Home Equity Conversion Mortgage
Home Equity Conversion Mortgage Program - HUD Housing About Housing Contact us Keywords Single Family Hospitals Multifamily OAHP Reading room Online forums Work online HUD news Homes Communities Working with HUD Resources Tools Webcasts Mailing lists Contact us Help Home Equity Conversion Mortgage Program Information by State Print version Email this to a friend Summary: The Home Equity Conversion Mortgage program enables older homeowners to withdraw some of the equity in their home in the form of monthly payments for life or a fixed term, or in a lump sum, or through a line of credit. Purpose: The Home Equity Conversion Mortgage Program (HECM) can enable an older home owning family to stay in their home while using some of its built up equity. The program allows such a household to get an insured reverse mortgage-a mortgage that converts equity into income. Because older persons can be vulnerable to fraudulent practices, the program requires that persons receive free reverse mortgage housing counseling from a HUD-approved reverse mortgage counseling agency before applying for a reverse mortgage. FHA insures HECM loans to protect lenders against loss if amounts withdrawn exceed equity when the property is sold. Type of Assistance: HECM can be used by homeowners who are 62 years of age and older. The total income that an owner can receive through HECM is the maximum claim amount, which is calculated with a formula including the age of the owner(s), the interest rate, and the value of the home. For example, on the basis of a loan at recent interest rates, a 65-year-old could borrow up to 26 percent of the home's value, a 75-year-old could borrow up to 39 percent, and an 85-year-old could borrow up to 56 percent. Borrowers may choose one of five payment options: (1) tenure, which gives the borrower a monthly payment from the lender for as long as the borrower lives and continues to occupy the home as a principal residence; (2) term, which gives the borrower monthly payments for a fixed period selected by the borrower; (3) line of credit, which allows the borrower to make withdrawals up to a maximum amount, at times and in amounts of the borrower's choosing; (4) modified tenure, which combines the tenure option with a line of credit; and (5) modified term, which combines the term option with a line of credit. The borrower remains the owner of the home and may sell it and move at any time, keeping the sales proceeds that exceed the mortgage balance. A borrower cannot be forced to sell the home to pay off the mortgage, even if the mortgage balance grows to exceed the value of the property. A HECM loan need not be repaid until the borrower moves, sells, or dies. When the loan must be paid, if it exceeds the value of the property, the borrower (or the heirs) will owe no more than the value of the property. FHA insurance will cover any balance due the lender. Two mortgage insurance premiums are collected to pay for HECM: an up front premium (2 percent of the home's value), which can be financed by the lender, and a monthly premium (which equals 0.5 percent per year of the mortgage balance). The lender's loan origination charge can vary, but only up to $1,800 in such charges may be financed by HECM. Borrowers may be charged appraisal and inspection fees set by HUD; these charges can also be financed. As part of the HECM program, HUD has provided for free reverse mortgage counseling (with training for the counselors) for persons considering using such an instrument, and a toll-free information line (1-888-466-3487). Eligible Grantees: Any lender authorized to make HUD-insured loans- such as banks, mortgage companies, and savings and loan associations-can participate in the HECM program. Eligible Customers: To be eligible for HECM, a homeowner must (1) be 62 years of age or older, (2) have a very low outstanding mortgage balance or own their home free and clear, and (3) have received HUD-approved reverse mortgage counseling to learn about the program. An eligible property must be a principal residence, but it can be a single-family residence, a one- to four-unit building with one unit occupied by the borrower, a manufactured home (mobile home), a unit in an FHA-approved condominium, or a unit in a planned unit development. The property must meet FHA standards, but the owner can pay for repairs using the reverse mortgage. Application: Homeowners who meet the eligibility criteria above can apply through an FHA-approved lending institution, which in turn submits the application to the local HUD Field Office