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Newsletter 2017-12-14T17:40:13+00:00

Supplementing Your Retirement With a Reverse Mortgage Loan

 

Reverse Mortgage Loans

 

Retirement provides opportunities to discover new adventures. However, you could encounter some financial challenges if your lifestyle requires more money to maintain than you receive during your post-working years. As a trusted financial company in Texas, 1st USA Reverse Mortgage offers helpful loan products to eligible borrowers.

Why Should You Get a Reverse Mortgage?

Seniors typically receive dozens of promotions each month for new credit cards, personal loans and for traditional mortgage products. While teaser interest rates and low annual fees may be very tempting to ignore, you can avoid the accumulation of debt that requires ongoing monthly payments. Reverse mortgage loans offer a safer method for retirees to supplement their earnings.

With most types of loans, a borrower is required to make monthly payments until the principal balance, interest and any applicable fees are paid in full. Getting a reverse mortgage is ideal for borrowers who need additional cash without having an obligation to repay a portion of the debt each month. If you are searching for a loan to remodel your home or to obtain a lump sum of money, you should speak with one of our licensed experts about the benefits of obtaining a reverse mortgage.

Using Home Equity to Supplement Your Retirement

After leaving the workforce, a large percentage of retirees will notice a reduction in their monthly income. Budgeting will often suggest that a senior or a retiree should reduce some of their nonessential activities, such as frequent golfing, traveling and dining at high-end restaurants.

One of the unique features of a reverse mortgage is the ability to receive scheduled monthly disbursements. However, you might prefer to get all of the loan proceeds upfront. You get to decide which method of distribution is most desirable for your financial situation. Using some of your home equity to supplement your retirement is a favorable way for you to obtain a lump-sum disbursement, to receive monthly disbursements or to set up a credit line to access your funds.

Considerations

After many years of making monthly mortgage payments, you might have a considerable amount of home equity. Using a portion of the equity in your home could enable you to pay off your high-interest rate debts, to travel more frequently or to establish some additional financial reserves. Our licensed mortgage experts are knowledgeable, honest, courteous. Call 1st USA Reverse Mortgage today at (512) 288-4700 for more details about supplementing your retirement with a reverse mortgage loan.

 

 

By | December 13th, 2017|

Reasons to Get a Reverse Mortgage Loan

Reverse Mortgage Loan

 

Reverse mortgages provide an option for seniors to obtain cash from the equity in their homes. Prior to the reverse mortgage product, a senior citizen might have considered downsizing into a smaller home or to obtain an affordable home equity mortgage loan that requires regular monthly payments. As a reputable home lender in Texas, 1st USA Reverse Mortgage employs knowledgeable professionals who can answer any questions about a reverse mortgage loan.   

Pay Off Consumer Debt

Seniors who are on a fixed income may not have enough money to eliminate a sizable amount of credit card debt or other consumer bills. A retiree might also follow a strict budget that does not have a sufficient amount of discretionary funds to make additional contributions toward debt reduction. However, a reverse mortgage loan could enable a qualified borrower to pay off a lot of their consumer debt.

Our mortgage advisors can evaluate a variety of debts that you want to pay off. Instead of dealing with a maze of confusing possibilities by yourself, one of our reverse mortgage experts can help you determine which bills have the highest interest rates and ongoing fees. Paying off your consumer debt could provide you with some additional comfort during your retirement.  

Take More Vacations With a Reverse Mortgage Loan

If you are ready to stay at resorts that are beyond your regional area, you will need money for extended accommodations and for traveling expenses. Whether you plan to take a cruise for more than a week or to stay at a premier destination, a reverse mortgage loan could provide you with the funds that you need.

While you might book your travel plans several months in advance, you may be able to pay for your vacation in just a few weeks. We can help you complete your application for a reverse mortgage loan. If you are approved, you can elect to receive a lump sum distribution or to receive scheduled payments. Typically, the process may be completed within a month. Speaking with an experienced lending professional is a great way to learn more about the process for getting a reverse mortgage loan.

Explore Opportunities That Are Beyond Your Current Budget

Perhaps you have waited to remodel your home or to start a small business due to a limited amount of savings. With a reverse mortgage loan that does not requires monthly payments, you may be able to complete some of your most desirable goals.

Contact 1st USA Reverse Mortgage today at (512) 288-4700  to get more information about affordable home loans for seniors.

By | October 31st, 2017|

3 Things to Know About Reverse Mortgage Loans

seniors reverse mortgage

 

Home equity provides a variety of options for a qualified borrower who wants to obtain a real estate secured loan. Traditional mortgage loans require borrowers to make monthly principal and interest payments. However, a reverse mortgage loan is a unique product that does not require monthly payments.

