10 Myths About Reverse Mortgages

Eagle Home Mortgage Maurice CohnMyth #1: The lender or government will own your home.

False – You, your family and/or your estate continue to retain ownership of your home. The lender’s interest is limited to the outstanding balance of as a lien on title.

Myth #2: The reverse mortgage requires that I make monthly payments.

False – There are no monthly payments required to your lender, however, the borrower is responsible for payment of all property taxes, insurance, and general upkeep of the home.

Myth #3 – My children will be held responsible for the repayment.

False – The reverse mortgage as a nonrecourse loan. This means that the lender can only drive repayment of the loan from the proceeds of the sale of the property. Even if the value of the home is reduced due to economic market our property perils you or your estate can never out more than the value of the home, they are able to work with the loan servicer to repay the loan and as an option by the home for themselves.

Myth #4 You need a certain level of income, credit or health to qualify.

False – While a reverse mortgage currently has no income, debt ratios, credit score or health rules, you will be asked to verify income information for government monitoring and reporting purposes. Also, the lender will run credit report prior to loan approval to determine the presence of any past due federal debt, which must be brought current at the time of loan closing.

Myth #5: To qualify, my house must be debt-free and paid off free and clear.

False – You may have a mortgage or other debt liens on your home. The mortgage or debt liens however, must be paid off the proceeds of the reverse mortgage, or prior to closing with an acceptable source of funds. In fact, many borrowers obtain a reverse mortgage for this reason to be mortgage payment free.

Myth #6: Reverse mortgage lenders just want to sell your home.

False – Resvse mortgage borrowers may occupy the property as their primary residence for as long as they wish. Should they decide to sell the home, or all borrowers no longer occupy the property as their primary residence, the loan would then become due and payable.

Myth #7: If I take out a reverse mortgage, I will have nothing left for my children.

False – “Retained Equity” is a very important concept to grasp. Relize that your property will continue to appreciate (the whole value of the estate) and you pay interest only on the outstanding principal, interest and charges accrued through the payoff date. Consult your loan originator, or amortization table, for additional details.

Myth #8: If I get a reverse mortgage, I cannot sell my home.

False – If you decide to sell your home, the reverse mortgage, like any other loan, must be paid off at closing. There are no prepayment penalties for paying off or selling.

Myth #9: If my lender changes, my loan term can change.

False – A reverse mortgage is secured by two mortgages, or deeds of trust, depending on the appropriate security instrument filing in your state. One set is for the lender, and on side is retained by the the secretary of HUD. Once executed, the terms are defined and cannot be changed by law as long as the mortgages or deeds remain in force.

Myth #10 My Social Security, Medicare and/or Medicaid benefits will be affected.

False – The money from a reverse mortgage is considered borrowed money and that is not taxable income by the IRS. Consult with your tax advisory for your specific situation.

 

For more information contact our in-house lender Maurice Cohn

Cell 949-246-1793

MauriceCohn@eaglehm.com

NMLS # 234212 | BKBR 0117858

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Tips For Selling Your Glendale AZ Home

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We can show you ALL the Tips & Tricks

When you are considering selling your home in Arizona, and you know there is an issue with the property, the best thing to do is correct the problem before prospective buyers take a tour. When your ready start interviewing at least three different Real Estate Brokerages. A couple of things to ask during the interview is. (putting it on the MLS is not enough now)

  1. Do you use video?
  2. Will you write a blog about our home?
  3. Will our home have its own single page website?

A good real estate agent can advise you on pricing your home right and presenting it well. Please listen to the professional and price your home right, (don’t trust Zillow or Trulia) if it sits on the market to long buyers will start thinking there is something wrong with your house, and it will cost you more in the long run. Some of the basics are

  1. The home should be kept neat and clean inside.
  2. Make sure the yard is picked up and maintained, curb appeal is the first impression.
  3. Put the kid’s toys away
  4. Remove some of your personal items

A buyer makes their decision to buy or not to buy within the first few minutes of arriving at the house. Make it smell clean, when buyers smell strange smells they subconsciously think the home is not clean or has not been maintained properly. And start asking themselves  “can I get that smell out?”  Presentation is everything., never put your house on the market until its 100% ready to go. Top Property Shop has trained professional  to help guide you through process of listing your home pricing it right and marketing, all to make selling your home a smooth process.

 

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Real Estate Inventory Is Low In Phoenix Arizona

With inventory low, prices up, now is the time to sell!

SOLD With Top Property Shop
SOLD With Top Property Shop

 

If you’re thinking of selling your home in Greater Phoenix, now is a great time. Did you know that Top Property Shop can boast an astounding 97% of all our listings have sold? That’s right – 97%! And most within a time frame that is weeks less than the local average. One of our many ways we make that happen is with our high tech marketing programs. We have marketing experts on our team to help with this, since its a fact that 92% of buyers go online first to find them a home (your home).