for approval. Borrowers can locate FHA-approved lenders through HUD's searchable listing . Because there has been a problem of some senior citizens being charged thousands of dollars for information on HECM that is available free, HUD recently directed HECM lenders to stop doing business with companies that charge such fees. Funding Status: In FY 1996, the HECM program insured 3,604 homes with a value of $369 million. Through September 30, 1996, approximately 16,000 HECM loans had been made. Technical Guidance: TECHNICAL GUIDANCE: This program is authorized by the Housing and Community Development Act of 1987, Section 417, Public Law 100-242 (12 U.S.C. 1715z-20). Program regulations are in 24 CFR 200 and 206. This program is administered by the Office of Single-Family Housing in HUD's Office of Housing-Federal Housing Administration. For More Information: Homeowners who want to learn more about this program, or who were charged for HUD approved reverse mortgage counseling should call HUD's toll-free housing counseling information line, 1-800 569-4287 or see the searchable list of HUD approved reverse mortgage housing counseling agencies or call 1-888-466-3487. Additional information is available from two nonprofit organizations: the American Association of Retired Persons' (AARP) Home Equity Conversion Information Center (202-434-6044) and the National Center for Home Equity Conversion (NCHEC) at 7373 147th St., Room 115, Apple Valley MN 55124. Content updated April 26, 2002 Back to Top FOIA Privacy Web Policies and Important Links Home U.S. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410 Telephone: (202) 708-1112 TTY: (202) 708-1455 Find the address of a HUD office near you
Denver real estate companies
Denver, Colorado Real Estate Companies DENVER REAL ESTATE COMPANIES "A gazillion links to Denver real estate companies" ColoradoLinks.Net More R. E. Companies Comments Denver real estate companies selling homes, land, and commercial property Automated Homefinder www.AutomatedHomefinder.com Search from over 30,000 homes for sale and receive updates of homes meeting your specific needs! Free service, no obligation. Buyer's Advantage 303-587-3509 ** Email Being an ordained minister, and serving in many volunteer capacities has taught Judith about listening to and understanding people's needs. If you need somebody you can trust, Judith is your realtor. Colorado Home Finder Denver Colorado Real Estate Denver real estate, MLS listings and Denver homes for sale at Colorado HomeFinder. Relocation, loans, and school info. Local Denver realtors and Denver real estate agents in the Denver County area. Colorado Home Store Still looking for the dream home in the Rockies? Search Golden MLS - Jefferson County MLS - Denver MLS. We use Google to index all residential, Colorado land, & Jefferson County commercial properties listed in the MLS. You can search for properties by Google keyword, or by city, price, type, etc . Denver Real Estate Solutions Search all homes for sale in Denver and surrounding suburbs. Also available, zero down loans, and online preapproval for Denver real estate loans. Kelce Enterprises 7500 E. Arapahoe Rd. # 100 Englewood, Colorado 303-783-3788 DenversFirstRealEstate.com- Marni Kelce / Kelce Enterprises, Inc. desires to make your sale and/or purchase of real estate a wonderful experience. We strive to make clients for life. Mercy Housing Mercy Housing is a national not-for-profit organization dedicated to creating and strengthening healthy communities. By developing, operating, and financing quality, affordable, service enriched housing, Mercy Housing changes the lives of individuals and families and revitalizes distressed neighborhoods. PorchLight Real Estate Group Complete Denver Colorado Real Estate source, homes, condominiums and much more. Professional Real Estate Websites at Discount Prices Real Estate Information and Directory of Professional Services. RealtySites.info offers full-featured web sites for home inspectors, appraisers and real estate professionals for only $300. NACHI members save even more! RealEstateColorado.Net Access homes for sale in Denvers MLS & 19 Colorado Counties. Relocation Info, Over 300+ Community Links, Video Tour of Denver, Master Planned Communities, Cities and Subdivision Information and more. Aggus Realty All Right Realty Aspen Gold Assist 2 Sell Benchmark Realty The Berkshire Group Buyer's Resource CEC Realty Century 21 / Dinkel and Associates Century 21 / Professionals Century 21 / Target Realty Cherry Creek Realtors S.E. Cliffdwellers Coldwell Banker Colorado Income