Las Vegas Reverse Mortgage

What exactly IS a Las Vegas Reverse Mortgage?

A reverse mortgage is a loan that enables homeowners who are 62 years of age or older to access the equity in their homes as tax free income without having to sell the home, give up title or take on a new monthly mortgage payment.

With a regular mortgage, money is borrowed to purchase the home and payments are made.  The difference between what you borrowed and the market value of the property is your equity.  As time goes on, the payments reduce the amount borrowed and hence, the equity enlarges.  A bonus is also the appreciation in value of the property over time which also contributes to your equity stake.

A reverse mortgage works in the opposite direction.  You use the equity in your home to receive cash, either as a lump sum, a line of credit, monthly amounts, or a combination of all three.  As time rolls on, the payments to you increase the loan amount and your equity in the home decreases

How do I qualify for a Reverse Mortgage?

• You must be 62 years of age or older and have equity in your Las Vegas Home.

How is my benefit amount calculated?

• The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

What properties qualify for Reverse Mortgages?

• Most property types are eligible for reverse mortgages.  These would include Single Family Homes, qualified condominiums, townhouses, manufactured homes and 1 to 4 family owner occupied residences are eligible.

How do I get my money?

You have three options on how to receive your funds.

1. Monthly Payments (made to you)
2. Lump Sum Cash to you
3. Line of Credit – unscheduled payments or in installments, at times and in amounts of borrower’s choosing until the line of credit is exhausted.

What are the Benefits of a Reverse Mortgage?

• Funds from a reverse mortgage are tax free and do not effect your eligibility for regular social security and Medicare.
• Reverse mortgages allow you to access the equity in your home while allowing you to stay in the home.
• No monthly obligation of a mortgage payment.

A Reverse Mortgage borrower cannot be forced out of his/her home. Nor will he ever owe more than the value of his house. Reverse Mortgages are “non-recourse” loans, meaning in the rare case of drastic declines in home prices, the homeowner can never be held liable beyond the value of the subject home.

Requirements of maintaining a Reverse Mortgage

You continue to be responsible for payment of property taxes, hazard insurance and the proper upkeep of the home.  Any breach of these obligations renders the outstanding loan due and payable.

Similarly, any absence from the home of the last surviving borrower for more than twelve consecutive months terminates the agreement.  Selling or renting out all or part of the home or having liens attached to the home for whatever reason also means that all bets are off and the transaction ends.

What happens when I die?

At the time of your passing, the reverse mortgage comes due and payable in full.  At that time, your heirs have two options.  First, they can payoff the balance and keep the home.   Second, they can sell the home and they would receive any proceeds above the reverse mortgage balance.

If you are interested in receiving more information about a reverse mortgage or would like to speak to someone about a reverse mortgage, please call us at 702.376.0088.

Aliante is the first master planned community in the North-West area of the Las Vegas Valley.  With an amazing1,165 acres being dedicated to residential development, Aliante will have the perfect home for everyone.  Aliante is ideal for those who enjoy an outdoor lifestyle.  With an outdoor theater, a championship golf course, several parks and over 24 miles of concrete walking trails this community caters to those with a flare for excitement.  Children’s activities are abundant at the interactive dinosaur discovery area and the water play area.  Aliante has dedicated an additional 100 acres to shopping, dining and other entertainment.  Builders that have planned communities in Aliante include: Astoria Homes, Del Webb, D.R. Horton, KB Homes, Lennar Homes, Pardee Homes, Pulte Homes and U.S. Homes.

With the drop in Las Vegas Home prices, there are many bargains to be had in Aliante!  Contact us today for a tour of the Aliante Community and let’s find your new home.

What is your Las Vegas Home to you? To some it’s a place to put your head at night. To others it’s a place to relax and put your feet up after a long days work. We can all agree that your home plays several functions in our busy everyday lives. Remodeling your home can enhance the visual impact of your environment as a homeowner. It can also increase the resale value of your home as well as improve energy efficiency (by investing in new appliances and such).

Is remodeling your home easy? Some people may say yes because they may have the experience, the equipment, and the assets to do so. What if you don’t have the time? What if you are not mechanically inclined and you have to have someone do it for you?

Remodeling can be a very hard time for the homeowner. It can be a big time investment and it might create the headache of living in a middle of the construction project. Why not start with simple remodeling. Painting and changing light fixtures is an example on how you can modernize your home by enhancing the appearance. Color coordinating your towels, putting matching toiletry holders by your sinks, and changing your shower curtain is an easy way to change the overall theme of your bathroom. Investing in new appliances in your kitchen and coordinating a theme to it can brighten your atmosphere to the most visited room in the home. If you are into the latest fashion and trends of the kitchen this would be a very fun project for everyone in the household to enjoy.

Some of those little tips are just a few ways to making remodeling simple. By remodeling your home; you can change the aspect of your life in a direction where it can make you happier and comfortable.

Almost everyone in the country knows that the real estate market is in a slump and that foreclosures are abundant.  Many of these foreclosed homes have been damaged by the previous owners, have had appliances and fixtures removed and are need of new flooring and paint.  Because of the numerous foreclosures for sale in Las Vegas, banks and lenders have had to drop the prices of the home to get them sold.

