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Stuart Mark & Sandra Verdugo
Direct Office:
800-918-8991
SnSCommercialRE@Gmail.com

DRE# 00598307
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Stuart Mark & Sandra Verdugo
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Direct Office:
800-918-8991
SnSCommercialRE@
Gmail.com

DRE# 00598307
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Work With Me
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UNITED CALIFORNIA LENDERS ASSOCIATION 

 

Phone 800-918-8991 Fax: 866-953-2267 or Direct: 714-381-3033

SnSCommercial.Com   Email: snscommercialre@Gmail.com & uclender@yahoo.com

          

    State of California licensed Real Estate and Mortgage Broker NMLS #344735

 
SNS COMMERCIAL Broker/Owner/operator - a commercial/ residential brokerage firm, specializing in real estate sales and purchases, rehabilitation (construction) of income property, property management (including commercial leasing) with extensive eviction/court experience, IRS 1031 exchanges, mobile home park sales & investment portfolio counseling
 
UNITED CALIFORNIA LENDERS ASSOCIATION Broker/Owner/operator – mortgage broker/lender specializing in originating 'a' thru 'd' paper and Commercial mortgages and buying & selling trust deeds and notes. Speaker for Mortgage Professional Learning & Earn Series seminar

 

 REAL ESTATE INVESTMENT

  • We meet with you to put together your profile as an investor
  • Together we analyzing your property cash flow, calculating a cash on cash return, plus identifying total return on investment. I.e.. tax benefits, etc.
  • We evaluate “upside” potential/value added. What is a good deal?
  • We look at your properties tenants portfolio – the good, the bad and the reality of life!
  • We evaluate your "Idle equity" – can it work for you?  Let’s look at the numbers!
  • We evaluate if you qualifying for a new loan – how’s your credit, other factors involved?
  • We find the best loan for your situation.  Commercial loans – 5 units and more – what are the top issues?
  • 1031 Exchanges –what’s the principles, what are the benefits?
  • You will be working with a real estate investment professional (S) US!
  • Reverse Mortgage
  • Foreign Nationals - OK!

 

What Is a Reverse Mortgage, Anyway?

 Reverse mortgages get their funny name because they run in reverse. Ordinary “forward” mortgages begin with a large balance, and as the borrower makes payments to the lender, the balance shrinks until the loan is retired. Reverse mortgages, however, start with zero balances, which increase as the lender pays the borrower.   Reverse mortgages are specialized products created to meet the needs of “house poor” seniors – folks who have plenty of home equity, but not enough cash. Here are the main facts about reverse mortgages:

There are four types of reverse mortgages

  1. Home Equity Conversion Mortgages (HECMs, pronounced “heck’ums”) are insured by FHA and their fees are regulated by HUD. About 90 percent of all reverse mortgages are HECMs.
  2. HECM Saver (also called HECM Lite) is a smaller, less expensive version of the HECM. Costs and loan amounts are much lower for this program.
  3. Special purpose or single purpose reverse mortgages are for seniors with very low incomes, and are subsidized by community organizations or local governments. Their purpose is usually to help pay property taxes and take care of home repairs.
  4. Proprietary, private or jumbo reverse mortgages are more expensive, but they can be useful – for example, they might be offered to younger borrowers, or come with higher loan amounts.

There are five ways of taking reverse mortgage proceeds

  1. Receive monthly payments for a specific term like five or ten years. Some seniors do this to delay receiving Social Security benefits and increase their monthly payments.
  2. Receive monthly payments for life. No matter how long you live, even if your loan balance outstrips the value of your home, your payments are protected.
  3. Take the entire loan balance as a lump sum. This option is the only one that allows you to choose a fixed interest rate instead of an adjustable one.
  4. Set up a line of credit. This is the lowest-cost option and appropriate for people who want access money in the future or for emergencies. Lines of credit can even be increased as your home’s value rises.
  5. Select a combination of these options – for example, choose monthly payments plus a line of credit.

Most reverse mortgage require borrowers to attend counseling sessions before borrowing

HECMs are complicated products, and HUD wants homeowners to understand what they are committing to before taking out these loans. That’s why reverse mortgage counseling is required. For private or jumbo reverse mortgages, counseling isn’t required. However, HUD does not oversee these products, and borrowers have fewer protections. For that reason, reverse mortgage counseling is probably even more appropriate for homeowners who take out private reverse mortgages.

Maximum loan amounts vary.

