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Reverse Mortgage, The New Retirement Plan

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Reverse Mortgage, The New Retirement Plan

Reverse Mortgage Loan, still unknown to many, is a brilliant retirement method  helping senior citizens across the country by eliminating their monthly mortgage payments and putting cash in their bank account.

Reverse Mortgages have been gaining a lot of attention. Reverse Mortgages eliminating your monthly mortgage payments, gives you additional retirement cash, and you are able to live in your home during your lifetime.

Seniors across the country are in financial stress with high mortgage payments and other expenses. Many are unable to work, while they are in need of extra retirement income. A Reverse Mortgage loan is often a great solution to eliminate your monthly mortgage payments while increasing their income.

What is a Reverse Mortgage and How Does it Work?

A reverse mortgage is essentially a loan. You are borrowing against your home equity. You can get a lump sum amount, line of credit or get monthly checks. However, unlike traditional mortgages, with a reverse mortgage you do not have to pay back the money you have borrowed as long as you are living in the home.

Reverse Mortgages are ideal for you if:

  • You’d like to eliminate your monthly mortgage payment, or if you struggle with bills every month.
  • You plan to stay in your home for the rest of your life.
  • You could use the extra money that it provides you (tax free).
  • You are 62 years or older and have 50% or more equity in your home.

There are many things to consider when exploring this retirement method. Here are a few:

  • Interest:Since a reverse mortgage is a loan, it does accumulate interest. But there are no monthly payments due on a reverse mortgage. So the amount you will eventually have to pay back does grow larger over time, but the loan isn’t due until you decide to sell your home or when both you and your spouse have died. (To avoid foreclosure, borrowers must keep property taxes & insurance paid up and keep the property in good repair.) The loan repayment amount will never exceed the value of your home.
  • Estate Value:Your estate value may lower over time. Something to take into consideration if you plan to leave your assets to children.
  • Not Enough Cash Can Be Tapped:If you have a lot of home equity, you might be frustrated that a Reverse Mortgage only enables you to use some of it. The HECM loan rules will evaluate your equity using a maximum home value of $625,500, even if your home is worth more. However, your actual loan amount is determined by a calculation that uses the appraised value of your home, the amount of money you owe on the home, your age and current interest rates.

Find out if a Reverse Mortgage is right for you. 

The best way to find out if a Reverse Mortgage is right for you is by contacting us.  Our honest and professional Loan Officers will help you determine if a Reverse Mortgage is right for you at no charge or obligation.

Pacific Mortgage Consultants
Harry Ahlstrom
 
Loan Agent

See what my clients are saying about me online


(530) 757-7707
 
(855) 562-6705 toll free
 
(866) 775-2377 fax
(916) 705-0993 Cell
 
513 Angela Street
Davis, CA 95618 

www.homeloananswerman.com 
CA Bureau of Real Estate LIC. # 01355716
NMLS#237096
 
PMC CA Bureau of Real Estate #01378482
PMC NMLS# 2131
 
Equal Housing Opportunity

 

 

 

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Homeowner Property Tax Exemption

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In the state of California Homeowners can get a $7,000 reduction in the taxable value for a qualifying owner-occupied home.  This results in an annual savings of about $70 a year every year, as long as you live in the home.  The requirements are that you own the home, and you live there.  Then you just have either fill out a form or contact your county  Assessor.  Some counties have the form on their website, and others want you to call, email, or go into their office. Here is a list of all the county assessors websites in California.

The form only takes a few minutes to fill out, and you save $70 a year.  That adds up over a long period of time.  $70 is $70, why wouldn’t you want to save money when its this easy?  If you you have any questions feel free to contact us.

http://www.boe.ca.gov/proptaxes/exempt.htm#8

Latest News and Reviews

newsletter

News

Be on the look out for our new email newsletter.  It includes articles on home, finance, inspiration, and your property value, powered by Zillow.  Unfortunately we had some technical difficulties with the first half of the emails we sent out, and the property values did not show up for those people.  We got everything straightened out, and everyone will be getting their property value in the newsletter from now on.