Cunningham Advisors DB Realty Stars Denver Realty.com Denver Lofts Online.com Distinctive Properties DMCAR / DPD FIRE Incorporated Friedman Realty Fuller and Company Fuller Western Real Estate Gerretson Realty Grubb & Ellis Hottest Homes Dot Com HQ Homes Inverness Properties James Real Estate Services Kentwood City Properties The Kentwood Company Kois Real Estate L.C. Fulenwider E. Lucero and Company Metro Brokers, Inc. / Torke's & Company The Michael Dagner Group Mountain Plains Properties National 1031 Exchange Service Nostalgic Homes Perry & Company Porchlight Real Estate Group The Prestige Real Estate Group Restaurant Realty RE/MAX 100 RE/MAX Alliance ReMAX Horizons Group, Inc. RE/MAX of Cherry Creek RE/MAX Northwest Rocky Mountain Real Estate Group Rossiter & Associates Trenka Associates top Related pages: Vacation & short term rentals , K-12 schools , Home Improvement Colorado Links. Net -^-^-
Home Loan Bank of
Welcome to the Home Loan Bank of New York ----commented out ------- MEMBER LOGON From the President December 29, 2005 2005: A YEAR OF ACCOMPLISHMENT We have completed a year in which the Federal Home Loan Bank of New York achieved a number of distinct and transforming accomplishments. Completed SEC Registration One of the most significant and transforming of the accomplishments occurred in late August. After three years of preparation and hard work, the registration of the Banks stock under the Securities Exchange Act of 1934 was declared effective by the SEC. The Home Loan Bank became one of only two banks in the Home Loan Bank System to satisfy the registration requirements of the SEC within the time frame set by our regulator, the Federal Housing Finance Board. The Home Loan Banks filings with the SEC are available on the SECs EDGAR system, accessed at http://www.sec.gov/edgar.shtml . If you have not done so, I encourage you to review these reports containing detailed financial and other information about the Bank. Completed Capital Exchange With the completion of the SEC registration process, the Home Loan Bank then proceeded with the implementation of the new Capital Plan. Prior to the opening of business on December 1, outstanding shares of capital stock owned by the Home Loan Bank of New Yorks community member stockholders were automatically exchanged for shares of the Banks new Class B stock. The new Capital Plan was mandated by the Gramm-Leach-Bliley Act, and more closely ties member capital requirements with advance usage. Improved Financial Results In addition and more importantly, the Home Loan Bank continued to achieve solid financial results in 2005. The Bank manages to a risk/reward profile that generates sustainable and predictable earnings. For example, we continued with a low-risk, tightly controlled, conservative approach to investing in Mortgage-Backed Securities. At the same time, we also remained a member-focused, advances-oriented Home Loan Bank: approximately 75% of the assets of the Bank are in the form of advances to our members. Only a few other Home Loans rival this high percentage. Further, advance demand has remained solid. In November 2005, advances averaged $60.9 billion, down slightly (about $600 million) from October 2005. We ended the month with $61.4 billion in advances on our books. Product innovation has continued in the area of advances. In June, the Bank introduced the Fed Funds Floating Rate Advance, a new adjustable alternative for members. The "Fed Funds Floater" Advance is designed to help fund a portion of members' cash positions. The products rate is tied to the Fed Funds rate and resets daily. The Home Loan Bank also furthered its record of providing a fair return on our members capital investment. In fact, profits improved over 2004 and the Home Loan Bank is now providing among the highest capital investment returns in the Bank System. At the same time, the level of pre-dividend retained earnings increased more than 22% from the 2004 year-end balance to approximately $273 million at the end of November. As we total up the results for the full year, I want to express my personal appreciation to each stockholder for the business you brought to the Bank in 2005. We are here to help our members play a key role in the delivery of housing and community financing. With an outstanding Board of Directors, a solid management team, and a dedicated staff, we have set the course and put in place the plans that have made the FHLBNY an exemplary organization. The Home Loan Bank team is dedicated to providing quality services, and we look forward to maintaining a high level of