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KMBZ>Audio & Video on Demand>>Life As You Own It 2.6.14 Segment 1

Life As You Own It 2.6.14 Segment 1

Feb 6, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

Life as you own with mark McDougal and Craig Miller. Remember you've got questions we've got answers 804924664. You may not take it and educate yourself up the single worst investment and opportunity have. That investment in the roof of your head in real estate we talked about your home financing make investments real estate we keep the fact you know it's just good old fashion. Yeah. Welcome glad -- -- Another fantastic installment of what has become of this debut of real estate. Finance mortgage lending etc. consider it in the center. Etc. etc. etc. you're -- mid Ohio. Of course it really comes Craig Miller we appreciate you joining is on what we hope is a warm and sun filled weekend and my war we mean above ten degrees. We're broadcasting from a the heart of our nation in the midwest. Kansas City to be exact is the international inter galactic headquarters for. Life -- you donate and it is darn chilly here but we hope you are listening from someplace. Where you are toasty warm weather be a beach in Florida. Whether it be next to that fire in your you do in the last guy for just your car that has a functioning heat coach that is that is got so. Stay safe stay warm and we hope you enjoy the next hour because our goal is to not only educate you each and every weekend but it's also to entertain you and if we fail at -- One thing you can rest assured is we do not they would entertain each other people for so -- mark -- -- -- Gregory Miller and we appreciate you joining -- Craig -- we've got a big show how do you want to do pretty well -- it was like Google facial -- dominant they just failed to -- head how many had gone on our hands on the head and -- and I just decided in last whatever less than 48 hours that -- not shave. My idea. At least I don't know how much we go for the full beard and schedule. DOT action there and -- -- -- -- in my face -- on the on the -- kind of kind of -- an artist -- -- Though has. I'm an artistic lumberjack and all of them are they -- all right well folks if you're checking is out for the first time. We like to cover everything under your roof we focus on that largest investment your investment in real estate investment the roof over your head what your rent or whether your -- But there's so much so much opportunity that falls under that roof. Getting your best deal on homeowners insurance making sure your protected making sure that you set up a will a trust and estate plan. And gosh darn it just having a financial plan is something we want you to accomplish so. Lot of information in the show today. Talk to focus on that big investment in the roof over your head. But you will get oh so much more if you check is that each and every week -- and remember you can podcast the show Lola. Or you can go to I heart radio. Get that show anywhere any time that you want and we ask you to please if your drive into a city to explain the joke is we are now on 33 markets. Obama call your local radio station when you get back to town and say darn it we wanna play this. On air in our community because we think this is she's great information that. Our friends and family meeting needs to happen. Attorney do the job -- you did aren't happy event that you make you so today's show we've got is it possible to move forward with a reverse mortgage. What happens to my house when it passed away get out of neutral and decide for yourself if a reverse mortgage is for you lot. Also is it time to make your move not sure what if you could sample the waters test the waters without jumping in altogether. Stay tuned later in the idea I've got a pretty cool idea for you. And crank that's a lot of money to spend on Condit was and it is a lot yes no idea what number I'm talking about Lindsay have to wait -- Talking got a ton of money spent on a Condo and we've got some examples of what you -- purchased instead of back Condo. And we've got you covered even if your insurance company doesn't. We got injured inside scoop from our friends -- midwest professional insurance services you're gonna stay tuned for that segment later in the hour and Craig first time homebuyers are nervous aren't that they can be the be looked -- -- and we think they should because this is the biggest investment -- it will make it their life. So. You're here in the announcement right now -- over the next three weeks. Beginning next week we're gonna do a three part segment we're gonna help them become educated sophisticated. Prepared -- buyers of their very first home. And some of you we're gonna tell you shouldn't be a buyer should keep on rent until the time is right at their maybe a handful of view that renting is gonna be your lifelong. Objective or mission where the best path -- you so make sure tell your friends tell your family tell your kids or anyone you know that's thinking about buying their first coma. Beginning next week we're gonna begin our work started three. And a three part installment over a three week period -- -- all the goods that you need to know will also have some. Fantastic guests some of which you may even see on TV. Little teaser got to tell you who it is. It will be sort of elaborate aren't on the show other -- new -- We have to watch out just chasing it snowed in or something can't make it you know