Reverse Lending Solutions

09/18/2024

Big news! Feds announce 1/2 % rate cut today.

03/14/2024

Curious what mortgage rates have been for last 70 years?

Starting back in 1953, mortgage rates were 3.25%. Over time, they slowly increased until their peak in 1981 at 16.63% !! Again over time, we saw a gradual decline to the lowest point in 2021 at 2.65%. We've doubled that rate over the last 3 years, and it's really hard to call where it goes from here. The thing to remember is over that 71 year time span, people were still buying and selling houses and will continue to do so. Right now, inventory for sale is really low which should keep housing prices at their current high levels. Most "experts" assume that rates will start to decline in the 2nd half of 2024. What that does to housing prices is to be determined.

02/02/2024

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01/18/2024

11/10/2023

Something interesting is happening in the real estate world, and I wanted to give you the scoop. Here's what's happening in the market:

Home Sales Taking a Hit: Existing home sales have hit a 13-year low, experiencing a 15% drop over the past year.

Interest Rates Climbing: Interest rates are now around 8%, which is over double in the last 24 months. Typically, this would mean home prices going down, right?

Prices Rising: Surprise, surprise! Despite expectations, the median sales price has gone up by 18% since last year. So, what's the deal?

Here's the breakdown: When interest rates were super low, many of us took advantage and locked in good mortgage deals. Now, with rates on the rise, those thinking about moving up in the housing market are staying put. Reasonably so, they aren't looking to increase their loan amounts and double their interest rates.

With fewer homes available and demand still high, prices are on the upswing. It's the usual dance of supply and demand.

In a nutshell, the decisions of those moving up, the shift in interest rates, and the limited housing market are creating a real estate puzzle that's not following the usual rules. If you have any questions, I'm available to talk.

10/13/2023

Will your 401k be enough?

As many individuals near retirement, they seek the financial stability enjoyed by their parents, often involving early retirement supported by social security, pensions, and savings. Yet, in today's evolving retirement landscape, traditional pensions are fading, and many face the prospect of a prolonged working life.

Historically, company pensions provided guaranteed retirement income, but these are giving way to employee-managed 401(k) plans. Studies show that a significant number of those over 40 have fallen short in retirement savings, making early retirement dreams challenging.

To address this, some are exploring alternative solutions, such as reverse mortgages. A reverse mortgage taps into home equity, offering additional retirement income. This financial tool can bridge the savings gap, especially for those with insufficient savings who still aspire to retire early.

In summary, while traditional pensions are becoming scarce, financial adaptability is key. Early retirement remains a goal for many, and those with shortfalls in savings might find solutions like reverse mortgages valuable to secure a more comfortable retirement. Call me if you'd like to know how it could work for you.

09/20/2023

Did you know you can use a reverse mortgage to buy a house? Click here for details: https://reverselendingsolutions.com/purchase-with-reverse/

12/10/2021

The Federal Housing Finance Agency (FHFA) has increased the 2022 national baseline conforming loan limits to $647,200.00. This is good news for prospective home buyers and homeowners that may have loan amounts that slightly exceeded the 2021 loan limits of $548,250.00 . This change reflects the increase in average home prices of about 18% this year. For those who live in high cost areas in California, the 2022 loan limit will be set at no more than 150% of the national conforming loan limit. The loan limit will vary depending on your county, but this could mean a loan amount of up to $970,800 for a one unit property. And if you are refinancing or buying a multi-unit property, this could mean up to a $2 million loan limit.
For more information and a list of 2022 conforming loan limits for all counties, visit: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2022.aspx
If your loan amount is between $548,250 and $647,200, you may be able to save some money by going into a new conforming loan. For more information, contact me anytime and let’s discuss your options and find the best mortgage that fits your needs.

10/21/2021

Accessory Dwelling Units are self-contained living spaces that are attached or detached to the primary residence and located on the same property. ADUs are often referred to as granny flats, in-law units, backyard cottages, secondary units and more. Why are ADU’s becoming so popular in CA?
Since ADUs are built on your property, they do not require paying for land. They can be built as a separate unit, attached to the current home, or created within the walls of an existing home (also known as JADUs).
ADUs provide as much space as apartments and condos, and perfect for extended families to be near one another while maintaining privacy.
ADUs can provide a source of income for homeowners
They are perfect for homeowners who want elderly family members close.
If your lot is zoned for single-family residential use, you can now build and rent out an ADU on your property. For more information on ADUs and state/local laws, visit the below link.
https://www.hcd.ca.gov/policy-research/accessorydwellingunits.shtml

Reverse Lending Solutions is a Carlsbad based and family owned company dedicated to helping seniors access equity in their homes with a reverse mortgage.