These low home prices have made it an excellent opportunity for first time home buyers and investors to pick up some great deals on Las Vegas Homes.  But recently I have come across a few issues with these foreclosed homes.  Appraisers not appraising the home high enough?  How can this be?  Las Vegas home prices are at record lows and they are accepting offers below the list price, so how can it be that these homes aren’t appraising?  The issue appears to be that many of these homes do not have an oven or kitchen sink which causes the value of the home to drop and unless an oven and kitchen sink is present, the appraiser will not show the full value for the home.  Without the appraisal coming in at the agreed upon sales price, the buyer cannot receive a loan!

Here’s the dilemma.  The buyer does not own the home and we know the bank or lender is not going to spend money to put in an oven or a kitchen sink.  So we are at a stand still, unless the buyer is willing to take the risk of paying for an oven and a kitchen sink and having them installed into a home they do not own yet, the deal cannot move forward.

What gets me is that the appraiser has to know the bank or lender is not going to install an oven or a sink and in order for someone to inhabit the home, they will most likely install an oven and a kitchen sink.  Luckily my clients have installed the necessary items and were able to get a loan and close on the home but I have to imagine that others might not have been so lucky!

Looking to purchase a Las Vegas Home or High Rise Condo in the near future?  If so, make sure you are completely aware of the Covenants, Conditions and Restrictions of the homeowner’s association (HOA).  Many homeowner associations can regulate where you park, what you can plant in the front yard and even what color your home can be.  On the other hand homeowner associations help maintain your property value.

HOA fees for Las Vegas High Rise Condos can be very expensive.  Usually the HOA fees for the high rise condos cover the costs of maintaining amenities like swimming pools, spas, clubhouses, workout facilities, entry gates, concierge services, insurance, garbage etc…

Just remember if you choose a Las Vegas Home or Condo that has an HOA, you are giving up some rights in exchange for the protection of your property value.

When you are looking for up to date Las Vegas Real Estate News, where do you get it?

Do you search through Las Vegas Real Estate Blogs looking for a site that caters to recent real estate market updates? From my experience it is difficult to find quality up to date information on your local real estate market.  Sites like Inman.com, Rismedia.com and RealtyTimes.com cater to a national real estate market which means local articles are few and far between.

Many of the local sources talk about different aspects of the entire market which might be what you are looking for but most of the time its not.  Many web surfers already have an idea what they are looking for and they usually have to spend many hours combing through the different Las Vegas Real Estate blogs to find it.  I would suggest doing specific searches, for example, say you are interested in the high rise condo market.

I would do a search for “Las Vegas High Rise Condo Market” to gather the exact information you need.

I have been saying it all along that the media reports about the Las Vegas Real Estate Market are just not completely accurate. Today on CNBC they stated that Las Vegas Home Prices will continue to drop into 2010 but that is just crazy with over 100K jobs being created in the next 5 years with the opening of Encore, Project City Center and Echelon to name just a few.

The Las Vegas Housing Inventory has dropped from over 29K homes on the market in September 2007 to 21K homes on the market as of April 2008. That is a 25% drop in homes for sale! That is a positive sign for the Las Vegas Real Estate Market, which the media is not talking about?

Alex Edelstein, the developer of Manhattan West also agrees that the Las Vegas Real Estate Market is not as bad as the media is depicting. Watch the video below of his interview on Fox News.

According to the National Association of Realtors, over 80% of home buyers begin their search on the Internet before they contact a real estate agent.  If home buyers are using the Internet to search for homes, isn’t it important that your Las Vegas Real Estate Agent have an Internet presence?  Why is it important that the agent selling your Las Vegas home have an Internet presence?  Your agents job is to sell your home and the more potential buyers that contact him through the Internet, the higher the probability that he/she can find a buyer for your home.

Majority of homes sold in Las Vegas are not sold by the agent that lists the property, but by an agent that found the buyer.  But that doesn’t mean the listing agent cannot find a buyer for the listing.  It takes the proper marketing to get the home sold.  Not every Las Vegas Real Estate Agent has the knowledge, experience or no how to properly market a home.  Most agents think that placing the Las Vegas Home for Sale in the MLS (multiple listing service) is all they need to do to market the home.  This is far from the truth.  A home needs to be not only marketed to other Las Vegas Real Estate Agents, but on the Internet as well.  The more potential buyers that find the listing, the greater chance there is the home will sell.

When looking for the right Las Vegas Real Estate Agent to sell your home, make sure their marketing plan includes heavy exposure on the Internet.

After many months or maybe years, you have finally decided to buy your own home. You have pinched every penny to save up a sizeable down payment. You have made open houses a weekend ritual but still can’t seem to make the leap into purchasing a home. Why not??

Maybe you’re comfortable in your current space. You have accepted the shortcomings of where you live whether it is loud neighbours or no parking readily available. Not many surprises since you have been there so long.

First time home buyers tend to freeze up when it comes time to actually picking a house. Will they be happy there? Will they like their neighbours? Will they be tied down because they are now house rich and cash poor? What happens if their financial situation changes for the worse? Basically, the fear of the unknown becomes a constant nagging in their ear and prevents them from moving on towards purchasing their dream home.