With more buyers than sellers in today’s market that means higher demand which translates into higher price. The place to start is by contacting Top Property Shop Real Estate Brokerage and speak with one of our real estate agents who can give you expert advise on listing your home. We will pull the latest sales information and can advise you on the sale of your home. From listing price to presentation our expert agents can give you the advise to make the sale of your home smooth and pleasant. If your looking for a move up home or a smaller one, we can also help you find your new home.

What makes Top Property Shop  an even smart choice when it’s time to sell is the contacts we have available. Our agents have multiple vendors at your service to meet your needs. Whether you need an inspector, contractor, appraiser or even moving company, they can help you find the right professional for the job. This saves you time and hassles in seeking out the services you need to successfully sell your home.

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Are You A Home Buyer In Glendale Arizona?

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We can make that happen

Are you thinking of buying a home in Glendale Arizona?  Now is the time, with the Phoenix market at near record appreciation, waiting to buy may not only keep you from getting the home of you’re dreams, but could also take home ownership out of you’re reach. Working with one of our  real estate agent from Top Property Shop is a great place to start. You can expect professional service and expertise in helping you find the right home for you. With our  in house lender its easier then ever to find out what you can afford and what your options are , all of this help will get you closer to home ownership.

Top Property Shop is a full service Real Estate Brokerage in Glendale AZ. Nothing brings us more satisfaction as Realtors than helping you buy your home. The most difficult hurdle for most  home buyers is coming up with a down payment, so we went out and found a solution.  Our in house lender has a program for  home buyers who may be light on cash. The program is called “Home in 5“. You as the buyer can get 5% of the purchase price back at closing to help with down payment or closing cost. This program has no strings attached. On a $200,000 home that’s $10,000 of “FREE MONEY”

One of the benefits of working with a Realtor is getting accesses to homes with in a hour of them hitting the market. The 3rd party websites like Zillow & Trulia don’t get that information for at least 72 hours, and by then the home is already sold.  Be the first to know what’s coming up for sale in the Glendale Arizona real estate market with our New Property Listing Alerts! Just tell us what you’re looking for and we’ll email a daily update of all homes listed for sale since your last update. You can unsubscribe at any time.

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Luke Air Force Families – Glendale AZ / Welcome

We love to help our Veterans
We love to help our Veterans

Here at Top Property Shop, we welcome you to Glendale Arizona. We have personally been to the base to watch the air shows, (wow) with Air Force families We have helped in the past, A lot of them sense been relocated to other bases like Dove Air Force Base and Edwards Air Force Base. What a joy it is just not helping the families here with their real estate needs but being able to help with their relocation. Here At Top Property Shop we are honored to help the Air Force families with their housing needs. Regardless of whether  your buying or selling we give back a portion of our commission, that’s our way of saying thanks!!

Our in house lender has a killer program available to ALL veterans “Home in 6 Program“. You can receive up to 6% of purchase price to be used as down payment or cover closing costs. On a $200,000 purchase price that’s $12,000 of FREE MONEY.

We are proud of our American Veterans who have or continue to serve our Great Country during unsettling times. Top Property Shop is here to serve your needs when it comes to finding homes near Luke Air Force Base near Surprise Arizona. We know this area like the back of our hand. There are many great deals for your liking in this area of Arizona. Luke Air Force Base is a great place to live and work. There are jets flying in the air day and night. Kids love seeing the jets. I also like to see them, it gives me a secure felling.

We knows how difficult it can be when you get new orders and have to pick up and move (again?) to a totally new state. You need the support of an expert who can advise you on every nuance of your relocation. Remember, your home is one of the most important investment and decisions you’ll ever need to make. But don’t worry, you needn’t feel either lost or confused, as long as you have the right team of real estate professionals on your side.

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Valley Of The Sun Real Estate Agents

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Top Property Shop is Hiring

Are you an agent who is tired of giving your commission to the brokerage? What are our Real Estate Agent Fees? Are you a new agent and finding out that you still have a lot to learn about the process of listing, selling, and marketing that you did not get from your real estate school? At Top Property Shop, a Phoenix Arizona Real Estate Brokerage we can help, we have several commission payment plans, weather you’re a seasoned veteran or beginner. We understand that you are a real estate agent that wants to  make money and that giving a large portion to the Brokerage means your keeping less in your pocket. We have commission plans to fit any agent, based on experience and work ethic we know you will like our plans.

If you are new and just starting out, then you will have questions that we can help with. We also offer advanced training to take you beyond what you learned in real estate school and help you become very successful. Some of the training we offer includes basic training on systems, (paperwork, procedures, and marketing) We have training from one of the largest Title Companies in the area for you, so you understand fully the process of getting through a closing. And Training from a Mortgage Broker so you can gain a complete understanding of the loan process. All of this is to help you feel more comfortable and confident in your career.

This information and training is vital to your success as a real estate agent and we feel that any and all agents can benefit. After all it is designed to improve your working knowledge so that you can better advise your clients and feel more confident in your own knowledge, all in an effort to help you complete more deals. Come see us at Top Property Shop and lets work together to make you a success.

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