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What Is A Reverse Mortgage?

One of the best things older people can do with the equity they have built in
their homes over the years is to take out a reverse mortgage. A reverse
mortgage is essentially a loan taken out against the value of the equity you
have in your home. These loans can make the difference between financial
security and an uncertain future as you get older. A reverse mortgage does not
require you to repay it until you move out of your home; this can be a boon to
those who find that Social Security and their retirement savings are not
sufficient to cover their expenses in retirement.

Reverse mortgages have been growing in popularity ever since they were first
introduced in 1961. Every year, the number of reverse mortgages taken out grows
by leaps in bounds. There was a 85% increase in reverse mortgages in the year
2006 as compared to 2005. There were more than 62,000 such mortgages approved by
the United States Department of Housing and Urban Development in 2006.

There are several different types of reverse mortgages which you can select
from; most opt for a HECM, or Home Equity Conversion Mortgage. The Federal
Housing Administration administers and oversees these mortgages. Private
institutions in association with Fannie Mae also offer reverse mortgage
products. If yours is a higher value home, you may want to consider a reverse
mortgage from these reverse mortgage bank lenders.

If you opt for a HECM, then you'll want to be informed. A reverse mortgage
bank will offer counseling beforehand so that you can evaluate if taking out
a reverse mortgage is the right decision for you. A counselor from a reverse
mortgage bank lender can also help you to figure out if you meet the
eligibility requirements and fill you in on the effects a reverse mortgage may
have on your finances. After you receive this counseling, you will be armed with
all of the information you'll need to make your decision. These HECM products
account for the bulk of reverse mortgages taken out form reverse mortgage banks.

If you are thinking of taking out a reverse mortgage, there are some
requirements which you must meet:

You must both own and reside in the property you want to take out a reverse
mortgage on

You must be 62 years of age or older

You are required to have a counseling session prior to taking out the mortgage

If you think that taking out a reverse mortgage may be the right decision for
you, then speak with a reverse mortgage bank lender and find out more.
You and the lender can decide if this is right for you and find the reverse
mortgage product which matches up with your needs.

Kevin Scott Smith is an Article Writer, Reporter, and Product Reviewer for:

Reverse Mortgage Banks

Identifying and Avoiding Mortgage Fraud

Recent financial industry distress publicly attributed to widespread mortgage loan defaults has generated mounting pressure on federal prosecutors to increase investigations into incidents of mortgage fraud across the nation. On February 6, 2004, CNN reported that the FBI warned that mortgage fraud was becoming so rampant that the resulting "epidemic" of fraud could trigger a massive financial crisis. Mortgage fraud has now become so prevalent that the United States Department of Justice and the Federal Bureau of Investigation have been forced to create an entirely new category for tracking these cases. According to a CBS news report, the number of FBI agents assigned to mortgage related crimes increased by 50 percent from 2007 to 2008. Prosecutors and investigators on both the state and local levels are also feverishly organizing task forces and creating real estate fraud departments to counter this burgeoning wave of crime.

CRIME & PUNISHMENT

The primary focus of these investigations appears to be on borrowers, investors, mortgage brokers, appraisers and real estate agents. Some of the charges levied against these perpetrators have included making false statements on loan applications, bank fraud, mail fraud, wire fraud, conspiracy to launder funds and a number of applicable state laws. However, the primary legal vehicle implemented by federal prosecutors has been section 1014 of Title 18 of the United States Code which declares mortgage fraud as a federal crime encompassing anyone who willfully overvalues any land or property, or knowingly makes any false statement, for the purpose of influencing a financial institution upon a loan application, purchase agreement or other related documents. A violation of the federal mortgage fraud law (18 U.S.C. 1014) alone is punishable by up to thirty years imprisonment and a one million dollar fine.

