Posts Tagged ‘Reverse Mortgage’

Reverse Mortgage Saves 90 Year Old from Losing Her Home!

Friday, June 18th, 2010

There come along certain times in your life when you feel truly honored to have had the privilege of helping someone in need.   Recently, I had one of those very opportunities.  One of my fellow VITEK mortgage loan originators contacted me about a senior whose home was being foreclosed on.  Karen Holbert, a friend of the senior’s family, and a Realtor®, saw the home’s notice of sale in the newspaper and immediately contacted us to see if VITEK could help.

I contacted the ninety-year-old woman and her granddaughter to see if there was anyway we could be of service to help save her home.   After meeting with both ladies, I found out that the granddaughter had recently gone through some hard times, and poor health and a growing pile of bills consumed her and the home became delinquent.  During our conversation, I was able to discuss with them the option of a government regulated and insured program that could save the home.  This program, called a Reverse Mortgage, would allow her to remain in the home and eliminate the home’s mortgage payments altogether.

Karen Holbert, the Realtor®, was able to negotiate a hold on the sale of the home to provide enough time for us to process the necessary paperwork for the Reverse Mortgage.  Through everyone’s hard work and dedication, we were able to get the loan expedited and closed quickly.  I am so thankful for the speed, dedication and professionalism that everyone provided throughout the process.  Best of all, we helped a wonderful woman be able to say in her home!

“Thank you again for all the hard work you’ve done for our family, Esther. You’ve helped guide us through this confusing process, and to expedite it all as well…once again, I can’t find the words to thank you enough.”

As a Reverse Mortgage Specialist, I am here to answer all of your questions and talk with you about the benefits of the program.  If you, or someone you know, is sixty-two or older, and would like to learn more about eliminating your mortgage payments, contact me today so we can discuss if a Reverse Mortgage is right for you.

The information in this website is not from HUD or FHA and was not approved by HUD or a government agency.
Esther Fuller
Esther Fuller
(916) 715-7244

Calling All Realtors®!

Thursday, October 15th, 2009


Sound too good to be true?
It’s not thanks to the government insured reverse mortgage.

Make More Money!
Generate More Listings and Sales!
Make a Difference in People’s Lives!
Create More Referrals and Repeat Business!

Do You Know Seniors That …?

• Want to downsize, move closer to family, or a senior community?
• Want to put dormant equity to work by buying an investment property?
• Want to help children or grandchildren with their down payment to buy a home?
• Want to eliminate their current mortgage payment?

To learn more please attend our Reverse Mortgage Seminar
October 22nd
VITEK Corporate Office (Click for directions)
9:30a.m. – 11:00a.m.
Please RSVP by October 20th. Seating is limited.

Call our Reverse Mortgage Division Manager Roxanne McAlpine to reserve a seat today!

The information in this website is not from HUD or FHA and was not approved by HUD or a government agency.

New Government Lending Regulations – What They Mean to You

Tuesday, August 4th, 2009

It’s no surprise lending and real estate regulations have changed as a result of the credit crisis. We have already seen tightened lending practices that resulted from rising mortgage delinquencies, and now our legislators in Washington have enacted new laws changing the way lenders do business today.

If you are a home buyer or real estate agent, there are two significant pieces of legislation impacting lending that should be considered, especially when determining closing dates for purchase transactions.

Home Valuation Code of Conduct – Now all conventional home buyer loan applications sold to Fannie Mae or Freddie Mac must be compliant to new important changes. In an effort to help safeguard and reinforce appraiser independence and ensure the soundness of appraisals, lenders must be in full compliance with the HVCC. One of the main changes is the manner in which the appraiser is selected and engaged. Under these new regulations, loan originators are not allowed to have any communications with an appraiser to have impact on valuation, and home buyers have the right to “promptly” receive a copy of the appraisal.

The code is intended to reinforce the independence of the appraiser. Lenders no longer have the ability to help facilitate the appraisal process on conventional loans. Because our company VITEK Mortgage Group is not satisfied with the poor performance and appraisal reports we’ve received using the recommended national and regional Appraisal Management Companies, we are about to unveil our solution to better serve our customers with quality and timely appraisals. Expect to receive more in future blogs about our solution. In the meantime, it is important to note that these new regulations DO NOT affect government loan programs such as FHA, VA, CalVET, reverse mortgage, and USDA loan programs. They do affect CalPERS loans and some jumbo home loans.

Housing and Economic Recovery Act – Real estate agents, buyers, and sellers beware. The recently enacted Housing and Economic Recovery Act (HERA) amends and impacts several aspects of obtaining a mortgage, including the disclosures required for borrowers and the timing of their delivery. When applying for a loan, a borrower is provided a Truth in Lending (TIL) statement that details the total expected costs that could be incurred over the life of the loan. Should anything change in the loan application causing the APR to increase more than 0.125%, a new TIL must be reissued to the borrower.

The new rules may adversely affect the minimum time required to close, especially if changes are made to a loan application. When changes are made to the loan application that cause the APR (Annual Percentage Rate) to increase more than 0.125%, re-disclosures are required to be sent to the applicant. There is now a minimum of three business days wait from the time of any re-disclosure to when the borrower can sign their final loan documents which may delay the subsequent closing date. Also, for rush situations now the earliest a loan can close is 7 business days after the initial disclosure is issued! Examples of things that can cause the APR to increase are loan product changes, loan amount changes, interest rate changes, good faith estimate of loan cost changes, and even changes of the planned closing date!

In addition, lenders may not accept any additional fees from a homebuyer until the fourth business day after the initial disclosures have been provided to or mailed to a borrower, other than paying for a credit report. This has the potential to delay several aspects of the application process, especially the appraisal ordering process.

Now more than ever, for peace of mind it is important to work with a lender like VITEK Mortgage Group that understands the new lending rules and acts appropriately to avoid unnecessary delays in your purchase transactions. For starters, we recommend you work with home purchase contracts that have sufficient time frames to account for possible delays if the terms of the loan application are not certain and the interest rate lock is still undone. Also make sure your loan terms are locked at least seven days prior to closing to avoid any unnecessary and time delaying re-disclosure requirements. The new HERA rules do not apply to home refinance loans.

Philip Duncan
Executive Vice President

The Brand New

Wednesday, May 6th, 2009

It is finally here! After several months of hard work and dedication, the brand new website is complete. Our new site is filled with powerful tools, industry resources and up-to-date information to provide you answers to your home loan questions. For the last two decades VITEK has been focused on “delivering solutions with simplicity and certainty” to our clients, and we believe our new site will continue to support that commitment.

On our new site you will find mortgage calculators to help you compare the cost of renting vs. buying a home and estimate what your payments will look like. Visiting our Industry News section will keep you in the know on what is happening in the mortgage/real estate industry.

Whether you are buying your first home, looking at the option of refinancing, or considering the benefits of a reverse mortgage, now more than ever it is important that you take the time to become educated on your options. We have designed our site to be user friendly to help you find the information you are looking for when you need it. As always, if you want to talk with an experienced Mortgage Loan Originator, you can contact us today.

We hope you enjoy the new site and will stop by the site Blog periodically as we would love you hear from you and your experience working with VITEK. If you would like to make suggestions for improvements to our new site, let us know.

Harry Duncan
Company President

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