Search Results for: reverse mortgage

Reverse Mortgage Specialist

July 16, 2015 by 1 Comment

When I come in contact with something that I think can help Ocean Hills Country Club buyers or other seniors, I just have to share. A purchase reverse mortgage is one of these things, and Owen Coyle is a great person to explain how it works.

Here is Owen Coyle’s bio in his own words:

“I’m Owen Coyle, a 79 year young “Seasoned Citizen” living in Escondido California.

As of April 1, 2015, I’m starting my 11th year as a Reverse Mortgage Specialist.
I have no desire to retire, so as long my health remains good, I’m planning on
setting up reverse mortgages for at least the next ten (10) years to age 90!!!

I absolutely have a passion for working with senior home owners, improving their
“Quality of Life” and giving them “Peace of Mind” by setting up reverse mortgages
for them.

A reverse mortgage is not for every senior, but when “it fits”, it can absolutely change their
life for the better.  When I meet with the seniors, I always suggest that they include as
many of their children as possible in our meetings.  I always want to have the entire family
“On The Same Page” and understand how the reverse mortgage will benefit their parents –
based on their particular situation.

Most reverse mortgage companies do business by using the telephone, email or U.S. Mail
and use a notary to take care of the reverse mortgage “Application” & “Closing Documents”.

I do business “The Old Fashion Way”.  I go to the senior’s home and sit down with them
and their children at their kitchen and talk to them “Face to Face”.  I make sure that I answer
all their questions and that the entire family understands how the program works.”

In 2015 there were many reverse mortgage revisions.  Again, a reverse mortgage specialist like Owen Coyle in necessary to keep you up to date on the latest changes.

Gary Harmon, you Ocean Hills & Seniors Real Estate Specialist, would like to put you in touch with Owen.  Just contact Gary Harmon to learn more.

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Reverse Mortgage Revisions

December 16, 2014 by 2 Comments

HUD is changing the rules for doing reverse mortgages as of March 2, 2015. These anticipated changes are creating a rush by reverse mortgage applicants to get grandfathered in under the old less stringent rules. One of the current requirements for obtaining a reverse mortgage is that applicants must go through counseling with an FHA approved counselor. Because time is running out before the changes take effect, counselors are getting booked up and people are experiencing a difficult time arranging for their counseling session. Reverse mortgage specialist are advising prospects to get their counseling done ASAP. If you decide to get a reverse mortgage, then you will have a much better chance to get in before the deadline. The counseling certificate is good for 6 months.

If you are considering using a purchase reverse mortgage to buy a home in Ocean Hills Country Club, I can put you in touch with a reverse mortgage specialist. Just contact me, Gary Harmon, your Seniors Real Estate Specialist.
Contact Gary Harmon

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Reverse Mortgage Down Payment Required

July 15, 2014 by Leave a Comment

If you are considering buying an Ocean Hills home using a reverse mortgage, you may want to know how much down-payment is required.  The answer isn’t always simple and depends on your age or the age of your spouse, whichever is younger.  See table below.

Approximate down payment based on age.

HEMC Reverse Mortgage Chart

HECM for purchase financing can make it easier and more affordable for Ocean Hills Country Club buyers 62 and older.  They can buy an Ocean Hills home that better fits their lifestyle, without ever having to make a monthly mortgage payment.  The chart above shows hypothetical  examples of the down payment required with this type of mortgage option.

If you have ever considered a reverse mortgage, I have several different lenders that I could refer to you that are knowledgeable in the area.

Contact Gary Harmon, your Seniors Real Estate Specialist.

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Reverse Mortgage Changes effect Ocean Hills Seniors

January 6, 2013 by Leave a Comment

The changes to reverse mortages are as follows:

  • Fixed Rate Interest options will be eliminated (post Feb 2013) and all future mortgages will be variable interest rate only. The specifics of the variable rate options (indexes, margins and rate caps) will be priced according to each lender. The HECM fixed rate program is the primary reason the program is showing an estimated economic value of negative $2.8 billion.
  • Creation of “set asides” for payments of taxes, insurance and HOA dues. As with all groups there is a percentage of individuals who exploit “loopholes” in any given program. In this case, a small minority number of seniors took a “lump sum disbursement” of equity (cashed out) and later (as housing values plunged) simply quit making their property tax, insurance and HOA payments. Or in many cases seniors became (increasingly) debilitated , many simply lost the ability to keep up with the paperwork demands of paying the bills.  This led to massive losses as homes reverted back to investors as seniors passed away or left the home for convalescent care. How exactly the “set-aside” issue is handled will be the most challenging.  The tradeoff of giving access to their full equity ( 50-80% max ltv) while still protecting the investors.
  • “Full Equity Disbursement” (aka FED) Currently seniors can receive their equity in one “lump sum” or a series of withdrawals (i.e. HELOC). This option will be scaled back (probablly eliminated) for several reasons. Many HUD housing counselors feel that this mass infusion of cash into a senior’s bank account often leads to poor financial planning for their long term future. Whether it be a crooked care giver, “impatient” future inheritors or just poor purchasing decisions (it is felt by HUD) that a large wad of cash is more easily mismanaged than a series a series of managed withdrawals. Scaling back FEDs will also solve issue number 2 (listed) above.

To get more information about how a reverse mortgage can help you buy in Ocean Hills, contact Gary Harmon today.

Above info supplied by Daniel Dobbs, Capital Mtg. Services.