service in 2006. In closing, we value your relationship with the Home Loan Bank and we are ready to assist you in meeting your commitments to your customers. And we appreciate the opportunity to serve you. All of us at the Home Loan Bank wish you and yours the very best in 2006! Sincerely, Alfred A. DelliBovi President & CEO FHLBNY UPDATES December Edition 4-Year Floating-Rate Advances Priced at 3-Month LIBOR Plus 2 Basis Points! Convertible Advances at FHLBNY Repo Convertible Advance Rates FHLBNY NEWS With the filing of an amendment to its registration statement on Form 10 on August 29, 2005, with the Securities and Exchange Commission under the Securities Exchange Act of 1934, the HLB became an SEC registrant. Federal Home Loan Bank of New York Implements Risk-Based Capital Plan Capital Exchange Information Statement and Capital Plan View the Capital Exchange Webinar Capital Exchange Webinar Slides SITE HIGHLIGHTS 1LINK sm MPF PROGRAM FIRST HOME CLUB sm AFFORDABLE HOUSING PROGRAM 2005B ROUND APPLICATION PACKAGE QUICK LINKS B ank Forms Application for an OLOC line Site Best viewed in Internet Explorer 4.0+ browser and at screen resolution of 800x600. General Terms and Conditions of Use | Privacy Policy | Forward-Looking Statements Our friendly lawyers have asked us to tell you that visitors remaining in session with this site IMPLICITLY CONSENT to our General Terms and Conditions of Use and our Privacy Policy, and ACKNOWLEDGE our Cautionary Language Regarding Forward-Looking Statements. Please exit this session if you do not agree with the foregoing. 2005 Federal Home Loan Bank of New York, 101 Park Avenue, New York, NY 10178. All rights reserved .
Buy Home
How to Buy a Home and Other Real Estate - Home Buying Advice You are here: About > Home & Garden > Home Buying / Selling > How To Buy a Home Home & Garden Home Buying / Selling Essentials 10 Things Home Buyers Shouldn't Do Best Tips for First Time Home Buyers "Must-Do" Tasks Before You Sell How to Buy a Home, Step by Step For Sale by Owner Advice Articles & Resources How To Buy a Home How To Sell a House Celebrity & Historic Credit Reports & Scores Design & Remodel Home Maintenance Inspections & Appraisals Investing & Foreclosures Modular & Manufactured Mold, Radon, Lead, etc. Mortgage Advice Moving & Relocation Real Estate Careers Real Estate For Sale Vacation Homes Buyer's Guide Before You Buy Top Picks Home Buying Books Foreclosure Books Mortgage Books Product Reviews Forums Help FREE Newsletter Sign Up Now for the Home Buying / Selling newsletter! See Online Courses Search Home Buying / Selling > How To Buy a Home How To Buy a Home and Other Real Estate Find the answers to your questions about buying a home or other real estate. The home buying tools here help you understand all of the steps you must take to have a successful and stress-free home buying experience. Subtopics Blogs (3) Home Seller Disclosures (4) Boundary Surveys (3) Mortgage Info and Advice @ Condo, Townhouses, Co-ops (8) Offers and Contracts (7) Easement & Right of Way (4) Real Estate Auctions (1) eCourses (3) Real Estate Deeds (2) Eminent Domain (5) Real Estate Glossary (57) Escrow and Closing (9) Title Insurance (5) First Time Home Buyers (2) Working with Agents (9) Home Buying Book Reviews (2) Articles & Resources Sort By : Guide Picks | Alphabetical | Recent 10 Things You Shouldn't Do When You're Buying a Home You might be pre-approved for a home mortgage, but that doesn't mean buying a home is a sure thing. Here are ten things you shouldn't do before the keys are in your hand. 11 Steps to Buying a Home You'll feel more confident about your home buying journey when you understand what is required of you and every other person who is involved in the transaction. Use this step by step home buying guide to get started. Buying a Home with Good Resale Potential Most of us won't live in the same house for the rest of our lives, so it makes sense to at least try to buy a home with good resale potential. Here's some advice to help you do just that. Coping with Buyer Remorse Are you suddenly feeling queasy about the house you just agreed to purchase? You might have a case of buyer remorse, a condition that sometimes occurs between the time your home buying contract is accepted until you actually go to the closing table. Here's some advice to help you determine if your concerns are valid or a simple case of nervousness. Dealing with Unethical and Incompetent People Are you uneasy about some of the events that are taking place during your home buying transaction? Is your real estate agent, attorney or