Reverse mortgage in Illinois- Is it is the right choice to you?

While you send an application for any mortgage loan, it is better to have an idea on it. One of the common loan types for the house owners is reverse mortgage. This loan is intended for those, whose age is more than 62 years. It helps them in converting a part of their home equity into the cash.

Reverse mortgage is really one of the best options to the retirees, having very limited amount of income. These retirees use their wealth for covering the monthly expenses, including the healthcare cost. You won’t have any restriction on the way of using the proceeds from reverse mortgage.

In case of the conventional mortgage, you pay an amount to the lender. However, while it’s a reverse mortgage, the creditor has to pay to you. You won’t have to pay off your loan amount until you have vacated or sold the house. However, you must stay updated on your property tax and insurance.

Is there any risk in the mortgage?

While you have approached for reverse mortgage loan, you will have no risk to lose the property ownership or title. Your creditor does not own your house in any way. Your present age helps you to make out how much money you can get from the lender. Other factors, affecting the amount, including your house value, upfront costs and rates of interest. Older persons have a chance of getting higher amount of proceeds.

Funding limit with your reverse mortgage loan-

On the first year, you will be able to access very limited amount of money. While the loan amount is $100,000, you may access 60% of it. After thirteen months, you will get higher proceeds. However, in few cases, this 60% rule is not followed.

When you have presently property mortgage to repaid, you get an option of withdrawing more amount. The withdrawn amount will help you in paying off the mortgage. The additional amount that you can get is 10 % of $100,000.

The creditors will assess your financial condition. They try to make sure that you will be able to afford your stay in the house. You have to pay the property tax throughout the loan term. The lenders will also ask you about your pensions, investment or the source of income. You must disclose the delay in payment or credit-related issue. It is also essential to show the bank statements and information on the tax returns. The creditors check out whether you have presented the right clarification. Then, they give you approval of reverse mortgage.

The creditor will subtract the amount to be paid for insurance, tax and debt. The remaining amount of fund is your income on every month.

Nicholas Lambrinatos offering you reverse mortgage-

Reverse mortgage loan is of various types. You may better find out a reliable mortgage firm in Illinois and have this mortgage loan. Nicholas Lambrinatos, the CEO of one of the reputed mortgage companies in Chicago, offers this reverse mortgage to his clients. You may speak to the members of his team. Know all the rules to apply for this loan easily.

Illinois Mortgage- Find the loan terms and types

As one of the house buyers, you have to choose the appropriate mortgage type. You may get confused while choosing the real estate mortgage. The process of buying property is intricate. However, it is also tough to pick the best mortgage from the boutique mortgage firms.

Mortgage- Closed and open

The major difference of these two mortgages is in flexibility to pay off an additional amount. You have the option of making prepayment. These prepayments help you in paying the mortgage very fast.

In case of open mortgage, there is a slightly higher interest rate. The reason behind it is that it gives you more options to deal with the transaction. Apart from making the payments regularly, you will be able to pay an additional amount. Before the loan term ends, you can pay it off fully. There is also an option of breaking the deal to contact with a different lender.

This open mortgage is the right option to those, who are trying to repay it very fast.

While it is a closed mortgage, the interest percentage is low. However, in case of repaying an additional amount, there is always a limit. All the lenders may not offer you this option for prepayment. You can try to choose a lender, presenting you with this privilege. While you have not followed the rules for mortgage deal, you have to pay the penalty. You may better speak to the mortgage company in Illinois and find out what they offer. You have to make out all the terms, related to the chosen mortgage scheme.

Choosing your mortgage term-

It indicates the time period up to which you make your contract. It comprises all the details of mortgage and interest percentage. The terms for mortgage may be 4 to 5 months or more than 5 years. While your mortgage term ends, you have to think of renewing it. More than one term is essential for the full repayment. However, while you have paid off the mortgage fully after the chosen term, you won’t have to renew it. The amount to be paid may varies on the basis of the chosen mortgage type.

You may like to make the mortgage renegotiation at a low interest rate. In this case, you have to choose mortgage for shorter term. Lots of real estate investors prefer it due to the lower interest percentage. Renegotiation of the mortgage is essential while the interest gets increased.

In case of the long-term mortgage, there is a stable interest percentage for the long-time period. One of the demerits is that you will have no option of making adjustment to the deal for the chosen term.

Where to have the best mortgage-

Find out the right mortgage firm for financing purpose. Nicholas Lambrinatos has created the best mortgage company for all the real estate investors. This firm is located at North Shore, Chicago. While you have thought of financing the residential houses, you may rely on this company. Within two weeks, you have a chance of getting the loan. From FHA to Jumbo, every option is available to you to get the mortgage without facing any issue.

Illinois mortgage- Get solutions to all your queries

However, to take the mortgage, you have to know everything of this loan. Most of the potential property buyers will look for the mortgage. We are now going to deal with the questions on the mortgage in Illinois.

How should you start your mortgage application process?
It is essential to find out the reliable mortgage providers. After locating the mortgage company in Illinois, you have to make queries on the-

Mortgage types, offered by them
Mortgage-related costs
Time to have the approval for mortgage
Underwriting and loan processing

What are the documents, essential for mortgage?

Documentation to avail the mortgage is variable for every buyer. However, there are few documents common to all. Documentation is one of the ways to ensure social security. The mortgage firm in Illinois may ask you to submit the bank statement, driver license and a report on your asset. Additional documents are also needed to accomplish the process of application.

How much time do you take for offering the loan amount?

This time may vary, depending on the lending company that you’ve chosen. However, it is good to know about the average time, needed to have the loan. Most of the lenders provide you with the fund within thirty to forty-five days from the date of your application.

