California House needs
an investment from foreign
bank/foreign people/ or any one.
http://www.tranlich.com/house_investment_needed/
Chinese/Japanese/Vietnamese Communist bank or person ....
welcome.
The market value of my house is $480,000-$500,000 mortgage balance
$375,000. I applied for reverse
mortgage. However, the HECM Housing
Counselor said the only dis-qualification on my reverse mortgage application is
that it requires 50% equity.
I believe that Reverse Mortgage is really a scam for FHA to help the US bank
because the bank lose nothing (or always benefit). FHA will pay the high
interest/cost in bad situation by US tax money; whereas the homeowners may lose their houses or
equity. Why does such 50% equity
requirement exist? Why the FHA
allows a 3.5% down payment for first time home owner, but cannot help
the same first time home owner who paid 25% value of the house for
reverse mortgage?
I believe that reverse mortgage should be changed to an
investment by both the bank/lender and the homeowner.
However, the US bank (with the help of FHA on current reverse mortgage
policy) does not want to lose such benefit for the new idea of the investment.
Therefore, I
need an investment from foreign bank/foreign people/ or any one.
Chinese/Japanese/Vietnamese Communist bank or person . . ..... welcome.
For example:
Foreign bank/person invests $375,000, the homeowner invest $105,000 (equity
$480000-105000), no need for FHA or HUD.
My wife and I (both 63 yrs. old) will live in our house for
the rest of our life, set an escrow withdraw money from my social benefit and
pension ... to pay attorney fee, tax, maintenance, insurance …..
That means I pay all of the cost.
The house can be sold only when we die or if I failed my duty
on tax, maintenance,…. or all parties agree to sell. The ultimate
selling price will be divided in proportion of the investment to the Foreign
bank/person and my heirs.
The Foreign bank/person
may have a lien on the house or other thing to secure their investment.
Percent increase in house prices at Garden Grove
REAL ESTATE: The median home cost in Garden Grove (zip
92840) is $398,900. Home appreciation the last year has been 18.90 percent.
In fact, my house in Garden Grove
price records
11/19/76 Sold $42,000 Public Record
05/18/10 Sold $380,000 Public Record
increase 905% after 34 years
11/19/76 Sold $42,000 Public Record
05/18/10 Sold $380,000 Public Record
increase 905% after 34 years
For more discussion/more information about the house,
please email lich1299@gmail.com.
FYI:
Percent increase in house prices
Los Angeles-Long Beach-Santa Ana CA 8.3% $474,800
In a 2010 survey of elderly Americans,
48% of seniors would have to leave their home if they did
not have a reverse mortgage
48% of seniors cited financial difficulties as the primary
reason for obtaining a reverse mortgage
What the seniors want:
81% of seniors would like to stay in the home in which they
are currently living for the rest of their lives. (Honest homeowner does not
want foreclosure, but the US bank
want it?)
72% of seniors want to be able to pay all of their expenses
while they are alive so their children and heirs do not have to worry about
them.(Honest homeowner does not want cash withdraw, but the US bank encourages
homeowner to do that for the US bank finally benefit)
Cordray said: “ … with 32 million baby boomers poised to
enter retirement, the market for these reverse mortgages could rapidly grow.. “
- High up-front costs make reverse mortgages expensive. In the U.S., entering into a reverse mortgage will cost approximately the same as a traditional FHA mortgage.
- The interest rate on a reverse mortgage may be higher than on a conventional "forward mortgage".[38]
- Interest compounds over the life of a reverse mortgage, which means that "the mortgage can quickly balloon".[13] Since no monthly payments are made by the borrower on a reverse mortgage, the interest that accrues is treated as a loan advance. Each month, interest is calculated not only on the principal amount received by the borrower but on the interest previously assessed to the loan. Because of this compound interest, as a reverse mortgage's length grows, it becomes more likely to deplete the entire equity of the property.[13] That said, with the FHA-insured HECM reverse mortgage, the borrower can never owe more than the value of the property and cannot pass on any debt from the reverse mortgage to any heirs. The sole remedy the lender has is the collateral, not assets in the estate, if applicable.
- Reverse mortgages can be confusing; many obtain them without fully understanding the terms and conditions,[38] and it has been suggested that some lenders have sought to take advantage of this.[39] A majority of respondents to a 2000 survey of elderly Americans failed to understand the financial terms of reverse mortgages very well when securing their reverse mortgages.[19] "In the past, government investigations and consumer advocacy groups raised significant consumer protection concerns about the business practices of reverse mortgage lenders and other companies in the reverse mortgage industry"[40] But in a 2006 survey of borrowers by AARP, 93 percent said their reverse mortgage had a mostly positive effect on their lives, compared with 3 percent who said the effect was mostly negative. Some 93 percent of borrowers reported that they were satisfied with their experiences with lenders, and 95 percent reported that they were satisfied with the counselors that they were required to see.[41]
-
https://en.wikipedia.org/wiki/Reverse_mortgage#Eligibility_3
".... FHA has already stripped billions from forward mortgage programs and $1.7 billion from the US Treasury just to keep the FHA insured reverse mortgage program afloat.... "
http://reversemortgagedaily.com/2015/08/25/states-see-big-reverse-mortgage-volume-growth-in-first-half-of-2015/
The cost of reverse mortgage to FHA (Money tax on all US
Citizen go unfairly/legally into US bank with the help of the FHA)"
For More info and update:
http://www.tranlich.com/house_investment_needed/
