house. You may choose between a real estate broker, who is independently licensed to review the entire market and show any house that suits your needs, and a real estate agent who works for a specific company and is usually restricted to showing properties in that company’s listings. Which one you choose will depend on your needs, budget, and the number of real estate companies competing in your area. If there are a large number of companies, you may do better with a broker, but if there are only a few, you can save money by using an agent. No matter what type of professional you choose, there are a few things you should consider before making your decision. How does the agent or broker intend to market your house? How successful has he been in the past, particularly with homes in your range and area? If he is an agent, what is his company’s track record? What is the time limit on the contract you will sign, and can you break it if you’re dissatisfied? Do you feel comfortable that he understands your needs and will work hard to meet them? Recall that, above all, real estate agents are salespeople, so be sure that you are confident that they are working with you as well as for their employers. A great way to narrow down choices is to check the Internet for websites that compare companies and agents in your area. You may also want to talk with friends who have recently moved about their experiences with local agents and brokers. Buying and Selling: What You Need to Know When you are in the market to buy, your individual situation will determine whether or not to hire a professional. You may find that you can do well enough finding suitable listings without the help of an agent. However, if you live in a city where good housing is scarce, you may want to engage someone to help you discern the good from the bad. Real estate agents can also be very helpful when it’s time to close the deal, sorting out what items are included with the house (for example, appliances and furnishings) and working with the seller to divide costs fairly. Although it is possible to sell your home without professional help, but this should be attempted with great caution. A real estate professional will help sort through potential buyers to find people who are serious, work with to get a fair price for your property, and be indispensable at closing time when it comes to dividing up property taxes and other shared costs. In general, as a seller, you should expect to run up against a number of expenses when you close on your house. These may include excise tax (a tax levied on the seller of any property or item), attorney and professional fees, property taxes, real estate commission, and fees for survey, inspection, certification and other items, depending on the laws of the state in which the house is sold. Commercial Property: Buying and Selling If you are looking to buy or sell commercial property, your best bet is to engage a real estate attorney who can advise you on legal matters involving the transfer. As with home purchases, it’s important to have the property inspected thoroughly before committing to buy. You will also want to ensure that zoning laws permit you to renovated buildings to suit your needs – for example, buildings that are zoned as small retail outlets may not always be turned into restaurants; warehouses may not necessarily be converted to apartment complexes. Real estate lawyers will make sure that you know as much as possible about your property before you buy. Do Your Homework Youll be Amazed at the Difference it Makes! The best way to be successful in any real estate transaction is to come in with your eyes open. Listed below or some top real estate websites that can help you find what you're looking for today: HomeGain: Selling Your Home? - Let local real estate agents know about the home you'd like to sell so they can address your specific needs. They will send you customized responses including their credentials, business experience, and commission rates to compete for your business. HomeGain: Buying A Home? - Let local real estate agents know about the home you'd like to buy so they can address your specific needs. They will send you customized responses including their credentials, business experience, and local market knowledge to compete for your business. Foreclosure Search: Simple Real Estate Secrets - Search foreclosures in the USA. Includes bank foreclosures, court foreclosures, pre-foreclosures, homeowners in bankruptcy, HUD homes, VA homes, government homes & more! Make Real Money Investing In Real Estate - Lou Vukas gives you the insider secrets to making real money in real estate regardless of your credit, finances or location. ^ Paid Advertisement Article ^ Ad Information        Forbes.com Wireless        Reprints / Permissions        Subscriber Services        ©2004 Forbes.com™      All Rights Reserved       Privacy Statement        Terms, Conditions and Notice Search Engine Marketing by 360i, Inc.

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License Search Approved Schools Course Requirements Real Estate Course Search Real Estate Exams Instructor Resources Forms and Applications Education Menu Broker Salesperson Company Reciprocal Fees Certification of Licensure Licensing Menu Loading. . . Formal Complaints Enforcement Jurisdiction Gifts, Rebates & Kickbacks Unlicensed Assistants Risk Management 101: Office Audit Checklist Legal Menu License Search Type of License: All Types Company Licensee Company Or Last Name: License Number (nine digits) : Records to show at a time: 10 25 50 100 About License Status Search Renewed 2005-2006 Online license renewal information is updated every 24 to 48 hours depending on the time of renewal transaction. License Paid Date License information is updated every 24 hours. Please allow 3-10 days for licensing changes to appear on a record. License paid date will reflect the date of the most recent license record change(s); i.e., date of renewal, date of transfer, etc. If any record information is no longer current, please contact the Alabama Real Estate Commission immediately. CE Hours To comply with Continuing Education all active licensees subject to CE will complete three (3) hours in Risk Management and twelve (12) hours in approved electives. The CE credit earned by a licensee will be sent electronically to the Commission. Paper certificates obtained from courses during the 2003-04 license period should be maintained for audit. But after October 2006 it is no longer necessary to maintain paper certificates for proving CE credit. D. Philip Lasater Email Us Privacy Policy Alabama Real Estate Commission Montgomery, AL 36106-3674 Executive Director Email Webmaster © 2002 AREC Telephone (334) 242-5544, TTY (334) 396-0064, Fax (334)270-9118