RESTRUCTURING MORTGAGE & SOLUTIONS FOR HOME MODIFICATIONS FOR ELDERLY & DISABLED
In this episode of Real Estate Mortgage Shoppe, we looked at some savvy ways you can restructure you mortgage terms to save thousands, even tens of thousands of dollars in interest payments, shorten the term of the loan or tweak the terms to get through a challenging family situation. We will be looking at solutions for making modifications to the home in order to allow an elderly or disabled family member to remain in their home sweet home.
If you have questions regarding our topics in this episode or if you are looking for answers on other real estate and financing related topics, please contact me at jo@192.232.195.219 or call me directly at (901) 482-0354. I am happy to get you the connected with the information you need quickly.
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Good morning, Memphis! Good morning to our friends in Tennessee and the other 49 states across the country. You’re on Real Estate Mortgage Shoppe and I’m your host, Jo Garner, Mortgage Loan Officer. Connect with me at www.JoGarner.com or by email at jo@192.232.195.219 or call me directly after the show at 901 482-0354. But we love company so to join on the show today, call us while we’re live January 30th, 2016 at 901 535-9732 or 800-474-9732.
During today’s Real Estate Mortgage Shoppe, we are going to look at some savvy ways you can restructure you mortgage terms to save thousands, even tens of thousands of dollars in interest payments, shorten the term of the loan or tweak the terms to get through a challenging family situation. We will be looking at solutions for making modifications to the home in order to allow an elderly or disabled family member to remain in their home sweet home.
We are talking about RESTRUCTURING YOUR MORTGAGE & SOLUTIONS FOR HOME MODIFICATIONS FOR ELDERLY & DISABLED LOVED ONES. In the studio to share some solutions for home modifications are Greg and Kelly Inman of Next Day Access. Greg and Kelly Inman, a husband and wife team, have a passion for what they can do to help elderly or disabled family members remain comfortably and safely in their homes. Greg and Kelly, tell our audience a little about yourselves and what you do for your customers at Next Day Access.
(Jo) Just like you love your business, I love the mortgage business, even though sometimes it makes me seasick from all the ups and downs in the market and the tidal wave regulation changes. But my assistant, Susan, and I keep our sails up and our clients on course to their happy havens. This week the market was up and down with mortgage rates finally dipping into a 8-month low trough. 30YR FIXED – 3.75-4%;FHA/VA – mid to high 3’s;15 YEAR FIXED – low 3’s.
I am always saying, “Make Your Plan. Work Your Plan. If The Deal Works for You Today, Do It Today.” That could not be more true than right now. If you think you missed the boat on restructuring your mortgage loan to save some interest, lower your payment, shorten the term or both—you have a unique window of opportunity—GRAB IT! I would like very much to talk with you about your plans. Let’s put together a winning scenario for you, but you have to talk with me personally. If you’re not talking with me personally, you’re not working with me. I want to work with you. You can call me after this broadcast directly at (901) 482-0354. (901) 482-0354.
I want to tell you about some of my clients’ success stories with restructuring their loans, but right now let’s talk about some ways Greg and Kelly Inman have been able to help some of their clients enjoy staying in their own homes by making some simple modifications.
(Jo) I know from talking to you and to others who have done business with you that you really take the time to listen to the unique needs of your clients—because everyone has a little different situation. It’s the same with my mortgage clients. Many of my customers looking to retire in the near future might want to see about shortening the term while at the same time lowering the rate on a mortgage so that the house is paid off when they retire. In so many cases I can structure the loan with lower interest, lower payment AND shorten the term. This is the best scenario if getting rid of the mortgage earlier is your goal-and this is possible again for a lot more folks since our mortgage rates have dipped again to around an 8-month low. Other clients want to refinance back to a 30 year loan so they can free up several hundred dollars extra per month. They say, “Let the kids pay for the house one day. I want to enjoy the extra money I save on my mortgage each month.” And that works too. There are just so many different loan programs out there and endless ways of tweaking them to bring about just the right solution for someone wanting to transition into a different home or just restructure the terms on where they live now.
(Jo asked Greg and Kelly) You guys were on Real Estate Mortgage Shoppe a few weeks ago and started talking about the difference in costs for someone who, with some modifications, can stay in their homes versus the costs of staying in an assisted living facility or nursing home. I know you have done your homework on this bit of research. What ARE the differences in costs?
