Good morning, Memphis. And top of the morning to IHEART listeners around the country. You’re on the Real Estate Mortgage Shoppe program with me Jo Garner, Mortgage Officer with Evolve Bank and Trust. Today we’re talking about “Mortgages, Wills, Probate & Your Real Estate.” If it is concerning your real estate property, your mortgage, your credit or probate issues, give us a call on the air at 901 535-WREC. That number again is (901) 535-WREC.
Our co-hosts today—we have Attorney Ron Cohen, co-owner of Premium Title Group. Ron, its always good to have you back on the show. Please tell our audience a little about yourself and what you do for Premium Title.
Our second co-host is probate lawyer, Christine Karr. Christine, welcome to the radio show. Tell us a little about yourself and what you do as a probate lawyer.
Our featured guest is Charlotte Bergmann, owner of Angelic Visits. Charlotte, you are well-known around Memphis on the political platform but take a minute to tell us about yourself and what you do through Angelic Visits.
Prepare for changes—I think that’s true for family planning as well as the real estate news.
The popular FHA program is about to increase the cost of their mortgage insurance program. If you plan to purchase a home using the low down payment FHA program, you had better get your purchase contract signed and your appraisal ordered before April. You don’t have to CLOSE on the loan before April 2013, but you do need to have the contract signed and the case number and appraisal ordered before then or you’ll pay MORE for mortgage insurance. If you are refinancing your FHA loan with an appraisal being done, you need to get the appraisal ordered before April. Give me a call if I can help. My direct number is 901 482 0354 or go to my blog www.mortgageloansblog.com Susan and I would like very much to work with you.
The Home Affordable Refinance Program is still very popular. If you have a conventional loan endorsed by Fannie Mae or Freddie Mac prior to June 1st 2009, you may be able to refinance to mortgage rates in the 2’s and 3’s without having to worry with an appraisal value. It’s a great deal for underwater homeowners but its great for homeowners who AREN’T underwater too, because who wants to pay for an appraisal? My very capable assistant , Susan Belew and I can get you refinanced or help you purchase a home with VERY LITTLE MONEY OUT OF POCKET. Call me (901) 482-0354.
Mortgage rates didn’t move much this week. The 30-year fixed-rate mortgage rose to 3.8 percent from 3.79 percent. The 15-year fixed-rate mortgage was 3.02 percent, the same as last week. The 5/1 adjustable-rate mortgage rose to 2.76 percent from 2.75 percent.
Homeowners and homebuyers are racing to get their mortgages locked and closed before rates go up and policy changes tighten loan guidelines even more. Word to the wise: If the deal works for you today, do it today. If you have challenges getting to your financing goal, give me a call. Susan and I would like to brain storm with you for solutions for your real estate challenges. Call us directly at (901) 482 0354 or catch us on our blog www.mortgageloansblog.com
Today we have some experts with us to share their wisdom about wills, probate and your real estate. Are you in a place where you need to consider upcoming family changes? Call us on the air at 901 535 WREC. Do you know someone who might benefit from a reverse mortgage or other change in the mortgage structure? Call me and let’s talk on the air at 901 535-WREC or directly off the air at 901 482 0354.
Charlotte Bergmann I know you have some stories from your experiences with families trying to plan ahead to make sure their loved ones are cared for. I am hoping you can share one or two of your stories today.
Attorney Ron Cohen and probate lawyer, Christine Karr, I know you guys have a lot of wisdom to share with us today. How do you advise your clients who are trying to make the transition easiest for their surviving loved ones?
Questions for Ron Cohen to answer:
1. What are the advantages of having a land trust?
2. What are the advantages of the revocable trust?
3. When would you want to use a land trust?
Questions for Christine Karr to answer:
1. How do you form a revocable trust?
2. How do you terminate a revocable trust?
3. Who controls the revocable trust?
Questions for Charlotte Bergmann to answer:
1. Charlotte to share a short, real-live story or two to illustrate some points that Ron and Christine are making
2. How do you encourage senior family members to go ahead and set up a trust?
Questions for Jo Garner to answer:
1. What are some examples of ways your clients have rearranged their mortgage structures to plan for future family changes?
