Welcome to the RolandoGill.com Blog

2010-10-20 09:45:01
Reverse Mortgage Advantage

An advantage of this new program is that the HUD appraises the former home by its actual appraised value and not by the FHA usual method of using the quick sale value. The quick sale value is the value of the property if it had to be disposed off very quickly. This value is usually considerable lower than the actual value of the home. With the new method, a senior may not even have to make any down payment for the new home. So seniors buying a new house will enjoy the benefit of the actual higher appraised value of their old property. This reduces considerable and sometimes completely eliminates the need to make a down payment for the new property. It also leaves the senior with more extra funds.

To benefit more from this new program, seniors may choose to downsize by moving into a smaller home or cheaper community closer to family and friends so as to eliminate the need to make any extra down payment and also leaves them with more extra proceeds from the sale of the old home for their personal use. The new program is even made more attractive when one considers that they would not have to make any monthly mortgage payments for as long as they reside in their new home.

The new Purchase Reverse Mortgage became effective in January 1, 2009 and since then the FHA began to insure reverse mortgage purchase loans. If you are a senior who qualifies for this program and wishes to change your home now is the best time to begin looking around for your new home.

To search Salt Lake Townhomes, click here.

To search St. George Townhomes, click here.

Ask any questions on the comment box below
Get answers without obligation by calling me at 801-694-9955 Rolando Gill - Everest Realty

Or call for times and locations of our free one hour information seminar.  No obligation, leave your checkbook at home.   

Blog Archive
2016-12-29 10:19:05
Should I call the number on the sign?

2011-06-09 11:34:30
Stats - 25% short sales 6/9/2011

2011-06-04 06:29:24
For Sale by Owner or Hire an Agent

2011-06-02 08:46:29
Stats - Sales, sales and more sales 5/31/11

2011-05-12 12:36:51
First Spring numbers, more homes sold 5/12/2011

2011-04-30 07:32:34
Cheaper to buy than to Rent

2011-04-26 12:17:34
Stats - Short sales on the rise 4/26/11

2011-04-21 13:31:04
Dave Ramsey says 'Use an Agent!'

2011-04-20 20:36:01
Protect and Defend the Mortgage Interest Deduction

2011-04-19 12:00:01
#1 Barrier to Home Ownership

2011-04-18 13:13:34
Happy Tax Day

2011-04-15 07:24:36
Utah #4 in Foreclosures

2011-04-14 14:46:26
Regulators Regulators Regulators

2011-04-13 09:51:27
Stats - Seasonal bump in sales 4/13/11

2011-04-12 08:53:51
Protecting the American Dream. I am in!

2011-03-29 10:09:17
Why Would My Lender Accept Less Than Is Owed?

2011-03-22 08:51:20
Stats - 6600 homes for sale, only 639 sold 3/15/11

2011-03-11 11:10:49
Stats - 1700 New Short Sales Listed 3/11/11

2011-03-01 08:35:41
Sales in Salt Lake County are increasing

2011-02-16 16:19:29
Stats - The year of the Short Sale 2/16/2011

2011-02-09 11:12:27
Stats - 50 per cent Fail 2/9/2011

2011-02-08 06:50:49
Median Shmedian 2/8/2011

2011-02-04 08:57:58
Shadow Inventory 2/4/2011

2011-02-02 15:15:43
Stats so you can sound smart. 2/1/2011

2011-01-27 17:54:30
The Basics of Buying a Home

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.

Take us Along
All Home Listings in your Pocket!

What's Your Home Worth?
Find out where you stand in your market.

Google® Map Search
Use Google® Maps to find your next home.