The amount you can borrow is determined by the interest rate, your home's value, the amount of liens against it and your age. In addition, HECM loans are bound by FHA’s maximum loan limits. Reverse mortgages differ from forward mortgages in that the final balance is unknown when you take out the loan. You might borrow $100,000 and pay it off in 5 years when you sell your home, or you might keep the house (and the mortgage) for 20 more years. Because the interest accrues as long as you have the loan, the final mortgage balance in unknown.

 Qualifying for reverse mortgages is easy.

Take everything you know about qualifying for an ordinary mortgage and toss it out of your favorite window. Because you aren’t required to make monthly payments, no one cares if your income is sufficient or if your credit is pristine. You simply need to be in the “mature” age bracket – 62 or over, and you should own your home free and clear or have only a small mortgage – one that could be paid off with a reverse home loan.

 There you have it – the crash course for reverse mortgages. If you like what you’ve read so far, check out the other informative articles in this section. You can learn about reverse mortgages and how they affect estate planning, eligibility for government assistance, and your investments. You’ll find reverse mortgage FAQs and find out how to shop for the best reverse mortgages.

 Finally, you’ll learn who should – and who should not – consider reverse mortgages. They are powerful financial tools, and should be used with care and expert guidance.

  

Pros: The Benefits of Reverse Mortgages

Here a few examples of how reverse mortgage loans can work for eligible homeowners:

  • Qualifying is easy. Reverse mortgage borrowers don't have to make payments, so credit ratings are less important. Reverse mortgages are the only home loan products that don't assess higher interest rates and fees for people with bad credit. Another plus is that there are no monthly payments and lenders don't need to review borrower income as a condition of loan approval. However, lenders do conduct a "financial assessment" to make sure the homeowners are capable of paying their home-related expenses like property taxes, insurance premiums, HOA dues and home maintenance. If it appears an applicants can't be counted on to take care of those obligations, some loan proceeds are held back and used by the lender to cover these expenses.
  • Reverse mortgage proceeds are not taxed as income. Funds withdrawn with a reverse mortgage don't incur income taxes. Here's an example of how this advantage works. Let's say that a homeowner takes on a part-time job for extra money, and her tax bracket is 25 percent. She would have to earn approximately $1,250 to increase her spending money by $1,000. A $1,000 withdrawal from a reverse mortgage actually puts $1000 in the homeowner's pocket.
  • Homeowners retain their home equity. Some people think that taking out a reverse mortgage means they no longer own their home. That's not true. In fact, when reverse mortgage borrowers sell their homes, any extra funds remaining after the reverse mortgage is paid off belongs to the borrowers. In cases involving reverse mortgage borrowers who have passed on, any funds remaining after the reverse mortgage is paid off are typically distributed to heirs. Heirs can also choose to pay off the reverse mortgage instead of selling the property.
  • Reverse mortgages can help homeowners avoid foreclosure. Those with home equity but insufficient income can retire their existing home loans with reverse mortgages, and never make another mortgage payment.
  • Borrowers can't outlive a reverse mortgage. Borrowers who choose to receive monthly payments for life (this is called the "tenure" option) cannot outlive their reverse mortgages. If a reverse mortgage loan's balance owed exceeds the mortgaged home's value when the last borrower leaves, neither the borrowers nor their heirs are responsible for repaying the difference.
  • Reverse mortgage proceeds can be used for any purpose. Whether borrowers want to increase their income, withdraw a lump sum for a big-ticket purchase, or use reverse mortgage funds to start a second career, it's their choice. Reverse mortgages can also be used to purchase a home without mortgage payments.
  • Reverse mortgages can be great sources of backup funds. By setting up a reverse mortgage line of credit, borrowers only pay interest and annual mortgage insurance on amounts they use. The line grows over time as their home appreciates.