 

What is a Reverse Mortgage?

A reverse mortgage is a loan that enables an eligible borrower to cash out a portion of their home equity. Unlike a traditional home loan that reduces a borrower’s principal balance with regular monthly payments, a reverse mortgage balance grows over the life of the loan. Borrowers can use the loan to get a lump-sum disbursement, to receive set monthly disbursements or to obtain disbursements as needed via a line of credit. Speaking with a licensed mortgage loan officer is a great way to inquire about reverse mortgages.  

 

What are the Benefits of a Reverse Mortgage Loan?

Many homeowners are unaware of the benefits of a reverse mortgage loan. When a fairly fast solutions is needed to pay for items, such as unplanned medical expenses, home improvements, tuition or for an extended vacation, a reverse mortgage offers a lot of incentives for qualified borrowers. Shown below are some of the benefits of reverse mortgage loans.

 

  • No mortgage payment
  • Quick access to cash
  • Financial counseling

 

With a reverse mortgage loan, a borrower can pay off monthly bills and other debts. Additionally, eligible borrowers can use the loan toward certain lifestyle advantages. For instance, by receiving disbursements via a reverse mortgage, a homeowner might be able to delay the use of their retirement savings.

A government-back Home Equity Conversion Mortgage is an extraordinary financial tool for seniors. The program requires financial counseling from an agency that is approved by the U.S. Department of Housing and Urban Development.

 

What Items are Needed to Apply for a Reverse Mortgage Loan?

Lenders often receive calls from prospective borrowers who are wondering how reverse mortgages work. Many applicants are typically concerned about the requirements for a reverse mortgage loan. Shown below are items that are needed to apply for a reverse mortgage.

 

  • Applicant or spouse must be 62 years of age or older.
  • Proof of residency and owner occupancy at the subject property.
  • Certificate of counseling for a reverse mortgage loan.
  • Sufficient income to pay property taxes, homeowners insurance and typical maintenance expenses.

 

Reverse mortgage lenders will also require a credit report, an appraisal and other financial documents.   

Contact 1st USA Reverse Mortgage at (512) 288-4700 for more information about reverse mortgage loans.

 

By | September 27th, 2017|

Top 3 Reasons You May Want to Consider a Reverse Mortgage

Three Reasons you may want to consider a Reverse Mortgage

Increase Your Budget

Having a reverse mortgage could help with your budget.  Many seniors have fixed income and fixed expenses.  However, there are always things that pop up.  Having a reverse mortage could help free up some of your budget by eliminating your monthly mortgage payment.

 

Home Improvements

As houses age, they need a little bit extra to keep them maintained.  If you have lived in your home for a while, you might not even see all the small repairs that are needed.  When something major needs to be repaired, where do you go?  Well, a reverse mortgage could give you access to help pay for those repairs and bring your house up to a safe and pleasant condition once again.

Travel

Many seniors find themselves without a lot of money to use for visiting relatives or traveling to those places they always wanted to see.  Having a reverse mortgage could give you the needed funds to take those trips you have always wanted.

Is a reverse mortgage right for you?

Reverse mortgages may not be for everyone, but if you are over 65 and have been in your home for quite a while, you may gain many benefits from a reverse mortgage.  We would love to help you decide what the best course of action is for you and your lifestyle.

Our professionals are diligent in listening to you and helping you get all of your questions answered.

Give 1st USA Reverse Mortgage a call at 800-676-5616 or just go to our main page (1stUSAReverseMortgage) and fill out our handy form.  Our honest and dependable team is looking forward to hearing from you.

By | February 24th, 2017|

Introduction to 1st USA Reverse Mortgage in Texas

The Reverse Mortgage Professionals

1st USA Reverse Mortgage, LLC/The Valdez Group is not here to sell you products. We are here to help you find solutions to your needs.  We understand that any Reverse Mortgage is a big decision and should not be taken lightly.  Our first priority is to educate and to find the right program to fit your needs and one that will benefit you for the future.

A Home Equity Conversion Mortgage (HECM’s), also known as Reverse Mortgages are federally-insured and backed by the U.S. Department of Housing and Urban Development (HUD).  HECM loans can be used for any purpose.

A Reverse Mortgage is a Financial Retirement Tool

Many financial advisors are recommending the Reverse Mortgage program to homeowners age 62 and older as a successful retirement planning tool.  Here are a few ways to structure your pay options.