(Jo) Sometimes the perfect solution isn’t so obvious at first until you’ve had a chance to ask a few more questions and explore some areas the customer has just barely mentioned. Several years ago a couple of my family members wanted to retire within 2 to 3 years. They didn’t have a house note on the small suburban house they had lived in for 30 years but their dream was to buy a large house on lots of land with a pond to enjoy their golden years. At first it looked impossible to have no house note in less than 5 years and yet still be able to move to the larger home with the land. Here’s how the dream came true… I got them a 30 year mortgage on the new home with a 1 year adjustable rate with a 1% annual cap and 6% lifetime cap. At first our other family members thought we were crazy, but when my family members sold the old house later in the year and paid down the new mortgage by over $50K, even if the interest rate went up to the 1% max cap each year, because of the large payment to reduce the principle the first year, I showed them that even if the worst thing happened, their payment would be less and less starting the second year because on the 1 year adjustable the payment is recalculated only on the UNPAID balance each year. The payment was almost nothing at the 5 year mark and paid off shortly after that. It just took some close listening and moving the puzzle pieces around—thinking outside the box to make the dream come true! Let’s talk about YOUR dream! You can call the show now while we’re live January 30th, 2016 at (901) 535-9732 or outside the Memphis area 800-474-9732 .
2nd segment after 9:15 break: It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to www.jimmyogle.com . our Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget –even if you have a BIG, BIG project. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535 WREC 901 535-9732.
Garner # 68 01/30/16
Dixon Gallery & Gardens
Question: I am located on a busy street in East Memphis and I will be experiencing my 40th anniversary this year (2016) as a public facility. Who am I?
Hint: I was acquired by one of Memphis’ leading cotton merchants in 1939.
Hint: Some of my residents today are Monet, Renoir and Degas.
Hint: I witnessed the development of Audubon Park and the Kennedy General Hospital.
Final Hint: I was open to the public in 1976 and I am celebrating my 40th anniversary this year.
Answer: Dixon Gallery & Gardens. The Dixon Gallery and Gardens is an art museum within 17 acres of gardens, established in 1976, and located at 4339 Park Avenue, Memphis, Tennessee. The museum focuses on French and American impressionism and features works by Monet, Degas, Renoir, Chagall, and Rodin. The museum also houses the Stout Collection of 18th-century German porcelain. With nearly 600 pieces of tableware and figures, it is one of the finest such collections in the United States. The Dixon also features a comprehensive schedule of original and traveling exhibitions of fine art and horticulture. The museum sits within four principal outdoor sculpture gardens with Greco-Roman sculpture. Its site was acquired by the Dixons in 1939, and landscaped in the English Garden style with open vistas adjacent to smaller, intimate formal spaces. The major areas within the gardens are the Cutting Garden, Formal Garden, South Lawn, and Woodland Gardens.
The history of Dixon Gallery and Gardens begins with two exceptional people, Margaret Oates Dixon (1900-1974) and Hugo Norton Dixon (1892-1974), one of the cotton merchants in Memphis. Philanthropists and community leaders, the Dixon’s ensured a richer and more varied cultural life for Memphians by bequeathing their home, gardens and collection of French Impressionist paintings for the enjoyment and education of future generations. The Dixon’s also established the Hugo Dixon Foundation, a separate entity that assists in funding the Dixon Gallery and Gardens in perpetuity.
Jimmy Ogle gives free outdoor walking tours on the sidewalks and parks in Downtown Memphis during the Spring and Autumn of each year, with the next tour being a brand new Fairgrounds Walking Tour at 2pm on Sunday, February 21 (assemble at the Coliseum). The D’Army Bailey County Courthouse Tour (indoors): Third Thursday each month at 12:00 noon – the next being Thursday, February 18.
Go to jimmyogle.com for the 2016 Spring Season
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5 Questions Answered by Next Day Access
⦁ What products and services are offered by your company?
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⦁ Who would benefit from your products and services?
⦁ Does insurance pay for your products and services?
⦁ Do your clients need to purchase your products or can they rent them? What about your agreement to keep the products and equipment maintained?
⦁ Why choose Next Day Access over moving to a nursing home, assisted living, etc?
⦁ Give an example of how your company has helped others.
⦁ A lot of people put a high priority on safety, but that can cost money. How much money?
⦁ What if the family want to see the products and they work before they buy?
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QUESTIONS ANSWERED BY JO GARNER-
⦁ What are some of the most popular loans people use when they are in the process of retiring?
⦁ Earlier I talked about how some of my clients have successfully shortened the term on the mortgage, lowered the rate and the payment to get rid of the mortgage sooner while others went back to a longer term but at a lower rate to free up several hundred dollars a month to take care of family emergencies or other situations.
⦁ A different group of clients are buying smaller homes and selling the larger ones. Sometimes they’re ready to buy the smaller new home but haven’t sold the larger old home yet. They call me asking how can they still get the money to buy the new home when they had originally planned to use the equity from their old home that hasn’t sold yet to pay down the large amount, allowing them to have a small payment on the new home. In some cases they can get a home equity line of credit from their bank on up to 90% of the value of the old home. They use the funds drawn on the new equity line of credit for the down payment to close on the new home. Later, when the old home sells, the equity line gets paid off and they are comfortably back to the one small little payment on the small house that they’ve already moved into.
