CHOOSE YOUR RETIREMENT PLAN

Example:

Plan #1         (Traditional)        Plan #2 ( HECM line of credit )

Social Security    $1200          Social Security    $1200

IRA distribution  $800            IRA distribution  $800

Monthly income $2,000         Monthly income $2,000                                           

Emergency fund $8,000         Emergency fund $80,000

An FHA Home Equity Conversion line of credit gives Retirees an additional resource - just in case they outlive their money. The earlier the plan is set up, the more will be available in the line of credit. It's a safety net for folks who want to live in their homes as long as possible. Call Julia for more details 502-426-7840 or visit her website in Louisville www.mymortgagelouisville.com

Will you help a critically ill child this holiday season?

Will you help a critically ill child this holiday season?

Join our Frequent Flyer Miles Contest to Benefit Make-A-Wish®

Miles hanging around in your frequent flyer account?  How many frequent flyer miles do you have just hanging around in your skymiles account that you cannot use? If you are like me, I earn enough miles to have an account, but I never earn enough to fly anywhere with them. In the end, my frequent flyer miles either expire, or the airline offers me merchandise like magazines to use them up.  It can be frustrating. 

This year, the Legacy team at VanDyk mortgage has a solution to your un-used frequent flyer miles dilemma. It’s a win-win proposition for you and a child in South-West Ohio who really needs your help to make their deepest wishes come true.

When you donate your unused frequent flyer miles to the Make-A-Wish® Foundation, which grants wishes to local children suffering with a critical illness, you will be entered into a drawing to win:

Dinner for two, including a cocktail hour and live entertainment (valued at $300). There will be a silent and a live auction that will benefit Make-A-Wish® children and their families. Last year, Bob & Marianne from Warm 98fm served as co-emcees for the event and were helped out by local talent from WLWT’s Channel 5. You and your date will win a seat at the gala table with VanDyk’s very own, Rob Young. 

To ENTER the contest, simply-

1. Click on the following link to donate your frequent flyer miles: http://bit.ly/1QeDnlM

2. Go to the VanDyk Mortgage Facebook page, LIKE it, then post: “I’m a Legacy Changer”

For an extra entry, post a pic of yourself from the last place you flew with the caption, “I’m a Legacy Changer”.

 3. Invite your friends to do the same!

Official Contest Rules: No purchase necessary to win, but the winner must have donated frequent flyer miles to the Make-A -Wish Foundation® using the VanDyk contest weblink.  Contest ends on 1/5/2016 at 12:00pm EDT. Open to all US residents who are citizens over 21 years of age. Enter as often as you like. The prize has no cash value and is transferrable but cannot be sold. Entrants agree to completely release Facebook of any responsibility for this contest. Further the promotion is in no way sponsored, endorsed or administered by, or associated with, Facebook.

5 Smart Moves for Retirees

                                                        5 Smart Moves for Retirees:

1        Set up a line of credit that grows over the next twenty years along with the appreciation on your house using an FHA Home Equity Conversion Reverse Mortgage.  Then you will have a substantial fund to use for the rise in cost of living and home care when you are old.

2        Eliminate your monthly mortgage payment using a reverse mortgage.

            If your spouse passes away, replace the loss of income by setting up a monthly supplement to your income    using a reverse mortgage for tenure that can last longer than your home equity.

4       If you have to divorce, you can stay in your home by using an FHA Home Equity Conversion Reverse      Mortgage to pay your spouse so they can move on.

 5.       Downsize to a more comfortable home using a reverse mortgage to purchase your new home so you don’t   have to use all your cash - and you will have no monthly mortgage payments. 

      Do you or your financial planner have any questions or want to explore the HECM loan further? 

      Let me show you how SMART you can be fully utilizing the value of your home.

Do You LOVE a BARGAIN?

Did you know that in a recent study, one of the top 10 things you can do for yourself in order to feel better on “one of those days”, researchers found that getting a bargain is #4 on the list!

That being said, Julia has a great bargain to share with seniors who are looking to buy a new home.

 Best Bargain in the Real Estate Market:

How To Buy a House and Pay Half the Price!

There is an FHA mortgage available that can be used to purchase a home without ever having to make monthly mortgage payments on the mortgage. Here are the details:

* FHA Home Equity Conversion Mortgage (HECM)

* One borrower must be age 62 or older

* The down payment is approximately 50%

* The down payment cannot be borrowed

* This is a declining equity loan although you can never owe more than your house is worth

For more details on the FHA loan, call or email Julia in her Louisville office.

Julia Atherton NMLS 645994

 502.426.7840 office

Afraid You Might Run Out Of Money?

AFRAID YOU MIGHT RUN OUT OF MONEY?

Build Your Own Long Term Care Fund on the Cheap!

www.mymortgagelouisville.com

One little known advantage of the FHA Home Equity Conversion (Reverse) Mortgage is how the credit line works: Once it is put into place, the available funds on the credit line continue to increase. FHA guarantees the percentage of increasing credit  even if the available credit becomes more than the house is worth. Unlike a bank credit line – this credit line cannot be reduced or closed unless you move out of your home for over a year.