Cons: Tradeoffs of Reverse Mortgages

  • There are occupancy requirements. Reverse mortgage borrowers are required to live in the mortgaged home. Seniors emerging from stints in hospitals or nursing homes (generally longer than 12 months) have faced foreclosure due to strict owner occupancy requirements for reverse mortgages. Homeowners planning extended absences from home are encouraged to discuss their plans with reverse mortgage lenders or a real estate attorney before applying for a reverse mortgage.
  • Maintenance and taxes are still required. Reverse mortgages require that homeowners pay property taxes, hazard insurance and maintain their homes. If a home's value is compromised by poor maintenance or failure to pay property taxes and hazard insurance premiums, the mortgage lender may foreclose.
  • Reverse mortgages can be expensive. Reverse mortgages are not the ideal answer for homeowners needing a few thousand dollars to repair a porch (unless the applicant's income is low enough to qualify for a special-purpose loan). While fees for FHA-insured HECMs are limited by the federal government, the required mortgage insurance isn't cheap -- traditional home equity loans are much less expensive for those who have the income to qualify.
  • Reverse mortgage borrowers can lose eligibility for Medicaid or Supplemental Security. Reverse mortgage proceeds taken as a lump sum and not spent immediately could cause homeowners to lose eligibility for needs-based programs subject to maximum income limitations. In most cases, a single person is only allowed to have $2,000 in cash to be eligible for Medicaid.
  • Heirs may worry about their inheritance. Homeowners with heirs can run into family misunderstandings and complications with their wills and estates due to reverse mortgages. It's important to discuss plans for a reverse mortgage with family members, estate planners or legal counsel as appropriate.

Reverse mortgage pros and cons can be difficult to navigate. Applicants with FHA-backed reverse mortgages are required to complete reverse mortgage counseling with an FHA-approved counselor. Advocates like Consumers Union recommend that homeowners shop carefully for their best reverse mortgage deal and avoid signing anything that they don't understand.

 For more information and to see if you qualify for a reverse mortgage, please email us at uclender@yahoo.com or call Stuart Mark @ 714-381-3033.

“SOFT MONEY” LOANS aka Hard Money!

NO CREDIT SCORE MINIMUM OR PROOF O F INCOME

THINK IT…. WE’VE ALREADY DONE IT! YOUR CREATIVE FINANCING GURU!

ARE YOU LOOKING FOR SHORT TERM FINANCE OR LONG TERM, U.C.F.C. CAN MAKE IT HAPPEN.  UCFC (UNITED CALIFORNIA FINANCIAL CORP) HAS BEEN AROUND FOR OVER 40 YEARS AND CAN STRUCTURE ANY LOAN THAT WILL MEET YOUR GUIDELINES AND NEEDS.  WE AT UCFC ARE FLEXIBLE!

EQUITY LOANS ARE BASED ON THE STRENGTH OF THE PROPERTY.  SENSIBLE LOANS MAKE SENSIBLE DOLLARS TO YOU!  EMAIL US YOUR LOAN SCENARIO'S; WE’LL GET BACK TO YOU WITHIN 48 HRS.

LICENSE NMLS# 247929

HARD MONEY LOANS GONE “SOFT”,  OUR SPECIALTY!

PRIVATE MORTGAGE LOANS FOR RESIDENTIAL & COMMERCIAL REAL ESTATE – ORANGE,  LOS ANGELES , RIVERSIDE & SAN BERNARDINO COUNTIES.

NO MINIMUM CREDIT SCORE OR PROOF OF INCOME

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GREAT RATE & TERMS

1ST,  2ND& 3RD LIEN POSITIONS

EQUITY LOANS ARE BASED ON THE STRENGTH OF THE PROPERTY.  SENSIBLE LOANS MAKE SENSIBLE DOLLARS TO YOU!  EMAIL US @SNSCOMMERCIALRE@Gmail.com / CALL 800-918-8991

“HARD IS NOT ALWAYS BEST” GO “SOFT”!

NO CREDIT SCORE MINIMUM OR PROOF OF INCOME

ANY LOAN YOU CAN THINK OF ..WE’VE ALREADY DONE IT!  CREATIVE FINANCING GOORU!

NO MINIMUM CREDIT SCORE OR PROOF OF INCOME

GREAT LOAN TO VALUES

GREAT RATE & TERMS

1ST, 2ND & 3RD LIEN POSITIONS

EQUITY LOANS ARE BASED ON THE STRENGTH OF THE PROPERTY.  SENSIBLE LOANS MAKE SENSIBLE DOLLARS TO YOU!  EMAIL US @SNSCOMMERCIALRE@Gmail.com / CALL 800-918-8991

ARE YOU LOOKING FOR SHORT TERM FINANCE OR LONG TERM, U.C.F.C. CAN MAKE IT HAPPEN.  UCFC (UNITED CALIFORNIA FINANCIAL CORP) HAS BEEN AROUND FOR OVER 40 YEARS AND CAN STRUCTURE ANY LOAN THAT WILL MEET YOUR GUIDELINES AND NEEDS.  WE AT UCFC ARE FLEXIBLE!

Let's get started! Call for a 10 min consultation and to begin processing your application!