MORTGAGE FRAUD SCHEMES

The most effective way to avoid prosecution for mortgage fraud is to identify mortgage fraud schemes prior to any actual involvement. Most mortgage fraud offenses fall into one of two general categories: "fraud for housing" and "fraud for profit". Fraud for housing often involves fraudulent acts committed by a borrower, often coached by his or her mortgage broker or real estate agent, to obtain a loan for the ultimate goal of acquiring a home. These fraudulent facts generally pertain to the falsification of facts and documents during the loan application process to enable the borrower to obtain financing that he or she would otherwise not be qualified to receive. Conversely, fraud for profit typically involves a more concerted plan to abuse the entire real estate transactional process for pecuniary gain.

FRAUD FOR HOUSING

Income Fraud

This occurs when a borrower inflates his or her amount of income to qualify for a loan or a larger loan amount. Although recent reductions in the use of "stated income" or "no-doc liar loans" has somewhat curbed income fraud, daring borrowers are increasingly generating more fraudulent documents to falsify income. Information technology and photocopy equipment have become so advanced that very convincing documentation, such as income statements, savings accounts and tax returns, can be produced on demand.

Employment Fraud

In order to justify overstated income in a loan application, borrowers will claim self-employment in a non-existent company or represent having a higher position in a company than the borrower actually holds.

Failure to Disclose Liabilities

The debt-to-income ratio is an important part of the loan underwriting criteria used to determine a borrower's eligibility for mortgage loans. Consequently, borrowers will conceal financial obligations like newly acquired credit card debt, other mortgages, and private loans to artificially reduce their debt-to-income ratios.

Occupancy Fraud

Generally occurs when a borrower states on a loan application that he or she intends to occupy a property as a primary residence to secure a lower interest rate when the borrower actually intends to obtain the loan to acquire an investment property.

FRAUD FOR PROFIT

Equity Skimming and Cash-Back Schemes

A straw buyer is typically implemented as the buyer of the property due to his or her creditworthiness and resulting ability to obtain favorable financing. Unknowing straw buyers can be manipulated by mortgage brokers and real estate agents to purchase a property as a primary residence with the broker or agent later serving as a property manager to collect anticipated rental income. After the escrow closes and the mortgage and real estate brokers collect their commissions, they proceed to collect rental income and fail to make the mortgage payments.

Complex schemes can involve a knowing straw buyer, an appraiser who intentionally overstates the property's value, a dishonest seller that intentionally inflates the selling price, and a dishonest settlement officer that makes undisclosed disbursements from the loan proceeds. All of these conspirators collaborate to collect portions of the proceeds of an inappropriately large loan before eventually letting it go into default.

Appraisal Fraud or Price Inflation

This fraud occurs when a dishonest appraiser intentionally overstates the value of a property or when an existing appraisal is altered to reflect a higher value. When a home is overvalued, more money can be obtained by the seller in a purchase transaction or by the borrower in a cash-out refinance.

The New Appraisal Fraud: Price Deflation

When done legitimately, a short sale occurs when a borrower that owes more than his or her property is worth sells the property below market value and the lender agrees to accept the lower repayment amount and forgive the difference. A new hybrid of fraud has emerged where an appraiser or a real estate agent drastically devalues the property in an appraisal or broker's price opinion (BPO) so that the home will sell with ease at a price well below market value. Of course the new buyer is in collaboration with the seller, agent and appraiser, so all of the conspirators proceed to sell the home at a higher price for a big profit.

Identity Theft

Identity theft fraud occurs when a victim's identity is assumed by another to obtain a mortgage without ever intending to make any payments on the loan. The perpetrators often abscond with a portion of the loan proceeds and sometimes are daring enough to lease the property and collect some deposits and rental income before disappearing.

The Buy and Bail

This completely new scheme is perpetrated by a home owner who cannot sell the home because more is owed on the property than its worth. Because no lender will provide the owner a loan for a second primary residence, the owner tells the lender that he or she plans to rent out the current home despite having no intention of doing so. Sometimes a falsified rental agreement is used to further support the falsehood. Once the second home is purchased, the owner "bails" on the original home and fails to make any further mortgage payments.