that's that right there might fly right at. And they'll tell you what mark it's gonna be something that you -- all our listeners out there need to make sure their children are friends family members ex senator are talking about homeownership. Got to tell about the show the series coming up over the next few weeks because. It makes a night and day difference when your empowered with his advice. -- when you go in line and we see it way too often the other way so we want you to be empowered we want those loved ones in your life to be empowered tune into this. Craig what number -- are scoffing got a question you -- no -- -- 804924664. Finally went -- 4924664. And you need to use that number for anything we. No there's no stupid questions there's a lot of bad answers out there that we see -- all the time if you don't call us. We can't promise we can't guarantee results -- gonna get from applying any insert you get from somebody else so if you've got a question about. But you should or shouldn't. Transact some type of real estate transaction whether you should. I refinance purchase. Just a general question how mortgage situation works or whatever the case doesn't matter. Use that 800 number to your advantage and let us serve you. We're happy to each of these questions and you know what we encourage you -- -- also -- question or questions at life as you own it dot com that's questions like you own it dot com. Or just go to the website lack enjoy dot com there's -- she clicked -- you can get to your questions answered and a we'd like to can I call it stump the chump. -- -- A question -- Mario -- ever have anticipated as usual -- where we just don't. So folks were encouraging use the resource that is life as you own it that's why we do the show and we appreciate your feedback if you've got questions you've got suggestions you've got ideas of subject matter you think would be important for us to cover. We'd love to hear from me. Right at him let's kick it off my friend somebody interest rates -- we talk about bringing the national average on interest rates you're gonna get that but yet. Podcaster tune in live or whatever the case so make sure that you. To share that with your friends and family -- kind of wanna know. We're gonna get a reliable. Weekly update on the trend in interest rates were gonna which you know kind of where they've been where they are over the past week or where they've been over the past week and where maybe they're headed. And we've seen -- little fluctuation in interest rates we've seen rates come back down some and it's important we touch on this today. We later realize that may be short lived in something you need to take advantage of and don't expect to see continued to drop. As I mentioned though weekly -- you need is national average and it's based on a 200000 dollar loan amount 20% or more equity and somebody -- excellent credit. So there are -- is obviously every person scenario these are the averages that people coast to coast are paying in interest for that particular loan terms we share with you. There are fees there are points. And those things -- -- need be considered as well. In fact the fees cost points junk fees what they're all that stuff those closing costs. Are one of the primary considerations that we heart. Every single week about. You gotta do to break even formula you've got to know is this refinance really economically sound. Yes but payments going down made against innocent critic cardinal ended any savings or my home backwards. May be purchasing a home in good enough -- by your rate down or pay. More closing costs of one -- is offering a better rate. Less closing costs with another whose -- slightly Harry how -- you know which ones actually the better deal because it doesn't always build on -- rate due to break even formerly check it out on -- web site. Life as your dot com our folks here's the national average is thirty year fixed. Over the past week four point 28. That's -- four point 33 week before so slight reduction and what we've seen over the past couple weeks is -- trended downward. Although at the tail end of last week they kind of seemed to have bottomed out and start to pop back up slightly again so. Will talk about that just a minute where I think they're -- fifteen years 3.3 four vs 3.3 eight again a very slight reduction five year arm. That's 3.4 neighbors 3.4 seven so virtually flat there FHA thirty year fixed four point 17 -- four point 21 the week before so. What does that mean well rates touched as high as four point 754 point 875 range right around there average. -- Taylor in the last year. And now we're back to levels that were available late October early November of 2013. We have not seen rates at this level for several weeks we do you recommend you take action if -- hold off on refinancing I've talked to people over the past week he said you know what this with rates going down the stock market taking the big -- it's taken I think -- gonna keep getting better and better and -- -- -- waited out folks I'll tell yet it just doesn't seem like that's the technical indicator that I'm getting so my suggestion is if you've held off for an extra -- -- or so and it's in -- your -- Now job. Hey Craig you hear that music that means we've got to shoot you stay -- should he goes segment when we come back from the break friend in Topeka Kansas wants to know if there's some first time home buyer lie about their for her. Stay -- like -- All right -- we are