 

Review

We have also been sending out a one time email requesting reviews.  We have had a great response.  See what people have been saying about us, or to leave us a review.

 

Here is a copy of this months news letter

photo Harry Ahlstrom

Pacific Mortgage Consultants Inc
homeloananswerman@gmail.com
530-757-7707

Click Here To Visit My Web-Site

August Newsletter

Zillow Property Value

Each month I like to provide my clients with a regular update on your estimated home value based on value estimates and recent sales in your area. Here is your property snapshot:
Zillow Real Estate Search
 

Your Home – 5 Ways to Decorate Your Guest Bathroom

For those homeowners who have a guest bathroom in their home, more often than not it is used as extra storage space when not being used by an overnight visitor. It can often become overly cluttered, and not necessarily tended to as often as it should. Make your guests feel comfortable with these 5 tips for sprucing up the guest bathroom.

1 – De-Clutter

Obviously, the first thing that should be done is a good de-cluttering job. Get rid of anything that doesn’t belong in the room, and store it in the appropriate spot. Don’t wait until the last minute before your guests are expected to arrive – get the room ready by cleaning the room out as part of your typical daily or weekly chore list.

2 – Choose Light and Bright Colors

Using lighter colors can help to open up a space, which is particularly helpful with bathrooms that tend to be on the smaller side. Not only will lighter hues make the room appear larger than it actually is, they also give the feeling of a clean space. Consider painting the walls white, off-white or pale yellow to help create that open, airy backdrop. Continue adding light colors with stone-hued glazed tiles in the shower.

3 – Use Mirrors in Abundance

Not only do light colors open up a space, but so do mirrors. You don’t have to limit yourself to a tiny mirror over the vanity – instead, place an oversized mirror over the sink to really brighten up your bathroom. If your bathroom has a double sink, instead of hanging two separate mirrors, consider installing one large one that extends to both ends of the vanity.

4 – Use Light Fixtures Wisely

Forget about just one central light fixture in the middle of the ceiling. Not only is this not enough light, it’s boring too. In addition to your central light, make sure that you have light fixtures above the mirror over the sink. Not only does this provide ample lighting for your guest when they’re getting ready in the morning, but the reflection off the mirror will increase light in the room. Add some sconce lights on opposite walls, and consider installing a pot light or two in the shower stall.

5 – Don’t Forget the Accessories

It’s the little details that really make a guest feel comfortable and welcome. Make sure to keep extra towels rolled up in a basket near the sink, and even a clean robe and pair of slippers by the door. Keep extra rolls of toilet paper stored decoratively on a shelf, and offer toiletries such as soap bars and shampoo bottles within easy access.

Finances – Insure Your Investment: Home or Property Insurance

If you are like most people, your home is one of the biggest investments you’ll ever make. As such, it is likely one of the biggest debts you will ever incur. Most of us do not have the cash on hand to pay for our house outright. This means we need to do everything we can to keep the home in good repair while living in it.

Most of us think about keeping a home in good condition in terms of do-it-yourself projects around the house in common upgrades. Yet, there is another way that you can go about protecting your investment. Home or property insurance is one of the best investments you will ever make.

Home insurance is there to ensure that if there is any catastrophic damage to your home at any time, repairs can be made. For instance, if a tornado came through your area and caused damage to your roof or the structure of your property, you may not be able to afford the repairs on your own.

The insurance company will be able to step in after you pay a deductible for the repair of the home. The deductible will be fairly small in comparison to what you would have to pay out-of-pocket otherwise. The coverage is there to ensure that when catastrophes do take place, even if you don’t have the funds to make the repairs yourself, the home will proceed to be in good repair throughout the time that you own it.

