Answer by Steve D
first of all, the real estate agent is not there to get you a deal on a mortgage – that is either your responsibility or the mortgage broker’s responsibility. The agent is there to put you in a house (exhibit you house, explain the offer/acceptance routine, be there at closing and walk you through the purchase process).If you do not trust you bond broker to get you a fair deal, then you can start calling around to banks in your area and inquire about their rates. This means, however, getting a new pre-approval and starting from scratch on the mortgage. Being a first-time buyer, if you go this dispatching, you are going to have to educate yourself regarding rates and points and buy-downs.

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Answer by Yirmiyahu
http://www.irs.gov/formspubs/article/,,id=242605,00.htmlFully deductible interest. In most cases, you can deduct all of your home mortgage interest. How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds. If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category.) If one or more of your mortgages does not fit into any of these categories, use Part II of this publication to figure the amount of interest you can deduct. The three categories are as follows. Mortgages you took out on or before October 13, 1987 (called grandfathered debt).Mortgages you took out after October 13, 1987, to buy, make, or improve your home (called home acquisition debt), but only if throughout 2010 these mortgages plus any grandfathered debt totaled $ 1 million or less ($ 500,000 or less if married filing separately). Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2010 these mortgaged totaled $ 100,000 or less ($ 50,000 or less if marrying filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2). The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home

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Answer by Judy
Your interest % stays the same for the length of the mortgage. If property taxes go up though, the escrow portion of your payment goes up.

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Answer by mbrcatz
You can’t. But you could have your adjuster reissue the check directly to the contractor.Any contractor should be willing to work with you on this – you’ll likely have to pay them your deductible, directly, but most REAL contractors that don’t scam you, should be willing to take payments as the job completes.

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Answer by kemperk
in most all cases, there is a miniclause in a mortgage note thatstates if the obligee dies before thedebt is paid, xyz insurance company willpay off the mortgage.IN NO NO NO circumstances isany relative ever obligated to pay offanother deceased relative’s mortgage.meaning those who were not on thenote in the first place]

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Answer by Tim
Normally you roll them both together. You can get better rates on a 1st than a 2nd.

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Answer by kemperk
excluding unique components to your loan or your state,if a property goes into foreclosure, the law is simple; the 2nd mention holder must buyout the first to keep his “rights.” if he does not, only the first mortgage survives aauction sale.[once the 2nd is wiped away, that debt cannot be revived unless someone naivelyoffers to repay it .......later]

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Answer by Matt
Avg. Salary: 42k$ 50 Salaries registered here:http://www.whatsalary.com/us/salary/MORTGAGE-LOAN-OFFICER-T4154.htm

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When it comes to helping our aging loved one with financial decisions, we want to make sure we take time to understand all aspects of the transaction. One option for seniors that is becoming very popular is to use the equity from their home to increase their cash flow. Some seniors need to pay off old home equity loans; others have credit card debt that they would like to eliminate. Some elderly parents need additional cash flow to pay in-home caregivers, and some need the money to simply be able to afford to pay their daily living expenses. Regardless of the reason, a reverse mortgage is a big decision for seniors and their family members.

Let me offer some background, For the purpose of our discussion, a reversed mortgage is designed specifically for homeowners who are age 62 and older. Through this product, you can receive loan money from your home in the form of a lump sum, regular monthly checks or a line of credit. The money is typically repaid with interest when you sell your house, permanently move away, or pass away.

Reverse mortgages are regulated by the federal government (HUD and FHA). This is a “non-recourse loan,” which means that the heirs of the seniors are not responsible for repaying the loan. In fact, a reverse mortgage is a loan that does not have to be repaid unless both homeowners (assuming a couple) leave the home permanently, or pass away. No monthly payments are required. The senior is the one who gets paid.

The money the elderly receive from a reverse mortgage is tax free, and does not interfere with SSI or Medicare benefits. For the elderly parents that are having trouble making ends meet, this can be a life saver.

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You might be wondering, what’s the difference between a reverse mortgage and a bank home equity loan. With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

You don’t make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With a FHA HECM you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”

Now that you understand the reverse mortgage you are now thinking how much money you can get from your home. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

Reverse mortgages have helped hundreds of thousands of homeowners like you; improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If you’d like to find out how much money you qualify for and if you’re eligible, give us a call at (800)630-0650.

Tim Jacobs
Golden Years Mortgage Solutions
Your Money…When You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com

Tim Jacobs@GoldenYearsMortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.