Pinnacle Mortgage Company

The 3 most common misconceptions about a Reverse Mortgage are: 1. The bank will own the home . False, the homeowner owns title and can still pass the property o...n to their heirs. 2. This loan is expensive...yes the upfront costs are more than a Conventional, FHA or VA loan but let's dig deeper. Say a regular refinance loan costs $8,000, you lower your rate and you save $300/month but still must pay a $2500 mortgage-over 3-4 years you will break even. Now say a Senior pays $13,000 in closing costs but now has no more $2800 mortgage and on top of that gets a lump sum or monthly allowance of income for life. That extra $5000 in costs = $33,600 a year savings or $168,000 over 5 year savings. The costs can be rolled into the loan and there is no out of pocket 3. You must own your own your home free and clear. False, you must have a significant amount of equity absolutely but the property does not have to be free and clear. Regulatory changes over the last 6 years including a mandatory counseling over the phone with the Senior and a family member go over every possible detail and question before the loan can even be submitted to feel comfortable with what is going on. I have heard so many times that leaving "Less" for their kids and their heirs is their priority, I respect that and this program is not for you, but if you want to live a bit more at ease, a bit more comfortable in your later years with positive cash flow every month and do things you did not think possible then this is the program for you. You've sacrificed your whole life, it's ok to do something for yourselves if that's the case. Less income when you retire with the same bills does not work very well in most cases especially expensive areas to live. Think about it and contact me anytime to discuss. Stay safe be well Carlos DeLaFuente #287343

Seniors A reverse mortgage may help out by eliminating your current mortgage, paying you a lump sum or a line of credit. Guidelines have changed. No more mortgage! Pay off all debt!... Live comfortably! You deserve it! Must have sufficient equity in your owner occupied home and continue to live there. Ages 62+ \Call me at 925.250.4894 email me [email protected]

Seniors 62+ start living comfortably start living for now. You've sacrificed all your life, you deserve it. No more mortgage lump sum available line of credit available... monthly income available 925.250.4894 [email protected] See more

How to get great credit. Better credit= lower rates. Not that many people know because it is so rare but your FICO score is able to reach 850. Today we live in a world of instant gratification. GIMME NOW! ........ CHARGE IT!.........Continue reading

Question If you can make exactly the same amount of yearly income would you be A) A pro athlete B) A musician C) An actor/actress... D) An inventor and why?

Very good article about credit which is crucial with mortgages.

What are the basic types of loans? A paper involves full verification of income, assets, credit and debts to establish ability to repay the loan. These programs (Conventional.Jumbo,FHA,VA, USDA) are your lowest interest rates. Alt A involves bank statements 12 or 24 months or asset depletion which uses the base income + a method for calculating monthly income by dividing a borrower's total assets by a set number of months. The borrower is not required to cash in their assets ...as they're only used to demonstrate an ability to make the mortgage and housing payments. Hard money is the fastest way to get cash needed on refinances and close purchases and involves having a large down payment(35% or more) or 35+% equity in the home on refinances. At times appraisals are waived and the documents are mush less as well as credit score requirements are much lenient. Keep in mind interest rates and costs will be higher depending on the scenario. We can do all of these and then some. Ask me 925.250.4894 [email protected] #287343

Rates are very low now! Even if you've refinanced or purchased in the last 6 months you may have a higher than market rate. Also doing Hard money loans Commercial loans Reverse mortgage loans Personal loans... 925-250-4894 [email protected] Nmls #287343 See more

Attention homeowners/borrowers: Rates have reached 2016 lows, if you have thought of refinancing or purchasing a home your money will go a lot further with these low rates. Also assisting with Hard money loans for this with equity but have credit or income issues Reverse mortgages for our seniors who need income to help their lifestyle... Commercial deals Bank statement loans Please call 925-250-4894 or email [email protected] with your scenario. See more