AVOIDING & PREVENTING FRAUD

Mortgage fraud frequently emanates from groups that complete an abnormal amount of similar transactions or churn out many offers to purchase at once. These outfits may appear disorganized or unprofessional due to the large amount of transactions they are attempting to manage. It is also no coincidence that mortgage fraud has significantly increased as housing values have decreased since most fraud schemes involve a financially distressed or otherwise vulnerable seller. It is equally important to remember that agents owe a very strict fiduciary duty to act in their clients' best interests. So before reporting a client to your local authorities, speak with legal counsel or your state real estate licensing department to ensure that your proposed actions don't constitute a breach of your fiduciary duty to your client.

Real estate agents are in a unique position that enables them to identify and even prevent the occurrence of fraud by recognizing the red flags, asking appropriate questions, and giving the principals in their transactions the full picture of what consequences are associated with participating in mortgage fraud. While a lot of damage has been done in the real estate market, we can prevent more of the same from occurring in the future.

Brian S. Icenhower, Esq., BS, JD, CRB, CRS, ABR, a California Association of Realtors Director, practicing real estate attorney, a real estate expert witness and litigation consultant, a prosecution consultant of Tulare County District Attorney Real Estate Fraud. He may be contacted at bicenhower@icenhowerrealestate.com, or http://www.icenhowerrealestate.com.

Limousines - Where Did They Come From?

Think about it for a minute. Have you ever seen an older antique Model-A Ford conversion limousine? Of course you haven't, because there were no limousines being made at that particular time. So when did the very first limousines as we know them today first begin appearing on the road?

Everything Always Originates in Arkansas

Believe it or not it was in the state of Arkansas back in the 1920s that the first limousines were made and used. It was traveling bands that had them made, so they could tour the south comfortably playing the club circuit.

Go Figure

Why the south and why Arkansas in particular? Your guess is as good as mine, but it may have something to do with the long bumpy roads and the number of clubs and casinos sprinkled along the gulf coast and other areas of the south.

A Good Idea Takes Hold

Of course club owners and other people along the way soon took notice and it wasn't long before other private parties began to have their own limousine conversions made. Of course, the next obvious step from there was the private limousine service, where people could rent a limousine on a temporary basis.

Back Before Arkansas

The actual concept of a luxury private carriage dates back to the 1700's in Europe. It was then that the landed gentry could be seen being squired about in comfortably outfitted large decorative carriages that were pulled by a team of fine horses.

The French Made Some Good Stuff

The name Limousine, oddly enough, comes from the Limosin region of France. It is from this are of France that a number of fine craft items such as pottery and rugs were produced and thus the name became synonymous with anything of fine quality.

Written by Zena Andersten. Get the best details regarding limo companies and limos - just come to my website!

Home Equity Loan - 3 Things to Consider Even Before Going for One

What's home equity loan? Before you dwell into that, you must understand first the concept of home equity. By definition, it's the home's value, the amount of which is more than the balance of your loan. For example, if the total worth of your home is $500,000, and you're remaining balance is only $200,000, it means that the equity of your home is $300,000. On the other hand, if you've completely paid your mortgage, the equity of your home is equivalent to the total value of your mortgage. Home equity loans happen when you decide to apply for a new loan. Because your equity is viewed as your own asset, you can make use of this as collateral so you can secure a loan.

It's quite obvious that in such loan, your home is on the line. It's your responsibility therefore to make sure that you don't suddenly lose it because you haven't been really too careful with your decisions. To save you from future problems on your home equity loan, consider the following tips:

1. Learn to compare. Usually, home owners will likely work with their old lenders when they're going to apply for a loan. This is okay; however, you should also keep in mind that you may be losing some excellent options if you forget to shop around. You can make use of the table for home equity loan to determine the possible rates you can find within your area. You wouldn't realize it but you can actually save so much with smaller interest rate.

2. Talk to your financial advisors. Learn to understand the many options you have regarding your loan. To get an unbiased opinion, talk to your financial advisors. They are the best ones who can provide you the best options for your loan. You can get a better picture of the financial market as well as other factors that can affect your loan. They may also suggest some lending companies where you can get the best deals for your loan. Another person that you may like to talk to is a tax professional. You have to also understand how your loan can affect your tax payments.

