The Florida Upfront Mortgage Broker http://theupfrontmortgagebroker.com Florida Residential, Commercial and Reverse Mortgages from the Upfront Mortgage Broker. Mon, 23 Feb 2009 19:36:06 +0000 en hourly 1 TheUpfrontMortgageBrokerhttp://feedburner.google.com Tools http://feedproxy.google.com/~r/TheUpfrontMortgageBroker/~3/74N_6EWNluw/ http://theupfrontmortgagebroker.com/02/tools/#comments Fri, 02 May 2008 18:26:37 +0000 Joe Bartolotta http://theupfrontmortgagebroker.com/?p=124
    Download a brochure that points out the benefits to using an Upfront Mortgage Broker. UMB-informational-brochure

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    ]]> http://theupfrontmortgagebroker.com/02/tools/feed/ 0 http://theupfrontmortgagebroker.com/02/tools/ Reverse Mortgage Scams http://feedproxy.google.com/~r/TheUpfrontMortgageBroker/~3/bCNk6J0iKkI/ http://theupfrontmortgagebroker.com/13/reverse-mortgage-scams/#comments Sun, 13 Apr 2008 19:47:59 +0000 Joe Bartolotta http://theupfrontmortgagebroker.com/?p=115 Re-Posted by The Florida Upfront Mortgage Broker
    Attorney General McCollum Tells Seniors To Be Wary Of Reverse Mortgage Scams
    TALLAHASSEE, FL – LAWFUEL – Legal Newswire – Attorney General Bill McCollum today issued a consumer advisory warning Florida’s senior citizens about a mortgage-related scam that may target them directly. As he unveiled legislation this week to combat mortgage “foreclosure rescue” scams, the Attorney General also cautioned senior citizens about scams associated with reverse mortgages, a type of home equity loan frequently abused by con artists and scammers. These loans are often popular options for senior citizens because they offer a cash source which can help meet unexpected medical expenses, supplement social security and more.
    “When our senior citizens are concerned about finances and are seeking a legitimate option for financial relief, they should not have to worry about predatory lenders or brokers trying to capitalize on their precarious position,” said Attorney General McCollum. “Consumers should take every precaution to avoid scams and situations which could leave them in even worse financial shape.”
    Reverse mortgages are a special type of home loan that allow homeowners who are 62 and older to borrow against their home equity without having to repay the money until the home is sold or the borrower passes away or moves out permanently. When the home is sold, lenders recover their principal plus interest. The remaining value of the home goes to the homeowner or to his or her survivors.
    Unfortunately, as the popularity of reverse mortgages grows, so does the potential for fraud. Predatory lenders, unscrupulous loan agents and dishonest brokers may target senior citizens who may be anxious about their financial security. Deceptive practices and allegations of high-pressure sales tactics are being more frequently encountered as senior citizens are being taken advantage of under the guise of a helpful and legitimate reverse mortgage. This is why you need to contact me, The Upfront Mortgage Broker, I am not like any of the above mentioned people. Borrowers also run the risk of being steered into inappropriate loans and annuities by sales agents and insurance brokers who could be working together without disclosing that relationship to the borrower.
    Attorney General McCollum noted that reverse mortgages can serve a purpose when financed through legitimate lenders and I would agree. According to the U.S. Department of Housing and Urban Development (HUD), homeowners who take out a reverse mortgage can receive payments in a lump sum, on a monthly basis, or on an occasional basis as a line of credit. Homeowners whose circumstances change can restructure their payment options.
    HUD-approved housing counseling agencies are available for free, or at minimal cost, to provide information, counseling, and free referral to a list of HUD-approved lenders. HUD does not recommend using an estate planning service or any service that charges a fee just for referring a borrower to a lender. This information can be obtained by calling HUD at 1-800-569-4287. More information is available at HUD’s reverse mortgage website.
    Respectfully,
    The Florida Upfront Mortgage Broker
    Joe Bartolotta
    Residential, Commercial & Reverse Mortgages
    Direct 407.340.0220
    Joe (at) the upfront mortgage broker (dot) com