⦁ In some rare instances, I work with people who have chosen to stay in their homes because the home is mostly paid off already but they get a reverse mortgage to provide them a lump sum of money up front or they take the money as extra income each month. But before I can take the loan application, the client asking for a reverse mortgage must complete financial counseling with a HUD approved Reverse Mortgage Counselor.
⦁ How does the reverse mortgage work?
⦁ You do not have to make payments on the mortgage and in some cases, mortgage payments are made TO YOU from the mortgage company—hence why they call it a REVERSE mortgage. You don’t have to meet strict guidelines on credit and income-to-debt limits since you are not going to be the one making payments.
Reverse Mortgages are NOT good for people with not much equity in their house.
⦁ What are the qualifications on the HARP refinance with no appraisal?
⦁ Your mortgage needs to have been endorsed by Fannie Mae or Freddie Mac on or before May 31st, 2009. You cannot have any mortgage payments over 30 days late in the last 6 months to a year. There are a few more details, but please let me stress to our listeners that some banks and mortgage companies are only offering a small part of this program and not the whole thing. BUT let’s talk about the HARP 2 program with no appraisal value required and for both Fannie Mae AND Freddie Mac loans. YOU CAN EVEN BORROW THE CLOSING COSTS. You can refinance your primary residence, your vacation homes AND your INVESTMENT PROPERTY. Call me and let’s talk directly and more personally OFF the air at 901 482-0354. That number to reach me OFF the air is 901 482 0354
Also the FHA STReamline with no appraisal can be a solution too. If you have an FHA loan and you want to refinance to another FHA loan without an appraisal, I can show you a way to refinance these with little or no money out –of –pocket. FHA has a rule that if you refinance without an appraisal on an FHA streamline refinance, you cannot borrow the closing costs, and this rule forces homeowners to come out of pocket with a large chunk of change. If you don’t have the money to pay down, this can be a problem. But, Susan and I can sometimes work your refinance so that you’re not coming with as much money to closing as you usually would and sometimes with no money out of your pocket at all. If putting a chunk of money down is a show stopper for your FHA refinance, let’s talk. We may be able to help you still take advantage of fixed mortgage rates in the 3.s and 4s without all of that money down.
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REAL ESTATE TIP OF THE WEEK: (Greg and Kelly to share a practical, money-saving or time-saving tip to homeowners or homebuyers-sellers)
Announcements: Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at the University of Phoenix 65 Germantown Center 1st floor Cordova, TN. This Wednesday February 3rd, 2016 9A-10A CT Talk Shoppe Jeremy Parks from Lipscomb & Pitts Breakfast Club WWW.THELPBC.COM will present “Leverage Giving To Differentiate Your Business, Engage Your Employees & Attract Customers For Growth.” Talk Shoppe events are free for the next couple of months thanks to our sponsors and advertisers like Gwen Christensen, owner of Builders Floors and Interiors. She can get your flooring installed for less cost than the big box stores. www.buildersfloorsandinteriors.com For more about Talk Shoppe go to www.TalkShoppe.com
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FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
Call me and let’s MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. ______________________________________________________________________________
QUOTE CORNER: “As you get older three things happen: the first is your memory goes …and… I can’t remember the other two.”
Phyllis Diller-“Maybe its true that life begins at fifty…but everything else starts to wear out, fall out or spread out.”
Transitional Music: “Our House” Crosby Stills and Nash; “House” by Elton John; “Home” by Phillips Phillips; “Memphis” by Johnny Rivers for Look Back Memphis Trivia Contest
ABOUT GREG AND KELLY INMAN:
Greg Inman is the local franchise manager for Next Day Access, where he oversees sales, marketing, service management and hiring. Next Day Access offers wheelchair ramps, stair lifts, bathroom safety products and other accessibility products for people with disabilities or accessibility challenges.
Greg’s hometown is Memphis, TN where he has been an entrepreneur and business owner most of his professional career. He was co-owner of Inman-Murphy Termite and Pest Control for more than 12 years, as well as founder and owner of GospelGigs.com, which he still owns and manages.
Greg has been married to his lovely wife, Kelly, for 26 years. They have four boys: Alex, 25; Parker, 22; Dawson, 20; and Harrison, 18. Alex and his wife, Rachel, have given them their first grandson (Micah) and Parker and his wife, Aubri, gave them their first granddaughter (Sophia).
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REJOINERS:
Jeri Jeffries, Tiger Paws Carpet and Upholstery Cleaning jjeffries@tigerpawscarpet.com>
Showhomes Memphis Jeff and Heidi Ross www.ShowhomesMemphis.com
Mary Lou Nowak of Home Helpers – (901) 414-9696 (non-medical help in the home)
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner NMLS: 757308
Jo describes her job description:
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they want to buy or refinance. Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
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 into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 20 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. www.TalkShoppe.com She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com .