Obviously, most homeowners hope that they will never have to deal with a catastrophic event. Yet, there are things that we cannot control and our homes may be affected by these elements. Whether it’s a tornado, hurricane, a flood, or even a fire you need to ensure that you have the insurance coverage that you need to allow you to keep a home in good repair. If you don’t have this insurance, not only may you lose your investment in the home, you may end up with debt that is associated with a home that you cannot even live in.

Many people look into home or property insurance and cringe. The last thing they want to do is spend more money on coverage that they assume they will never need. While it is the hope that you will never need the coverage, it makes more sense to pay for the coverage and never need it than need the coverage and not have access to it.

While home or property insurance is an investment, homeowners find that it is one that is well worth it. In the end, the cost of the property insurance will be far less than it would be to repair a home after one of the aforementioned catastrophic events. There are many different types of home insurance, so it is important that you do your research and find the type of coverage that is necessary for your home.

Personal Interest – Headaches: Common but Not Normal

Headaches and Chiropractic

Can chiropractic care help reduce headaches?

Researchers at Duke University found that chiropractic adjustments resulted in almost immediate improvement in patients with tension headaches. These patients suffered significantly fewer side effects and had longer-lasting relief than from commonly prescribed medication. In addition, a 1995 study in the Journal of Manipulative and Physiological Therapeutics showed that chiropractic patients had sustained therapeutic benefit four weeks after they had stopped chiropractic care.

The University of Maryland Medical Center reports that in one study, 22% of those who received chiropractic care reported more than a 90% reduction of migraine attacks. Also, 49% reported a significant reduction of the intensity of each migraine. In another study, one group was randomly assigned to receive spinal manipulation, a daily medication, or a combination of both. Spinal manipulation worked as well as the medication in reducing migraines and had fewer side effects. Other studies show that chiropractic care worked as well as medication in preventing tension and migraine headaches.

Types of Headaches

  • Tension Headaches are the most common type of headache. A tension headache is caused by muscle tightness of the neck, face and scalp. This type of headache is usually mild, steady and described as band-like around the head. Episodes are associated with fatigues, stress, depression and muscle spasms of the neck and upper back.
  • Sinus Headaches affect the area above the eyes (frontal sinuses) or below the eyes (maxillary sinuses). They often occur after an upper respiratory infection which blocks the sinuses,causes pain and tenderness. Symptoms are often worse when bending forward or laying down. This type of headache is often confused with a tension headache or migraine.
  • Migraine Headaches are recurring attacks that patients describe as a pulsing pain often on one side of the head or behind their eye. Migraine episodes can last from hours to days, cause nausea or sensitivity to light and sound. Triggers range from certain foods, anxietyor hormonal changes. They are more common in women, and are often preceded by flashing lights or zigzag lines in vision. Migraines used to be considered vascular in nature, but recent research shows that they are neurological in origin, related to a wave of nerve cell activity that sweeps across the brain.
  • Cluster Headaches usually occur on one side of the head or around the eyes. A cluster headache usually doesn’t last very long and is more common in men. As the name implies, they occur in a series or a group. Common symptoms are tearing of the eyes, nasal congestion, flushed face and a constricted pupil on the side of the headache.
Don't forget
Important Dates:

August 4 – August Civic Holiday (CAN)
August 19 – National Aviation Day
September 1 – Labor Day

Words to live by
The inner fire is the most important thing mankind possesses.
- Edith Sodergran

Thank you and have a great month!

Pacific Mortgage Consultants
Harry Ahlstrom
Loan Agent
(530) 757-7707
(855) 562-6705 toll free
(866) 775-2377 fax
(916) 705-0993 Cell
513 Angela Street
Davis, CA 95618
www.homeloananswerman.com
CA Bureau of Real Estate LIC. # 01355716
NMLS#237096
PMC CA Bureau of Real Estate #01378482
PMC NMLS# 2131
Equal Housing Opportunity

Yolo County Fair

Fair

Harry Ahlstrom, the home loan answer man, will be at the Yolo County Fair August 13th through the 18th. Its our home county so we are really excited to be there.  He’ll be giving away free Taffy and answering questions.