back light as you opponent -- you're seeing before the break. We have rules should he stay or she G goes -- -- good -- I didn't do it Bridget -- let's do all right before we took the break Brenda she is they should he stay or should you go celebrity. This weekend and shares -- -- question. I'm a first time home buyer and wanna know about the special first time home buyer deals that are available. I have a good job as a teacher but no money for a down payment right now what program is best for me will -- first of all. Thanks for sending in your question and now secondly is Craig that's not exactly should he stay there you go but -- you don't get it to me. We picked it out of a citizen of the question it because. We are going to be featured -- first time home buyer formation over the future three weeks and so we thought. We bring this one to light because first we'll stay Brenda stay right where you are don't make any news that's my first answer if we're gonna use should he stay or should he goes as stay go. Quick answer the long answer is. You're not prepared to buy home it just sent me like but of course it's a very limited series of questions that you sent so having no money for down payment number one. Mean you probably have no money for reserves either secondly. There's a common misconception market I don't know where it came from other than when the government had the first time home buyer incentives they threw out there. But for years people thought Obama first time home buyer I get some special deal that people who -- down don't hit the reality is. Really not like that. In fact if you're more experienced homeowner may -- have more credit more assets whatever you may find yourself getting the better deal. A first time home buyer they're out there are have been incidents out their bond money at certain municipalities. Now of government. Tax credits things of that nature that it existed. As far as you getting some special treatment -- have to put money down and getting a lower rate things like that your higher risk loan -- -- clones of those wouldn't be. Obvious benefits. So what would do is cover some of these things in the future episodes appoint your little series and that Brenda Wilson you'll email give you a little bit more detail. -- got and remember folks work with a real state professional. That is in touch with what opportunities exist in your marketplace is Craig mentioned many missed municipalities. Will -- -- too well purchase homes. In there mile in their city. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And also sometimes your local or county. Love your your city your can't have this to yourself. Check it out with your profession OK Craig ready move on camera let's move on down the room okay we're ready is Ortiz on down there ready for watching the wind is okay and we want to. It's reversed reverses reverse -- turn this let's turn to show around. On the right track let's talk about more rivers are folks so what many if you. May be aware of you've probably heard the term reverse mortgage some of you may just think oh my gosh that's terrible -- it strikes fear in the heart of anyone that's. Well I'll say it it I will tell you it often may strike fear in the hearts of a person that believes that they're home equity. Is going to be stripped away from them comment that's a legitimate reason for fear but. Were needed -- -- you understand whether that is media a fear that you should. -- take seriously. Or one that is just a bunch of poppycock. And I'll tell us and say for the record right now mark -- everything given -- this stuff. There is 88 the proper application for the reverse mortgage products. I'm not a fan of reverse mortgages a -- and I say is because I'll probably sound jaded as we go through some of the material. Only because I believe that reverse mortgages. Our solution to a problem that shouldn't exist the very reason why we do -- as you own it. Is to prevent most of you listening now who are not 62 years or older from having to take a reverse mortgage one -- if we don't think the reverse mortgages some ideal. Retirement strategy and end was invented because it's an enhancement. To what would have existed had you received the proper advice for many years before usually it's because of improper financial planning. And black and advice from your banker from your mortgage accurate financial planner or not having those people in place to work with you definitely engine a place -- reverse mortgages a solution to. Unfortunately it. Got -- guys we consider more a solution to a problem it is not rarely. Rarely and I upright guy I think the incidents were it would be considered a strategy. That is proactive it is a solution that is reactive right on and I will say. You'll be the judge for yourself but one that is a viable solution for those of you a certain situation right first Craig you -- cut talk about. What have reverse mortgages or give that information absolutely go for so reverse mortgage real simply it's a special type a homeowner lets you convert a portion of the equity in your home and the cash. So you're taking equity that you have maybe he built up over years may be -- and paid cash for home whatever the case you get significant amount of equity in your home. And you're going to be able to take draws against that equity as a monthly checker in camera as you see fit. Effort to cover regular living expenses or anything -- -- in the money -- so much the traditional