You have to make out the factors, which may delay this approval process. While undergoing the lending process, you have to speak to your creditor. You must send all the relevant documents to this creditor. Your co-operation with the mortgage company is always important to have the loan very fast.

Mortgage Points- What do they denote?

The concept on these points is not clear to most of the real estate investors. The points can be categorized in two ways- origination and discount points. Each of the points cost one percent of the overall funded amount.

A point helps in the reduction of interest amount by .25 percent. Thus, you will be able to save much money throughout the loan term. However, you have to speak to your lender to make out why it is essential buy these points. The best mortgage professionals will give you the right information on it.

Interest rate- Is it variable?

It is based on what mortgage type you have chosen for purchasing the house. For FHA and other similar mortgages, you will find a stable interest rate. You will not see any alteration in the rate throughout this loan term.

There are also mortgages with the adjustable rates. In this type of loan, you will have fixed interest rate for a set time period. After this period is over, there is a chance of increasing interest rate. Thus, it will also affect your monthly payment.

Choose the right mortgage company-

Nicholas Lambrinatos is one of the reliable and knowledgeable mortgage professionals. He has established his company in Chicago, (North Shore). His friendly team helps you in understanding various options to get the fund. From home equity loan to different mortgages, everything is available in his company for the purpose of financing. Thus, when you are looking for the lenders, you may visit the website of his company.

Hiring a Medium As a Business Consultant

I have been tested by the media as a professional medium for the past 14 years. I did not ask for it nor self promote, word of mouth just happened between close friends and one day things just spiraled to the point where I found myself in a nationally syndicated column.

Over the years, several clients who privately hold corporations have contacted me for personal business development advice. This has always been kept a secret. After all , what customer or client would want to know that the owner of a company that they do business with, has such concerns where a medium is consulted?

Today, I received a phone call from a client who owns a medium sized orthopedic practice on the East Coast.He has a group of investors and hold quarterly meetings. The economy has not impacted the orthopedic business. After all, people still get injured at work and in car accidents, despite the declining household incomes and high gas prices.

When I answered the phone, I heard the echo of being placed on speaker phone. He said to me, “Welcome to our board meeting, today I have hired a medium to consult on the marketing aspects of our practice.”

My client revealed his previous secret conferences with me in public at his meeting.
He had tape recorded our previous conversations and compared the financial growth of our brainstorms with actual financial data over the past two years. He created a spreadsheet presentation and compared the revenue of each marketing idea implemented. He then did a comparison spread sheet of the cost of our consultations vs. the cost to consult with a marketing firm to implement the same ideas.

He showed his investors he saved $150/hour through our secret conferences.

Dealing with a New Age practitioner or medium has always been a closeted encounter especially in mainstream business. Now today, with more reality shows featuring using psychics and mediums in crime investigations, our field is starting to receive a tad more respect.

It is strange that someone could just hear or sense a piece of information out of the clear blue. How can you trust that the information that you are receiving will prove to be instrumental to your success? I am not exactly sure how I can answer that question. I am often asked, ” How do you know you are right?

Honestly, very few professional mediums actually know if they are correct when they consult with someone. Over the years from dealing with people you develop a batting average.

Yet even with that, it still seems far fetched.

From an ethical standpoint, when I work with a business client, I structure my services where initially, they choose what they will pay me. For example, if I initially consult with them, if they feel the information I gave them was only worth $5.00, then that is all they pay. If they feel the session was worth $200.00 then, they pay it. I always tell my clients, to evaluate what they feel the value of the information is worth to them. Channeling is an exchange of energy. You will get from it what you believe it is worth to you. That is my personal belief. This plan has worked quite well after fourteen years of helping people. When first working with a client there is a slight learning curve involved and I do not believe the client’s financial risk should be involved. They should feel the transaction was beneficial from both sides.

I decided to write this article because I realized after being hidden by business clients most of these years, it felt great for a client to announce me to their business partners. I felt a sudden rush of joy and job well done. It is a fine feeling to be appreciated.
I wish to share with you some of my most recent consulting tips:

For Food and Beverage Walk -In Stores:

I did not invent this idea but I have seen it bring in a tremendous savings vs. printing coupons for customers ordering food/beverage for take out or dine in. Creating a trivia coupon where the customer walks into the store and at the ordering cash register there is a trivia question of the day. If the correct answer is given you will give a drink for 99 cents instead of regular price or take 50 cents off the order. It is really not about getting the right answer, it is about developing a dialogue with your customer.

It opens up the door for you to talk to them to make them feel welcome at your establishment.

You can find out what they feel about your food or service. It acts as an informal way to build a good customer relationship. Upon surveying customers who do the trivia coupon, they return to repurchase at the establishment not only because they enjoyed what they bought, but they liked the fun of interacting with the employee at the time of purchase. They felt welcome and want to buy again where they feel welcome. The discount is a minor incentive.

Real Estate Sales FSBO:

We didn’t sell just a house, we sold the cause it went to. My client had to sell her home. She recovered from cancer but did not recover financially from her time off. Her home sat on the market for 20 months, after going through several realtors. She decided to go FSBO with the incentive of offering a realtor bringing in a qualified buyer 3% of the sale. In our consult, we evaluated what was most important to her. I then asked her, ideally what would she do if she got her asking price for her home.

She simply stated that she would pay off her bills and donate $15,000 to cancer research. We created an honest straightforward marketing approach where she constructed a one page letter to the realtors in her area stating her desire to sell her home to donate $15,000 to cancer research. In two months, a realtor brought in a qualified buyer, who was also a cancer survivor. My client received her exact asking price. In some cases when dealing with a high end transaction, you may want to try aligning yourself with others who share similar values.

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