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    ]]> http://theupfrontmortgagebroker.com/13/reverse-mortgage-scams/feed/ 0 http://theupfrontmortgagebroker.com/13/reverse-mortgage-scams/ Central Florida Housing Market on a Rebound? http://feedproxy.google.com/~r/TheUpfrontMortgageBroker/~3/VM57k3Vy5vw/ http://theupfrontmortgagebroker.com/01/central-florida-housing-market-on-a-rebound/#comments Tue, 01 Apr 2008 05:22:43 +0000 Joe Bartolotta http://theupfrontmortgagebroker.com/01/central-florida-housing-market-on-a-rebound/
      Orlando Housing Market on the Rebound?
      Posted by The Upfront Mortgage Broker
      Pending sales are increasing on a month to month comparison. The Orlando Regional Realtor Association reported that new pending contracts rose from 1,239 in January to 1,537 in February. Based upon what they are seeing, most Realtors expect March numbers to be up as well. Could this be the beginning of a turn-around?
      Pending sales growth has been stronger in other parts of the state that were hit hard by the home sales downturn. For example, Lee County reported a 33% growth in February as compared to January. In addition, the average number of months to sell a home dropped to 12 from 22.98. Broward County also posted a strong increase in pending contracts, a whopping 65% increase from January to February.
      This is finally a step in the right direction. Most people in the industry know that the housing market is saturated with numbers, numbers define what is good and bad. For the numbers to look good, you need pending contracts and then closings follow suit. If pending contracts continue to rise, things could finally beginning to turn around.
      If you are a first time home buyer or are looking to buy a bigger house, now is the time. Don’t wait until you think the market has hit bottom because by the time you realize it is at bottom, the opportunity has already passed. Rates are low and there is still plenty of homes to choose from. Need help finding a home in Orlando? Visit my Orlando Realtors page and know that they can guide you through the process of buying your next home.
      Respectfully,
      The Florida Upfront Mortgage Broker
      Joe Bartolotta
      Residential, Commercial & Reverse Mortgages
      Direct 407.340.0220
      Joe (at) the upfront mortgage broker (dot) com

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      ]]> http://theupfrontmortgagebroker.com/01/central-florida-housing-market-on-a-rebound/feed/ 5 http://theupfrontmortgagebroker.com/01/central-florida-housing-market-on-a-rebound/ Reverse Mortgage Loan Highlights http://feedproxy.google.com/~r/TheUpfrontMortgageBroker/~3/ok9Q6NIdk7o/ http://theupfrontmortgagebroker.com/28/reverse-mortgage-loan-highlights/#comments Fri, 28 Mar 2008 14:00:43 +0000 Joe Bartolotta http://theupfrontmortgagebroker.com/28/reverse-mortgage-loan-highlights/
        Reverse Mortgage Highlights
        –Posted by The Upfront Mortgage Broker
        A Reverse Mortgage can help you gain control of your financial situation with enhanced cash-flow flexibility in your retirement years.
        Qualified borrowers at least 62 years of age can access the equity in their home to receive a source of funds to use as they see fit. Many seniors use Reverse Mortgage proceeds to:

      • ♦Pay-off existing liens on their home
        ♦Supplement Social Security or pension payments to help meet everyday expenses
        ♦Make home improvements or repairs
        ♦Meet unexpected medical expenses
        ♦Provide for in-home health care
        ♦Pay off loans or credit cards
        ♦Purchase long-term care insurance
        ♦Help financially support family members in need
        Act now to take advantage of the many benefits of a Reverse Mortgage!
        Respectfully,
        The Florida Upfront Mortgage Broker
        Joe Bartolotta
        Residential, Commercial & Reverse Mortgages
        Direct 407.340.0220
        Joe (at) the upfront mortgage broker (dot) com