home equity loan or second mortgage you don't have to repay. The reverse mortgage loan. Until the borrowers EU as a borrower or borrowers that we may be referring to in this pet may no longer have the home as a principal residence or they fail to meet the obligations of the mortgage itself which we'll get into those little bit later with those obligations are how you -- the fault. A -- you don't have to make a payment if you can still be fault on a reverse mortgage. So bottom line is you can use it at the purchase of primary residence or you can use it to you as an equity piece to draw from the equity in your home. OK without making a payment you have to make no payments are and how do you qualify generally speaking -- Well to be eligible. -- this is a government backed loan programs that that's how it here in team and it's called ahead -- though is the terminology in most people use home equity conversion mortgage HE CM. A record he'd be a homeowner 62 years of age or older if that on your home outright or have a very low mortgage balance -- paid off at closing with the proceeds from the reverse mortgage. You need to have the financial resource to pay the on going property charges that's can include taxes. Insurance that's real estate taxes. Homeowners insurance and you must live in the home. Also required to receive consumer information free and or very low cost. Which is what -- call had come counseling but you have to go through counseling process and educational process completely understands. What it entails and is an FH AR Hud approved it. Third party provider that's the key thing you've got to understand is that when you're on this policy got a mortgage lender. You may speak to initially they ultimately we'll start put together -- program for you you'll selector options will then be required to engage a third party. Again hod approved counselor that's gonna make sure you understand. What you're getting into and we encourage you. Understand what you're getting into it. And as far as types of homes that are eligible -- its single -- the residences fans are any other types available you can -- a two to four unit home with one unit be occupied by the bar or so in other words if you live in a duplex and you -- one side of it. Or four plex and you live in one of the four units and there'll attached you can also do that others had approved condominiums in manufactured homes that the FHA requirements can also be eligible. Those can be a little. Trickier -- there's there's a number little boxes need to be checked we have to have all your facts streak going about that secret what happens if if something happens to me -- reverse mortgage. And I pass a wages might despite home just taken over by the government. Let us RS starts Boone and office out of my home what they take it. Now it's zealot and auction it depends on whether you're married and you have a surviving spouse that still living in the home. But it still has last year Ayers as long as you have a properly designated. Didn't you would have summit if they're still substantial equity left in the home or reason why your heirs would be interested in being able to sell that -- themselves and pay off the remaining mortgage balance obligation to retain the equity as their inheritance. Of course they would take it over now if you -- in a situation where it isn't and contagious for a -- to mess with that duke and that it can't just go back to. Being dealt with and liquidated by the lender so. Right and and can't Maine let's say that the estate that there's not a lot of equity and the bears go I still wanna mess with. Candidate will someone come after them not at all. Exactly OK so they want to on the reason is 'cause they worked on obligation obligated anyway and they're not responsible even if -- -- the executor of the will -- the state if they're the primary key responsible party there's actually no. Obligation whatsoever to meet any of the demands of repayment OK so let's get some of the details about them the money how do they get there is a market that money. Well that the weather options well there's a couple different ways you can do it first of all when you -- -- the first closed. Our closing date or when he you actually complete the mortgage transaction closing -- -- -- large draw at that moment. So. I'll just go through the list here there you're gonna be eligible for one of the following payment plans and there's ten year which is equal. Monthly payments as long as at least one bar still lives in confused -- by the primary as their principal residence. There's term which is equal monthly payments for a fixed period of months elected so he can set that up or you just know how long you're gonna get -- and how much you're gonna give each month. There's a line of credit option which is unscheduled payments -- installments at times and in the amounts that you issues in total current line is exhausted. So that's one of the more common ways we see people use reverse mortgages typically. There's modified ten year that's a combination of the line of credit -- scheduled monthly payments for as long as you remain in the home. And then there's -- and the rest we get Mac break actually a couple more but just broke with its modified terms again combining that the fixed payments with the line of credit and there's a single dispersants a lump -- -- closing bam there's argument. Our folks we come back -- to tell you whether a reverse mortgage might be for you --