  • You can choose to take money as a lump sum or receive monthly disbursements that can be used to pay for living expenses. By doing this, your other investments or benefits will have more time to grow in value before accessing them.
  • You can also start a line of credit without withdrawing any money. With the line of credit, the available money increases in value over time giving you more money available to access in the future.  The amount of money available can even exceed the value of your home and is not affected by changing home values.

We think every homeowner should consider getting a home equity conversion mortgage line of credit as soon as they turn 62.  This great financial tool gives peace of mind in safeguarding your financial future.


Call The Reverse Mortgage Professionals Today

800-676-5619

512-288-4700


By | February 23rd, 2017|

10 Benefits of Aging In Place

 

54532356 – daughter helping senior mother to use walking frame

By | February 7th, 2017|

Planning For Retirement

Mary-Jane Wilson has a piece for Business in Vancouver about planning ahead for retirement with the possibility of diminished mental faculties. More, here.

 

 

 

By | February 2nd, 2017|

Securing Your Home While on Vacation

Senior adults want to feel comfortable while on vacation and don’t want to worry about their home being save.  It can be hard to relax on vacation if you’re worried about what’s going on back home. But a few simple measures can help properly secure your house and give you the peace of mind you need to enjoy your time away.

  • Hold mail and deliveries. — The U.S. Postal Service makes it easy to put a temporary hold on your mail. And don’t forget to suspend newspaper and other recurring deliveries, like Amazon subscriptions.
  • Make it look like you’re home. — Use automatic timers for indoor lights and maybe a TV or two. And keep some curtains open; closed curtains suggest that you’re away and give criminals more cover.
  • Recruit a friend or neighbor. — Ask a neighbor to keep an eye out for unexpected deliveries and park their car in your driveway from time to time. If you’ll be gone for an extended period of time, arrange for someone to mow your lawn.
  • Freeze your social posts. — Don’t announce your travels on social media, and wait to share pictures until you’re back home. Burglars are increasingly scouring social networks for victims. Check your social network settings, too, so you’re not auto-tagged in pictures by your travel companions.
  • Monitor from afar. — From cameras and sensors to remote monitoringand notifications, there are numerous options for added protection. Some home security systems can even send you an alert when someone’s at your door.
  • Secure your valuables. — Before you go, make an indoor sweep and lock up sensitive financial statements, jewelry, laptops and other valuables for additional security and peace of mind.
  • Lastly, it’s a good idea to give your financial institutions a heads-up about your travel plans. A stream of out-of-state or out-of-country charges could prompt an unnecessary alert that puts a hold on your account.
By | July 12th, 2016|

Vacation Home Information

Senior adults realize it is fun to have a second home. Vacation home sales are booming, particularly in beach and boating locations in the South and West.

If you’ve ever thought about having a home away from home, be sure to ask yourself the following questions.

 

How will you use it?

Will it be a seasonal home and future retirement spot? A vacation home you’ll also rent out? Pick a place you love, but heed the advice of experts who say the sweet spot is a destination that’s no more than a three-hour drive from a major metro area. The proximity can help with resale, plus it usually draws a larger pool of potential renters. If rental income is important, ensure local laws or association bylaws allow it before making a purchase.

 

Can you afford all of the costs?

Don’t just look at the purchase price to determine if you can swing it. You’ll need to also factor in property and insurance taxes, potential homeowners or condo association fees, and the cost of utilities and maintenance. Your tax implications will vary, too, depending on how you decide to use the home. If you rent it out for more than 15 days a year, for instance, you’ll need to declare the income to the IRS.

Keep in mind that any funds from a reverse mortgage may help you with a second home.  You can talk to one of our reverse mortgage professionals at 800-676-5619.

 

Do you have a plan for when you’re gone?

If you live more than a couple of hours away, a local property manager may be helpful for overseeing tenants and dealing with maintenance issues. You’ll also want to take measures to protect your home when no one is there. A security system is a no-brainer, and it might even reduce insurance costs. Other good bets include motion-sensitive exterior lights, timers for indoor lighting, and a car parked in the drive every so often (courtesy of a neighbor).

If there is anything we can do to help just give us a call.  We are your reverse mortgage professionals proudly serving Texas seniors.

By | July 5th, 2016|

Budgeting your next Getaway

Senior adults have more time to take vacations and everyone needs a good getaway.

If you’re like most Americans, you’re taking fewer vacations and limiting your travel. And if that’s the case, you’re missing out on the health benefits a getaway can provide. Beyond the relaxing effects, a vacation can also reduce your risk for heart disease and improve your performance at work. So if the idea of taking some time away sounds appealing, start your planning and budgeting now to get that long-awaited vacation on the books.