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        ]]> http://theupfrontmortgagebroker.com/28/reverse-mortgage-loan-highlights/feed/ 0 http://theupfrontmortgagebroker.com/28/reverse-mortgage-loan-highlights/ Commercial Bridge Loan FAQ’s http://feedproxy.google.com/~r/TheUpfrontMortgageBroker/~3/zgtWnq2O-6w/ http://theupfrontmortgagebroker.com/24/commercial-bridge-loan-faqs/#comments Mon, 24 Mar 2008 16:30:04 +0000 Joe Bartolotta http://theupfrontmortgagebroker.com/24/commercial-bridge-loan-faqs/ Do you have any questions about Commercial Bridge Loans? such as “What is a commercial bridge loan?” Please see my Q&A:
        Posted by The Upfront Mortgage Broker
        What is a commercial bridge loan?
        A commercial bridge loan is a quick closing short term, no prepayment penalty, interim loan.
        What is not a commercial bridge loan?
        A commercial bridge loan is not a construction, development, blanket, residential, business or hard money loan. It is not a 2nd mortgage used to acquire other properties (i.e. residential bridge loans).
        Which commercial properties are eligible?
        Office, retail, multifamily, warehouse, light industrial and self storage facilities. Must be an income producing property.
        Which commercial properties are eligible?
        Office, retail, multifamily, warehouse, light industrial and self storage facilities. Must be an income producing property.
        Which commercial properties are not eligible?
        Construction, land, restaurants, bars, gas stations, hotels, properties requiring significant rehabilitation nor cruise ships (actual request!).
        Why a commercial bridge loan?
        Commercial bridge loans are ideal for transactions
        a) whose previous financing fell through
        b) needing to close quickly
        c) soon to be sold or refinanced
        d) shy of qualifying for long term financing or
        e) need additional stabilization.
        What are the commercial bridge loan terms?
        The commercial bridge loans are fixed up to 12 months (with a potential 12 month extension) at an interest only 9.75%. There is no penalty for early prepayment.
        Please call me to discuss your situation.
        Respectfully,
        The Florida Upfront Mortgage Broker
        Joe Bartolotta
        Residential, Commercial & Reverse Mortgages
        Direct 407.340.0220
        Joe (at) the upfront mortgage broker (dot) com

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        ]]> http://theupfrontmortgagebroker.com/24/commercial-bridge-loan-faqs/feed/ 0 http://theupfrontmortgagebroker.com/24/commercial-bridge-loan-faqs/ Reverse Mortgage FAQ’s http://feedproxy.google.com/~r/TheUpfrontMortgageBroker/~3/81V-PabUxyU/ http://theupfrontmortgagebroker.com/29/reverse-mortgage-faqs/#comments Fri, 29 Feb 2008 16:55:50 +0000 Joe Bartolotta http://theupfrontmortgagebroker.com/29/reverse-mortgage-faqs/ Posted by The Florida Upfront Mortgage Broker
        - – Joe Bartolotta – -

          Below are some of the most frequently asked FAQ’s about Reverse Mortgages. Reverse Mortgages are becoming very popular in todays market as the cost of living rises faster then peoples savings. I’d be happy to assist you with any question you may have, send me an email or give me a call. My email is joe@theupfrontmortgagebroker.com and I can be reached by phone at 407.340.0220.
          What is a Reverse Mortgage?

            How is it different?

              Who can get one?

                How much cash can you get?

                  How is it paid to you?

                    What happens to your debt?

                      When do you pay it back?
                      What’s a reverse mortgage?
                      A loan against your home that requires no repayment for as long as you live there.
                      How’s it different?

                        -·- To qualify for most loans, the lender checks your income to see how much you can afford to pay back each month. But with a reverse mortgage, you don’t have to make monthly repayments. So your income generally has nothing to do with getting the loan or the amount of the loan.
                        -·- With most home loans, if you fail to make your monthly repayments, you could lose your home. But with a reverse mortgage, you don’t have any monthly repayments to make. So you can’t lose your home by failing to make them.

                      Who can get one?

                        -·- You must own your home, and generally all of the owners must be at least 62 years old.
                        -·- Your home generally must be your “principal residence” – which means you must live in it more than half the year.
                        -·- For the federally-insured “Home Equity Conversion Mortgage” (HECM), your home must be a single-family property, a 2-4 unit building, or a federally-approved condominium or planned unit development (PUD). For Fannie Mae’s “HomeKeeper” mortgage, it must be a single family home, PUD, or condominium.
                        -·- Reverse mortgage programs generally do not lend on cooperative apartments or mobile homes, although some “manufactured” homes may qualify if they are built on a permanent foundation, classed and taxed as real estate, and meet other requirements.
                        -·- If you have any debt against your home, you must either pay it off before getting a reverse mortgage or – this is what most borrowers do – use an immediate cash advance from the reverse mortgage to pay it off. If you don’t pay off the debt beforehand, or do not qualify for a large enough immediate cash advance to do so, you cannot get a reverse mortgage.