A. In the case of refinances, one of my most memorable customers was 92 years old. She called me up and said, “ would you give a 92-year old woman a 30 year loan?” She didn’t want the 15 year high payment anymore. She wanted to free up extra money each month to enjoy going to the cabin at the river with her family and grandchildren and great-grandchildren. She said, “I’m gonna enjoy every moment I can with them. The kids can sell my house after I’m gone.”
B. Some of my senior clients have decided that the reverse mortgage would help them because they can get a lump sum of money or monthly payment sent to them per month with no house note to pay. That’s their way of being able to live care free and enjoy life.
2. What are some advantages and disadvantages of the reverse mortgage ?
Real Estate Tip of the Week:
Ron Cohen shared this tip.
Jo to make two announcements: Talk Shoppe offers free networking and education to anyone interested in real estate or business. This Wednesday at the Better Business Bureau 3693 Tyndale Memphis 9a to 10a Talk Shoppe will be hosting the Mastermind Principal: based on the book Think and Grow Rich by Napoleon Hill. For more information about Talk Shoppe go to www.TalkShoppe.BIZ
Next Saturday 9A to 10A CST on the Real Estate Mortgage Shoppe top-producing realtor, Jennifer Carstenson of Keller Williams in Memphis will be sharing tips on how to get the best deal buying or
selling your home . For today’s podcast or past podcasts of our show, go to www.mortgageloansblog.com
Transition Songs: 9:15AM How Can I Help You Say Goodbye by Patty Loveless; 9:30 AM “ God Only Cries For The Living” Diamond Rio;9:45 AM Daddy’s Hands by Holly Dunn
Notes from Attorney Ron Cohen:
Title Holding (Land) Trusts:
Naked legal title is conveyed to trustee.
Beneficiaries retain control of the property. Trustee acts at the direction of the beneficiary. Beneficiary retains control of the property. Beneficiary owns a personal property interest. You may estate plan using this vehicle.
Two documents are required: A trust agreement and a deed in trust.
Estate Planning (Living) Trust:
Settlor is both trustee and beneficiary.
Avoids probate. Upon your death, your assets are distributed in accordance with the terms of the trust.
It is revocable. If someone is not nice to you, you may cut them out. It is a good way to control conniving children. It may be amended as things change.
What if I become incapacitated (No, not me).
When you establish the trust, you may name a successor trustee.
May I name more than one beneficiary?
You may name as many as you like. That way you can play one beneficiary against the other. A perfect parental situation.
May I prepare these documents from some online form?
You can do whatever you wish, however, enforceability of the agreement is goverened by state statute and you might have nothing more than a nice looking document that serves no real purpose other than as coctail party conversation (assuming yo even go to coctail parties).
Ron A. Cohen
Of Counsel: Kusper & Raucci, Chartered
30 N. LaSalle Street
Suite 3400
Chicago, Illinois 60602
312-332-5000
312-346-1145 (direct)
312-332-4663 (facsimile)
Local Memphis Premium Title Office 901 752 1587 option 2 for Jenett
Christine C. Karr
CHRISTINE C. KARR LLC
30 N. LaSalle Street, Suite 3400
Chicago, Illinois 60602
(312) 629-5275
(312) 853-2557 Fax
http://ckarrlawfirm.com
Charlotte Bergmann, Angelic Visits www.angelicvisits.com 901 281-8292 Whether you’re looking for a senior companion, occasional transportation for appointments and shopping, a skilled caregiver to provide help around the house, or an in-depth resource on senior topics and home care, please contact us for a free consultation or advice, let Angelic Visits provide you with senior support services.
Jo Garner, Mortgage Officer with Evolve Bank and Trust (901) 482 0354 www.MoneyShoppe.NET blog www.mortgageloansblog.com
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 20 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went to work for a residential mortgage company and has been a mortgage loan officer for over 17 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. She is also the host on the Real Estate Mortgage Shoppe radio show on News Radio AM 600 and IHEART radio every Saturday 9A-10A CST and online at http://www.iheart.com/#/live/2145/?autoplay=true .
For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, refinancing options, home purchase loan programs, answers and real estate, money-saving tips and more.