3. Read the terms of the loans. This is very important, and you shouldn't dare miss it. Oftentimes, people get tricked into paying more for their home equity loan simply because they have failed to read the terms and conditions. Reading them will also be a form of double-checking things that have been agreed between you and the lending company. The terms should also specify all the interest rates and costs related to your loan. For example, if you're applying for a HELOC, or a home equity loan line of credit, you should determine the ceiling and floor rates. Also, you must determine if there is a teaser rate and who much it will be. This can greatly increase as time goes by. You need to know if it's something you can afford.

Visit Home Equity Loan or Home Equity today to get the opinion of the experts who can stay with you every step of the way to come up with the best decision regarding your loan.

A Commercial Mortgage Lender Reveals Hot Apartment Sectors - Theses Deals Are Getting Funded

All residential mortgage lenders have tightened their standards; fewer people can qualify for home loans today. Consequently, the multi-family (apartment buildings) sector of the commercial real estate industry is booming. Nearly 15% of all Americans now live in rented housing and that number is projected to grow.

Many smart real estate investors are thinking about entering the apartment building market or, if they already own apartments, expanding their rental portfolio. There are several hot categories of apartment units, each with much opportunity for profit.

Standard - Market Rate Multi-family

Small families, baby boomers and the new "echo boomer" generation are fueling tremendous growth in the multi-family, rental housing. There is a growing demographic in America that has consciously deferred the American dream of home ownership and prefers the lower maintenance apartment lifestyle. Even today in the middle of a "credit crunch" leased-up apartment buildings are fairly easy to get financed. Lenders are also willing to fund well thought-out apartment rehab projects in growing or developed areas.

Affordable Rental Housing

Without doubt affordable apartments are in the greatest demand in the entire multi-family sector. The lower income population has the least options when it comes to housing. Many simply must rent. The opportunity in affordable units is tremendous but I don't recommend it for the beginner or those looking for an easy buck. The regulation, tax credit laws and Federal as-well-as State oversight make this category of commercial real estate among the most cumbersome. Getting a mortgage loan for affordable housing is complex and difficult but it can be accomplished if investors work with specialists in that market segment.

Senior Housing

Life expectancies continue to rise and the baby boom generation is getting older at a rapid pace. The demand for senior rental housing is strong and fast growing. Developers are building assisted living facilities, independent living facilities, skilled nursing facilities and even apartments specifically for seniors with various forms of dementia, such-as Alzheimer's. Real estate investors with the ability to team up with knowledgeable elder care specialists will find their projects enthusiastically embraced by renters and the financial community.

Student Apartments

College enrollment rates are strong (especially among females) and are projected to grow by double digit percentage rates over the next several years. Investing in student housing can be very profitable and is an exciting and expanding market. Students are easy to please. They want an reasonable rent, a central location and to be near their friends. But, keep-in-mind, it is very often the parents who pay the bills. Parents want safety and security for their kids more than anything else. Apartment investors who can find a way to please both the student and the parent will never lack for positive cash flow, and positive cash-flow is the key to getting a commercial mortgage application approved.

Consider Multi-Family

After years of great expansion, the economy is slowing, there is no denying that. However, weaknesses in home sales and residential lending have created a boom in the apartment sector. After all, people have to live somewhere. Now may be the time to enter the multi-family market or to acquire more apartment buildings. Mortgage lenders love rental income and will approve and fund apartment houses faster than any other type of property. High, sustainable income is available to the savvy apartment investor.

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Car Donations Los Angeles - Tax Deductions

Almost everyone drives nowadays. However, cars do not last forever. For many different reasons, people purchase new vehicles. Some people just want to drive a different car every year. Some people just like how it feels to drive new cars. Other people drive their cars until they are unable to be drive anymore.

The options are wide when you decide to buy a new car. There are endless models and types that you can choose from. You can either buy a new car, or a used one. Even though we need to make up our mind on a number of things for the new car, we should also think of the options that are available for the trusted old vehicle.

Even if your car is no longer drivable, there are many choices of what to do with it. A charity would greatly appreciate the donation of your used vehicle. If your vehicle is unable to be driven, many charities will take it apart and sell the parts.