Narrow Down a Destination

Before you can budget, you need a spot in mind. Maybe you’d like to visit a popular domestic destination like California, Texas, Florida or New York. Or maybe it’s a bucket-list type of location like Ireland, Fiji, Bora Bora or Australia. Vacation costs can vary widely, so determine where you’d like to go and how much money you can expect to spend.

Start a Travel Fund

Set up a dedicated savings account for your travel fund. Schedule regular transfers or have a portion of each check or  deposited directly into the account. Stay motivated to save by putting images of your vacation destination on display and looking up fun activities or relaxing locales.

 

Think Creatively

Boost your spending power by finding ways to save on expenses. Sign up for deal alerts from airlines and travel companies. Consider traveling in the off-season, and make the most of travel reward points. Pool or borrow points from a family member, ask for travel upgrades if you have gold or platinum status, and watch where you book — some rewards programs offer more points when booked on specific sites.

If you start planning and saving now, you’ll enjoy the physical and mental rewards of your dream vacation in no time.  Plus, you can always leverage the value of your home with a reverse mortgage solution.  Imagine your house paying for your vacation.

Find out more by talking to one of our reverse mortgage professionals at 800-676-5619.  We would love to help you reach the destination of your dreams.

By | June 28th, 2016|

Create a Home Inventory

What would happen if you lost everything in a fire, tornado or another disaster?

Senior adults realize that homeowners insurance would likely cover your house, but without a comprehensive list of your belongings, you’d have to rely on memory to determine what else was damaged or destroyed.  Why not be prepared?

That’s where an inventory of your home can help. Not only will it prevent you from forgetting important valuables, but it can also streamline the claim filing process. Follow these steps to create your home inventory.

Pick a method.

You have a lot of options for cataloging your possessions. There are home inventory apps for your phone, organizational apps like Evernote, and, of course, the trusty Excel spreadsheet. You can even print out a ready-made checklist to use with a clipboard as you walk through your home.

Take inventory.

Go room by room and use your phone to take photos and video of everything, including serial numbers of electronics and appliances. Peek inside closets and drawers, and don’t forget to visit the garage, attic and any rarely used spaces.

Keep it safe.

Back up your inventory so the information is accessible even if you’re unable to gain entry into your home. Store a second set of any hard copies elsewhere, like in a safe deposit box or at a friend’s house. Digital versions should be backed up to the cloud or saved on a thumb drive you store off-site.

A home inventory can also be a helpful reminder to double-check your insurance coverages. There are certain types of belongings, like jewelry, tools and electronics, that are typically covered up to a set dollar limit. Adjusting your coverages now will save you a lot of heartache if something does go wrong, making sure you’re not left empty-handed when it comes time to file a claim.

As always, we are here to help.  If a reverse mortgage would help you in any way, please contact one of our reverse mortgage professional at 800-676-5619.  We’re here to help!

By | June 21st, 2016|

Stay on Top of Maintenance

As we age, we have a lot more to remember.  If you have lived in your house for a long time it’s easy to put off or forget about some of the most basic home maintenance. Sometimes it feels like there’s so much of it, and it doesn’t help that some tasks are done only once in a while so they’re easy to overlook.

Seniors can simplify their life by taking the time to compile a list of the most important jobs, and use it to keep your home maintained. You’ll find that the effort will serve you — and your home — for years to come.

Make a list of tasks.

Start by brainstorming all the maintenance that should be completed over the course of the year. Start with obvious tasks like changing the HVAC system’s air filter monthly and review appliance manuals, home warranties and other documents that list required maintenance. You can also look over ready-made lists online to ensure you include all of the important chores.

Organize by frequency.

Next, grab a yearly calendar (paper or digital) and organize each job by how often it needs to be done. Make an entry on the calendar for each task, including recurring ones like that monthly filter change and twice-a-year gutter cleaning. You get the picture.

Set timely reminders.

Setting up alerts is a critical part of the process. Forgetfulness is often the reason home maintenance doesn’t get done. Set a reminder alert for each task on your smartphone or subscribe to ongoing alerts from a site like HomeSpot. Also use the calendar for reminders to purchase necessary supplies, like buying replacement batteries for smoke alarms and carbon monoxide detectors.

Once you get an organized system established, you’ll find it’s much easier to tackle home maintenance tasks on time. You’ll enjoy a relatively hassle-free way to take care of your home year-round.

And of course, if you ever need help with a reverse mortgage or would just like to talk about the options you have with your house, please don’t hesitate to give us a call at 800-676-5619.  We are the Reverse Mortgage Professionals who specialize in helping seniors in Texas.

By | June 14th, 2016|