How a Reverse Mortgage Changed a Life: The Story of Mr. White

Working as a mortgage lender has it's ups and downs. During the market collapse I even considered switching industries during a period when it was nearly impossible to approve someone for a loan. Even during that tough time, I still couldn't bring myself to walk away from the mortgage business. At that time it would have been really nice to have a set salary and benefits but I just couldn't justify taking a job that was not fulfilling. It makes me happy to sit at the closing table with a family buying their first home, or someone who is refinancing to save some much needed money every month, or doing some much needed home repairs. Of all the different types of loans that I help people out with there is not one that has more of an impact on the customer than the Reverse Mortgage. Initially I intended to do just one post about Reverse Mortgages but I was having trouble deciding which client's story I wanted to tell. So I've decided to write a series and this is the first one about a new customer named Mr. White. I hope you like it.  

Salesmen...a little laugh for your Wednesday morning

Now that I'm blogging I am reading and watching many other blogs for ideas. Some of them deal with updates in the real estate industry, some talk about networking and sales techniques, some are just about football. These guys talk directly to real estate agents and mortgage professionals primarily about ways to attract more customers. Today they are teasing salesmen and for anyone who has ever sold anything or sat through sales training seminars, or even just encountered these type of salespeople you should find it funny. Enjoy...

Tax Breaks for Everyone!

Just kidding...this post is about the tax benefits that come with owning a home. It is that time of year right now where we are all preparing our taxes. Some are happy to find that they are getting money back. Others, especially self employed people are trying to figure out how they are going to pay for their impending tax bill. I've talked a little bit on this blog about how it is possible to pay less each month by buying a home than it costs to rent (see this post). Now we are going to talk about some of the additional savings you will realize as a homeowner through these deductions and credits.

Do you owe more on your home than it is worth? There may be help through HARP

A few years back before the real estate market collapsed lenders and borrowers acted without fear. People were refinancing their homes and pulling cash out for anything and everything. The notion of being "underwater" or owing more on your loan that the home was worth was inconceivable. Property values were continually going up so no one was really worried about how much equity they had in their home. Fast forward four years and 24% of all American homeowners are underwater, that is 11.2 million families. If you also consider that most of the 10 million plus homes that have been foreclosed on in the past 4 years were also underwater, you can see that home equity is a major concern. The government has tried to roll out a number of different programs to slow down the foreclosure rate but unfortunately most of those programs were poorly planned helped very few people.

Are you a foodie on a budget? Check out DineLA.

Wait a minute? A post that is not about Real Estate? Maybe I'm just hungry right now but I received a notification for Dine LA Restaurant Week and wanted to make sure to pass it on to you. Los Angeles has some of the greatest restaurants in the country and there's nothing I like more than taking in a nice meal with my friends and loved ones. Unfortunately, lots of these great restaurants are really expensive! Dine LA is a promotion that gives you the opportunity to try some of these restaurants without breaking the bank. Many of the top restaurants in town participate, even those run by famous chef's Wolfgang Puck, Jose Andres and Gordon Ramsey. Here's the link to the website.
Enjoy!

The FHA Purchase Loan: Maybe you can afford to buy

When I talk to friends and family who rent the question that I always ask is whether or not they have thought about buying a home. Answers vary, some people don't want to be tied to the same place, or deal with the extra responsibility that comes with owning. Most though, have not considered buying because they assume that they can not afford the down payment or they believe that the mortgage payment will be much higher than their current rent. What most don't know is that these costs may not be as high as you think. You may be able to actually save money each month by owning without coming up with much more than you would to move into a rental.