Look on the Internet to find a place to donate your car. Check local charities first because it will cost less to tow the vehicle to a nearby location. For example, don't search for a Los Angeles charity if you live in New York. If you live in Los Angeles, a charity search for the Los Angeles area makes a lot of sense. Find a local charity which is willing to take your vehicle.

While donating your car is a great benefit to others, it is not without its personal benefits. You should keep in mind that if you donate your car to a charity, you could receive a tax deduction. You need to keep a receipt from the charity to record it when you file your taxes.

If you want to clear some space for your new car outside your house, then think about donating your old car. There are many charities which receive donations of cars. Find one which shares your values, and helping them out will feel even better. Some charities which receive cars fund medical research, while some work with under privileged children. You could donate your car to a catholic charity if you wanted. Search for "catholic car donations" as well as "car donations Los Angeles".

There are wide ranges of options available for your car, if it is drivable or not. For the sake of greater good, you can consider donating your car to a charity. Finding a place to donate you car can be done easily by performing an Internet search. If you live in New York, you don't want to enter "car donations Los Angeles" into the search engine. You could donate your car to a catholic charity if you wanted. Search for catholic car donations on the Internet. You can receive a tax deduction if you donate your car to a charity.

Government and Police Car Auctions - Cars For Under $200?

Many people know that governmentcar and vehicle auctions (includes police auctions) area great placeto find highly discounteddeals on cars and other vehicles. Want many don't realise is thewide variety of vehicle types and models available in great condition that are auctioned off at afragment of what they areworth.But canyou actually by a vehicle in good shape forless then $200?

First let me explain the reason as to why thesecars are sold at such low prices.It'sbecausethe government works under a different set of rules thenbusinesses trying to buy and sell in order to profit. The government generally has little to no directcosts involvedin obtaining these cars. In the oddcase that it does have costs (i.e. paying back lenders, repossession costs, etc.) the government is not concernedon makinga marginsuch as a car dealershipwould be. They are simply trying to liquidate their inventory ofvehicles, to retrievequickmoney and reducevehicle storage costs.

So where do all these cars andvehicles come from?You're probably imagining a 'repo man' who is stealing back a car that the owner defaulted payments on ora drug bust in whichvehicles were confiscated.CongratulationsTV has educated you, but they also come fromother sources such as government surpluses. This is wheregovernment or government agency purchasesa newvehicleto perform a project of public service and then that vehicle is no longer required. So when you consider the wide rangeof sources these vehicles are obtained from it's notsurprising thatthere is such a widevariety available at these auctions.

Government car auctions are held often in many locations all across the country.They are sometimesheld online but I would recommend attending an actual livegovernment or police auction so that you can inspect thevehicle before you decideif it'swhat you want and that it's in the kind of shapeyou expect. What I was surprised to discoverwas the number of newer cars in great shape. That is becausemost of the payment defaults happen in the early stages of a loan. For example, if the car is newer and someoneowes morethen the car is worth, they are less motivated to make the payments. If the owner isfurther into paying off the car (car is older) thenthey have moreequity in the vehicle and are more likely to continue payments.

You can find useful information concerning upcoming government and police auctions in your areaby browsing throughlegitimate government auctionsites. Theyprovide you with the details you'll need including where the auctions are, dates, phones numbers, etc. and in some cases providelistingsof the upcoming auctions. So how do you know if a government auction site is legitimate?

Because there are so many auction sites on the net Irecommend thatyou check with a government auction review site that specializes in providing free evaluations of these sites.They will differentiate between the sites that have updated and accurate information onauctionslistingsversus the sites that are misleading and uninformative.UnfortunatelyI estimate for every 1 good site there are probably5 that arescams.

In summary, if you're looking to purchase a newcar or vehicle for either personal use or to resellthem attending agovernment auction is a given. Why buy from a used dealership that may have bought the car from a government auction in the first place. Surprisingly the majority of people are still notaware of these auctions becausethey aretypically not advertised.