other person involved less than helpful--or worse, unethical? Then it's time for you to take charge of the transaction and do what's necessary to make sure your interests are protected. Staying Secure if the Real Estate Bubble Bursts I'm sure you've heard talk about the real estate bubble, a condition that occurs when real estate values balloon very rapidly, then burst, driving prices downwards. You can help protect yourself from a bursting bubble by following a few basic guidelines. Taking Your Final Walk-Through When you're buying a home, it's essential to do a final walk-through inspection prior to closing. Learn the best times for you to take your walk through and find out what you should be on the lookout for. Working With a For Sale By Owner Seller Advice to help you work effectively with a for sale by owner seller. These tips help you avoid problems at or before closing. Topic Index | Email to a Friend Our Story | Be a Guide | Advertising Info | Work at About | Site Map | Icons | Help User Agreement | Ethics Policy | Patent Info. | Privacy Policy | Kids' Privacy Policy ©2005 About, Inc., A part of the New York Times Company . All rights reserved. Around About Oprah's Life Vacation Ideas Shop Safely Online VIDEO: Craft Rooms VIDEO: Christmas Traditions What's Hot Coping with Unethical People How To Buy Land Real Estate Appraisal Before You Buy a Log Home Package Home Buying / Selling - GuideReviews Headlines Getting Ready to Sell Your House Guests and lots of activities make it difficult to show... Before You Buy Gas Logs Gas logs are growing in popularity every year, so manufacturers... Pros and Cons of Becoming a Real Estate Agent You've decided you want to become a real estate agent,... Step-by-Step Directions Help You Measure Square Footage Each year, home owners discover that their new home's square...
Real Estate Investment Software
Real Estate Investment Software - AnalyzeToWin Real Estate Software AnalyzeToWin Real Estate Software Real Estate Software Products: Real Estate Analyzer Professional Real Estate Analyzer Deluxe Investment Property Analyzer Lite Vacation Home Investment Evaluator Personal Home ROI & Cashflow Calculator Contact Us About Us Privacy Terms&Conditions Articles Links Site Map Advertisement Section The Lake of the Ozark's Home Rental Other Rentals Real Estate Software for the Informed Investor Real Estate Investment Software Maximize your return on investment with our real estate software for residential or commercial income properties. Our real estate analysis tools are easy-to-use and let you quickly create reports about return-on-investment (ROI), cash flow, future sales price and more. If real estate is part of your wealth-building strategy, our real estate investment software can help you: minimize surprises (or risk) by guiding you through typical expense categories and showing you the cash flows base your investment decisions on numbers (ROI) and take some of the emotions out of the decision-making process spend only minutes instead of hours on the analysis focus on finding the right properties using scenario analysis Choose the right Real Estate Software for your needs: Real Estate Analyzer Pro : Real Estate Investment Software for residential or commercial real estate investment analysis. Includes detailed tax treatment for active investors and real estate professionals. Investment Analyzer Lite : Software Version for less complex real estate investment analysis requirements. Real Estate Analyzer Deluxe : analyze either your personal residence , an income generating residential rental property or a vacation home . The Real Estate Analyzer Deluxe is a standalone real estate analysis program for Microsoft Windows (no spreadsheet) while our other programs require Microsoft Excel. Unlike the Investment Property Analyzer or the Real Estate Analyzer Pro, the Deluxe focuses on different property types but without the detailed tax benefit analysis required by most professional investors. Vacation Home Investment Evaluator or Personal Home ROI & Cashflow Calculator : for your personal real estate purchases. See our Real Estate Software Feature Comparison Table All of our user-friendly programs are designed to save you time in calculating the return on investment and evaluating potential future cash flows for your income property. Know the potential return and cash flows of your real estate investment! Our Guarantee: All our software products have a 10-day money back guarantee! Real Estate Analysis Software Programs for successful Real Estate Investors. All Rights Reserved Option Analysis LLC