Over 62? A Reverse Mortgage May be Used to Purchase Your Next Home

A Reverse Mortgage may be used to purchase your next home.

  • If you are over 62, you may purchase a home using a Reverse Mortgage.
  • Your age will determine the percentage you may borrow using a Reverse Mortgage.
  • Do not have to qualify for this loan with credit score or employment history.
  • No monthly payment as long as you adhere to FHA guidelines

A home buyer may borrow between 50-60% of the home value depending on age.

Interest Rates and cost of loan is regulated by FHA and HUD.

You will still own your home when you take out a Reverse Mortgage.

I hope you enjoy this video series about Reverse Mortgages. If you have any other questions, please feel free to contact us:
Gennaro Faiola, Reverse Mortgage Advisor 916.216.1140
Pam McCoy, Realtor® 916.865.8759

Your Senior Real Estate Specialists (SRES),
Pam McCoy serving Folsom, Granite Bay, Roseville and surrounding areas

Seniors Look at Reverse Mortgages – Do I Still Own My Home?

Do I still own my home when I take out a Reverse Mortgage?

Yes, you still will own your home when you take out a Reverse Mortgage. This is a common misconception with a Reverse Mortgage.

Will I have a lien on my property?

Yes, you will have a lien on your property like any other home loan. Once the lien is paid, you will have full ownership of the home. The difference between a Reverse Mortgage and a regular home loan is you do not have to pay off a Reverse Mortgage as long as you follow the FHA and HUD guidelines.

I hope you enjoy this video series about Reverse Mortgages. If you have any questions, please feel free to give me a call 916.865.8759 or email me. Did you know that you can purchase a home using a Reverse Mortgage?

Your Senior Real Estate Specialist (SRES),
Pam McCoy, Realtor®

7 Reasons to Own Your Own Home

  • Tax Breaks. According to the U.S. Tax Code, you may deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in purchasing your home.
  • Appreciation. History shows the long-term, stable growth value of home ownership. Yes, there may be year-to-year fluctuations. Median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005 according to the National Association of Realtors®. The number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
  • Equity. When you pay rent, you are putting out money that you will never see again. When you pay mortgage payments, you are building equity in your home.
  • Savings. Building equity in your home is a ready-made savings plan. As you get older you may get a reverse mortgage where you can use the equity of your home awhile still living there.
  • Predictability. You will always know what your payments are. Unlike rent that may be increased from year to year. Property taxes and insurance cost may increase though.
  • Freedom. Paint, remodel and decorate however you want. The home is yours!
  • Stability. Build lasting friendships and participate in community activities.
  • It is time to buy that home you have been dreaming about! Call me today! 916.865.8759

    Your Realtor®,
    Pam McCoy, e-PRO

Home Loan Interest Rates Went up Slightly | Lender Report, March, 2012

Interest Rates were up and down last week.

The question is…Will interest rates continue to climb over the year?

If you are looking to buy or sell a home in Folsom, Granite Bay, Roseville or the surrounding areas, I would be happy to assist you. Please give me a call at 916.865.8759.

Your Coldwell Banker Realtor®,
Pam McCoy

5 Important Steps When Your Offer has been Accepted

House for Sale by Coldwell Banker

Your Offer has been Accepted

      1. Complete a Home Inspection

  • Did you put the home inspection contingency into your offer? Be sure to hire a qualified home inspector and get the inspection done in the time frame specified in the purchase contract.
  • Review the written report provided by the inspector. Understand the severity of each item listed.
  • Decide a course of action after reviewing the list:
  • Cancel the contract in the time frame allowed when just cause is determined after the professional home inspection.
  • Determine what items must be fixed.
  • Determine what items you will ask your seller to fix and which items you, as the buyer, will fix.
    1. 2. Finalize Your Mortgage

  • Supply your lender with all the documents he will need in order to submit your loan in a timely fashion.
  • Secure a mortgage.
    1. 3. Get Ready to Move

  • This job is always bigger then you may have planned for.
  • Start early when planning to move.
  • Hire a moving company. Compare the costs. Get recommendations. Make a reservation.
  • Do not pack away any paper work that you may need for the loan.
  • Arrange with utilities for shut off at old home and turned on at new home.
  • Notify the post office of your change of address.
    1. 4. Attend a Final Walk-Through

  • This is a final check to ensure that the home is in the same condition it was during the inspection.
    1. 5. Prepare to Pay Closing Costs

  • Determine exactly how much money you will need to bring in for the closing.
  • Be sure to find out the method of payment that is accepted.

  • Are you looking to purchase a home in Folsom or Granite Bay? As a Real Estate Buyer’s Agent Council (REBAC) member, I am ready to help you purchase your home.

    Pam McCoy, Certified Negotiation Expert (CNE)

    “Integrity is what we do, what we say, and what we say we do.” –Don Galer

Why Should I Get a Termite and Pest Inspection?

Wood Destroying Inspections

Termites can do a lot of damage on a home. You want to be sure you are not purchasing a home that has thousands of dollars in damage.

Spending money on Inspections can SAVE you money in the long run.

When purchasing a home, you want to know as much about that home as you can. Hiring a Professional Termite and Inspection Company to do a thorough report on the property is a good investment.

Kyle or myself are happy to answer any questions you may have.
Kyle Finley 916.344.8946
Pam McCoy 916.865.8759