In answer to the $200dollar question, I have seen many winter beaterssell for as lowas$200 butI personally feel the best valuesare from the2-5 year oldcars and vehicles in great condition that sell for$2,000-$6,500, depending on make and model.

To locate heavily discounted cars and vehicles at the best auction sites check out government auction reviews or to see examples for some of these auction prices visit police auctions.

Refinance vs Home Equity Loan

If you find yourself in need of a large sum of money for some reason, you may be considering using the equity in your home by either doing a cash-out refinance or getting a home equity loan in order to gain access to the money you need.

With the federal government beginning to slowly lower interest rates, you may be wondering if you should do a cash-out refinance in order to get that lower interest rate as well as gain access to the money you have in equity. This may be a tempting situation, but a lower interest rate is only one of the things that you should take into consideration.

When you refinance your home, you are taking out an entirely new mortgage. You use this new mortgage in order to pay off your original mortgage. In the case of a cash-out refinance, you borrow more on your home than the original mortgage balance, using your equity as collateral. You can then use the money left over after the refinance is completed to do anything you'd like. You can pay off credit cards, take a vacation, make home improvements, etc.

There are drawbacks to cash-out refinancing. First of all, your mortgage balance will be bigger and will most likely be extending your loan term. Mortgages are written with either 15 year or 30 year terms. If you only have 8 years before you pay off your mortgage, refinancing to even a 15 year mortgage is nearly doubling your loan term.

There are also considerable fees involved when you refinance. It would be worth your time, and sometimes a great deal of money, to find the best deal on fees that you can find.

With a home equity loan you are using the equity in your home as collateral on a loan. Home equity loans can be for a set amount or you can get a home equity line of credit, which is an open-ended loan that can be used just as you would use a credit card, keeping in mind that when you use that line of credit, you are using the equity in your home.

Home equity loans are easier to get than a refinance, especially if you have bad credit. The interest rate is also usually lower than a refinance, and the payments sometimes qualify as being tax deductible.

No matter whether you choose a cash-out refinance or a home equity loan, be sure to do some research on the companies you are considering working with. The best way to choose a good company to work with is to ask your friends, family and coworkers for recommendations. Ask not only about the process itself, but about how they were treated by the people they were working with. Were they rushed into decisions, or did they feel that they were given good information so that they could make the final decisions themselves? Remember that you are the customer, and when you are taking a large amount of money out against your home, you shouldn't be rushed into anything.

If you are interested in learning more about mortgages and refinancing then please visit our site at http://www.refinancingright.com/ - There you will find a wealth of information to help you get informed on issues related to your home loan.

If you have questions that we don't answer feel free to contact us by email and we will be happy to answer your questions. Our policy is to give you the very best information so you can be informed and get the very best mortgage refinancing deal.

Lower Your Mortgage Payments Today

The easiest way to lower your mortgage repayments each month is to switch over to a new mortgage deal. This process is known as refinancing your mortgage. Essentially all it means is that you move your existing mortgage loan from one deal onto a new deal which may or may no be with the same mortgage lender.

Why refinance you mortgage?

The main and obvious reason to refinance you mortgage is to reduce the amount of interest you are paying each month. Recent cuts in interest rates have meant that many borrowers that have fixed mortgages are now paying a much higher rate of mortgage than they would if they were to take out a new loan today.

In addition to recent cuts in interest rates, many borrowers find their monthly repayments have risen sharply after their discounted or teaser interest rate period has expired. Once their repayments move to post teaser rates many borrowers suddenly find themselves unable to meet their repayments or having to cut their expenditure elsewhere.

What if I have bad credit?

Refinancing is usually a great way to reduce your mortgage repayments, but is it possible if you have a poor credit score? It is a fact that if you have a bad credit score you will end up paying more interest than a borrower with a great credit score however you should still be able to refinance.

There are numerous specialist lenders out there that specialize in supplying mortgages or refinance to borrowers with poor credit scores. Approaching one of these lenders is the best plan for someone looking to refinance who may have a poor credit rating.

For more deatails about how to refinance your mortgage or how to earn extra income please click here.