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Purchase Reverse Mortgage (HECM)

If your are looking to by in Ocean Hills Country Club, are 62 years old or older, there is a program that can help you purchase your Ocean Hills home.  The following information will help you understand the details and the benefits of a purchase reverse mortgage.

What is the Home Equity Conversion Mortgage (HECM) for purchase?

  • Ocean Hills Country Club homes qualify for FHA-insured reverse mortgages.
  • Senior homebuyers can purchase a new primary residence and obtain a reverse mortgage and have “no mortgage payments.”
  • Buyers can combine reverse mortgage proceeds with a down payment from the sale of their existing home or other assets.

How can HECM help you buy an Ocean Hills home?

  • It allows you to purchase a primary residence suitable to your needs.
  • You may be able to afford to purchase a home almost twice as expensive.
  • Purchase a home without a monthly mortgage payment.
  • Move out of your two story into a safer one story home.
  • Downsize to a smaller, easier-to-maintain home.
  • Relocate to be closer to friends and relatives.

What requiremnets must your new home meet to qualify for HECM?

  • Must be a qualifying property like Ocean Hills homes.
  • Must become your primary residents.
  • You must move into your Ocean Hills home withing 60 days of close of escrow.

To get more information about how a reverse mortgage can help you buy in Ocean Hills, contact Gary Harmon today.

All original content by Gary Harmon.

  • Move into a great senior community like Ocean Hills.

Frequently Ask Questions

Many of your questions can be answered by going to the following useful links.

When you are looking at Ocean Hills homes and have questions, please just ask.  Below is a list of frequently asked questions that other prospective Ocean Hills Country Club buyers posed:

  • How did the Ocean Hills Country Club start?  Read Ocean Hills History.
  • How much are the Ocean Hills HOA Assessments – Fees? See Ocean Hills HOA Fees
  • What does my Ocean Hills HOA assessment cover?    Roof Maintenance (roofs are red tile), exterior house painting (white of course),  landscaping of common and front village areas, watering, irrigation systems, security system, basic channels of cable tv, large clubhouse, lush golf course, sparkeling pool, spa, tennis, paddle tennis, bocce, croquet, newsletters, and free movies.
  • What are the assessments in OHCC?  Click to see current Ocean Hills Country Club HOA assessments.
  • Are dogs allowed in Ocean Hills Country Club?  Yes, when your dog is taken off your property it must be on a leash of not longer than 6′.  Ocean Hills home owners must always clean up after their pets.  Dogs are not allowed in the clubhouse, on the golf course, pool area, tennis courts, or other recreational areas.
  • Is there a special place for dogs?  Yes, dog and dog owners are encouraged to Kanine Campus
  • Is th Ocean Hills Country Club gated?  Yes Ocean Hills has a front and a rear gate.  The front gate is a guarded gate.   Non residents must enter OHCC through the front gate, the Cannon Road entrance.  Residence may also use the rear gate, Shadowridge Drive.  See Access & Security.
  • What other security systems are in place?   Each home contains an alarm system that reports police, fire, and medical emergencies to a central monitoring facility operated by the Association.  There is also patrol services 24 hours a day.
  • Can you keep an RV in Ocean Hills Leisure Village?  Yes, but it must be in the designated RV storage lot.
  • What about loud noise?   No loud noises or other nuisances that is offensive to another homeowner or resident is allowed.  Many people buy Ocean Hills homes because it is a quite, peaceful neighborhood.
  • Are there any special rules for children?  Anyone under the age of 14 is considered a child.   All children must be accompanied and supervised by an adult at all times while in Ocean Hills Country Club.   No roller blades, skateboards, or similar items are allwoed anywhere on OHCC property. Can bicycles be ridden on the streets in OHCC?  Yes, but you must wear a helment if under 18.  Read Start Here.
  • Who are considered as guest?  Anyone who is not a resident in OHCC is considered a guest.  Guest must follow the same rules that apply to homeowners.
  • Are there special rules for Ocean Hills Country Club real estate sales?  Yes, anyone wanting to see a Ocean Hills homes for sale  must be accompanied by a Realtor or a homeowner while inside OHCC.  Gary Harmon is a “Senior Real Estate Specialist.”
  • Are Ocean Hills real estate for sale signs allowed when selling your home?  Yes, you may have a for sale sign in r front of your Ocean Hills property.  The sign cannot exceed 18″ x 30″ and not over 4′ tall.
  • Are you allowed to rent your OHCC home?  Yes, and any renter is expect to follow all the rules that applied to the owner.  Renters have the same rights to use the ammenities and facilities as the owner.  Owners are always responsible for any problems that renters may cause relating to association rules.
  • Can you live in Ocean Hills Country Club if you are younger than 55?   Every person residing in an Ocean Hills  home must either be 55 years of age or older, a spouse, cohabitant, or other qualifying resident.
  • Can someone younger that 55 stay in the Ocean Hills community?  Yes, visitors can stay a maximum  of 90 days (whether consecutive or non-consecutive) in any calender year.
  • Who is the management company?   Ocean Hills Country Club homes are managed by Professional Community Management (PCM) a well known company in Southern California.

If you have other questions about Ocean Hills Country Club,  please send them to us in an email.  We will get the answers and add them to our list of FAQ’s.  Chances are, if you had the question, other have the same question.   Contact Gary Harmon today. 

All original content by Gary Harmon, your Seniors Real Estate Specialist.

Contact Gary Harmon, your top Ocean Hills real estate agent.