Here are some steps to try and then maybe you can take the leap to home-ownership:

• Get comfortable with your finances: Make sure you sit down and go over all of your current finances and the new ones that will occur with home ownership. Things like property taxes, home owners insurance, commuting to work and cost of utilities should be factored into your monthly expenses to make sure you are buying within your limit.

• Partner with a Realtor: You need to pair up with a knowledgeable realtor. Even though the internet will allow you to do lots of research on your own, you can’t get the low down on a property without help from a realtor. They will be able to answer questions you will have and give you the inside scoop on the property. They will also help you write an offer and make sure you get a good deal.

• Accept some risk: There is uncertainty in everything about life, you just need to deal with it. Learn from people you know that have purchased a home. Find out their mistakes and what to look for. Make sure you don’t drain your bank account with purchasing the home, keep a safety net in case of emergency.

• Fine tune your “must-haves”: Make your list of “must haves” in your new home. A garage, the neighborhood, size and layout of the home, and anything else you feel is important and that you can’t live without. You may find that you are willing to sacrifice one feature, if the rest is fabulous. If you are not crazy about the house, don’t bid. It is important you love the home you are bidding on, after all you will be living there for some time.

• Be ready to bid: Great homes and prices don’t stay around for long. If you love the home, have your realtor help you make an appropriate bid. If you are wavering, ask yourself, “How will I feel if I don’t get this house?” You might just get it, and if not, at least you’ll you know you tried.

• Find an experienced Mortgage Professional: Sit down with an experienced mortgage professional and have them help you analyze your options for financing your new home. Finding the right mortgage can be as important as finding the right home. Make sure you clearly understand what type of mortgage you are getting. Ask as many questions as you need too until you are absolutely clear on the type of financing you are applying for. Remember, you are the one paying back the mortgage.

I hope this pushes all of you “on the fence” home buyers “off the fence” and into the home of your dreams. Happy House Hunting.

With so many Las Vegas Homes for Sale it’s becoming more difficult to find buyers.  Homes begin to sit on the market for days, weeks and months with no offers.  Many times, homeowners become frustrated and blame their real estate agent for not doing their job to sell their home.  Is it really the fault of their real estate agent that their home is not selling?  It depends.  If their real estate agent is actively marketing their home instead of just waiting for another agent to bring a buyer, than I would say no it’s not their fault.

So what happens when a home does not sell?  Eventually it expires with their real estate agent, unless they extend the contract with the agent.  Once it expires, the homeowner can expect to be bombarded with phone calls and mail from other Las Vegas Real Estate Agents stating they can do a much better job and sell their home.

My advice to Las Vegas Homeowners would be to interview several Las Vegas Real Estate Agents and ask lots of questions.  Here are a few important questions you need to ask:

1. Are you a full or part time real estate agent?
2. How long have you been involved in selling real estate?
3. How many homes have you sold in the last 90 days?  In the last year?
4. What type of marketing will you be doing to sell my home?
5. What makes you different from other real estate agents I have interviewed?
6. If I am not satisfied with your performance, can I fire you and hire another real estate agent?

Obviously there are many more questions you should ask, but these are a few of the more important questions that you need to ask.  Remember don’t panic if your Las Vegas Home expires and don’t rush into a new contract with another Las Vegas Real Estate Agent.  Do you due diligence and interview several agents until you find one that you are satisfied has the credentials, experience and marketing programs to sell your Las Vegas Home.

It appears a transportation bill has just been signed for $45 million that will be used to study the idea of a high speed maglev (magnetic levitation) train travel from Disneyland to Las Vegas!  This money will go towards studying the impact on the environment and the overall cost of such a project.  If the plan goes forward, a trip to Disneyland from Las Vegas will only take 2 hours!  I know when my family loads up the car to take our traditional trip to Disneyland, it takes a little over 4 hours and that’s if we bypass the rush hour traffic in and around Anaheim, California.

With the spike in gas prices, this would be a welcoming option to driving from Southern California to Las Vegas.  This would also ease the traffic on Interstate 15 between Southern California and Las Vegas.  If this project goes forward, I believe it would increase the amount of visitors to the Las Vegas Valley which would mean more money being spent in Las Vegas which is always good for our economy!

Let’s just hope they really give this project a chance.

Not many are interested in a Las Vegas Real Estate Career with all the negative publicity that the Las Vegas Real Estate Market has been receiving lately.  I actually think that the Las Vegas Real Estate Market is poised for a rebound very soon making it an excellent time to get your real estate license!

Are you currently licensed to sell real estate but just not doing much business?  Have you had to get a part time job just to get by?  Why don’t Las Vegas Real Estate Agents who aren’t doing very well look for a new real estate company to hang their license?  I hear all the time about how business is so bad and if they just could get some leads they would be happy!  But yet, they seem afraid to take that step and find a Las Vegas Real Estate Company that can make their personal business more successful.

My question is, “What do Las Vegas Real Estate Agents look for in a real estate company when it comes to switching brokerages?”