                      How much cash can you get?
                      The amount of cash you can get from a reverse mortgage depends on the program you select and – within each program – on your age, home, and interest rates.

                        -·- It can vary by a lot from one program to another. A typical consumer might get $30,000 more from one program than from another. But no single program works best for everyone.
                        -·- For all but the most expensive homes, the federally-insured “Home Equity Conversion Mortgage” (HECM) generally provide the most cash.
                        -·- Within each program, the amount of cash you can get depends on the age(s) of the owner(s), the value (and in some cases the location) of the home, and current interest rates.
                        In general, the most cash goes to the oldest borrowers living in the homes of greatest value at a time when interest rates are low. On the other hand, the least cash generally goes to the youngest borrowers living in the homes of lowest value at a time when interest rates are high.
                        But remember, the total amount of cash you actually end up getting from a reverse mortgage will depend on how it’s paid to you plus other factors.

                        How’s it paid to you?
                        That’s up to you. You could take it

                          -·- as an immediate cash advance at closing, that is, a lump sum of cash paid to you on the first day of the loan
                          -·- a creditline account that lets you take cash advances whenever you choose during the life of the loan – until you use it all up
                          -·- OR as a monthly cash advance
                          – for a specific number of years that you select,
                          – or for as long as you live in your home,
                          – or – if you use the loan to buy an annuity – for the rest of your life, no matter where you live
                          -·- OR as any combination of immediate cash advance, creditline account, and monthly cash advance

                        What happens to your debt?
                        It grows larger and larger as you keep getting cash advances, make no repayment, and interest is added to the amount you owe (your “loan balance”).
                        That’s why reverse mortgage are called “rising debt, falling equity” loans. As the amount you owe (your debt) grows larger, your equity (that is, your home’s value minus any debt against it) generally gets smaller.

                        When do you pay it back?

                          -·- When the last surviving borrower dies, sells the home, or permanently moves away. “Permanently” generally means you have not lived in your home for 12 months in a row.
                          -·- You might also have to pay it back if you fail to pay your property taxes, fail to keep up your homeowner’s insurance, or let your home go to waste. But if you do, the lender may be able to make extra cash advances to cover these expenses.
                          Just remember, reverse mortgage borrowers are still homeowners and therefore are still responsible for taxes, insurance, and upkeep.
                          Respectfully,
                          The Florida Upfront Mortgage Broker
                          Joe Bartolotta
                          407.340.0220
                          Joe at TheUpfrontMortgageBroker dot com

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                          ]]> http://theupfrontmortgagebroker.com/29/reverse-mortgage-faqs/feed/ 0 http://theupfrontmortgagebroker.com/29/reverse-mortgage-faqs/ Commercial Finance Option http://feedproxy.google.com/~r/TheUpfrontMortgageBroker/~3/7dpAqaSbI74/ http://theupfrontmortgagebroker.com/22/commercial-finance-option/#comments Fri, 22 Feb 2008 17:39:00 +0000 Joe Bartolotta http://theupfrontmortgagebroker.com/22/commercial-finance-option/ Posted by The Florida Upfront Mortgage Broker – - Joe Bartolotta

                            STATED INCOME-COMMERCIAL
                            INVESTOR REFINANCE & CASH-OUT

                            · UP TO 75% LTV
                            · 30 YEAR TERM
                            · NO BALLOON
                            · RATES START AT 7.5%

                              Loan amount: $150,000 – $1,500,000

                                Term: 15 & 30 years

                                  ARM options: 5 & 7 yr.

                                    Property types: Multi-family, mixed-use, office, retail, warehouse, storage,
                                    B&B, automotive (no gas), office condo, mobile home park

                                      DSCR: 1.10x

                                        Owner-user: Limited to =< 35% of net rentable space

                                          Credit: From 640, all borrowers
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