If you are concerned about needing funds for long term care, there is no need to make high-cost  monthly  payments for an insurance policy when you can set up a credit line at minimal cost. Because the growth builds exponentially over time, the sooner you set it up the better. However, you are not obligated to ever use the credit line, and if you don’t, you will not have a balance on your account to repay. You receive a monthly statement showing the available credit line and any balance. The funds you use are tax-free and although you do not need to pay them back while you are living in your home, you may make payments if you wish.

If you just want to be sure you are in the best position possible if the time comes that you need home care, having the credit line available provides peace of mind. You can draw on the credit line in any amount at any time without having to repay it in monthly payments. When you no longer live in the home, the home can be sold or refinanced, and any funds you used, plus any payments, can be repaid from the proceeds.

This FHA- insured credit line is a very safe back-up plan that may take the burden off of your children - and covers you just in case you outlive your money.

Call Julia at 502-426-7840 direct to learn more about how you can access your own line of credit. 

Stretch Your Retirement Funds

These days more than ever, people want to stretch their retirement funds through strategic financial planning. A HECM reverse mortgage is a tool, available only to people who are 62 years of age or older, that can be highly effective when considering how to fund retirement and the cost of medical care in later years.

Recently, Julia Atherton at VanDyk Louisville, partnered with a trusted financial planner to choose a HECM home loan for one of her long time clients.  The client’s husband had passed away leaving his wife’s future uncertain when it came to remaining in the homestead because of the loss of his income. Because Julia Atherton was able to lead the widow through the reverse mortgage process skillfully and assure her financial planner that securing the home by using a HECM was the smartest option, and the widow’s income has been replaced. There are no payments for as long as the widow chooses to live there and the home will go to her heirs according to her will. With an FHA-insured HECM, her heirs are protected and have many options regarding remaining equity and retirement funds.

If you would like more information on how a HECM works, call Julia locally at 502-426-7840 to discuss the unique advantages of choosing a HECM reverse mortgage loan to secure your retirement and your family’s legacy right now.  There has never been a better time to learn about this safe, flexible home loan option.

Call or visit Julia at www.mymortgagelouisville.com    

Home Repair Refi

Sooner or later, the need for home repairs is bound to happen to all of us. Recently, a couple Louisville office needing money to repair a hole in their roof.  Instead of taking cash out of their retirement savings, VanDyk showed them how a HECM refinance loan could not only provide the money for the needed repairs, but also give them access to a source of tax -free funds to supplement their income based upon their homes equity. 

Pay Half Price To Buy a House

 PAY HALF PRICE TO BUY A HOUSE

…And never pay another penny until you move out or pass away. Too good to be true? Not if you use an FHA Home Equity Conversion Mortgage for the Purchase of the home available for people over age 62. The purchase is closed after an FHA appraisal to verify the house is worth what you offered and you show your down payment of 50% with the funds from the mortgage are sufficient.

There are no further monthly mortgage payments required. You must take possession and move into the home within 60 days of closing. The funds you use for your down-payment must be your own funds, or a gift from a relative (not borrowed funds).

This mortgage is a reverse mortgage in that you do not have to make mortgage payments out of your pocket, however, the cost of the mortgage is assessed against the house which means your equity gradually declines as you age. Because the mortgage is insured by FHA, regardless of how long you live, the house remains in your name and may be left to your heirs, who can decide what to do with it just like any other house with a mortgage.

Example:

Sell your house for $200,000 and payoff any loans and your realtor using $20,000

Your net proceeds from the sale would be $180,000

Purchase a new home at a sales price of $200,000

Put down 50% ($100,000) of the sales price and use the Home Equity Conversion Mortgage $100,000 to close the purchase

Keep your remaining $80,000

Questions? Want more information as to how I can help you pay half price for your next house? Call me, Julia Atherton, at 502-426-7840 right now!

Increasing Cash Flow

Would you would find it advantageous to have a fund for emergencies, long term care, protection from inflation, or just to maximize your monthly cash flow? With a HECM reverse mortgage you can have an available safety net or additional funds every month to spend, consisting of the payment on any traditional mortgage which would go away, or the additional funds added to the credit line which accrues. Cash Flow maximizers don’t anticipate selling their home and the size of their estate is not important. The availability of funds and the potential for increased cash flow may outweigh the decline in wealth resulting from any growth of the reverse mortgage balance.

Call Julia at VanDyk Mortgage today at 502-426-7840 or visit www.mymortgagelouisville.com

Reverse Mortgages Help You Increase Cash Flow

Are You Thinking of Paying off Your Home Mortgage?

If you have a traditional mortgage and continue making payments, the balance would be paid down somewhat in 10 years which could deplete your cash or retirement funds. If you pay off the balance now with the proceeds from an adjustable rate HECM, in 10 years you will owe more because you have received the benefit of keeping the payments in your retirement funds. Which is least costly to use to make your traditional mortgage payments: your retirement funds or reverse mortgage?

If the percentage of growth in your retirement funds is more than the interest charged on the reverse mortgage, you could preserve wealth by using the reverse mortgage funds. But an annual premium of 1.25% for FHA mortgage insurance must be calculated in the interest cost.

If the percentage of growth of your retirement funds is less than the cost of the reverse mortgage funds, using retirement funds to pay down your traditional mortgage debt is less costly.

You will benefit from the appreciation in the house in either case. But also consider whether you itemize tax deductions. How much do you really benefit from the mortgage deduction? Or do you take the standard deduction anyway? Unless you make payments on the reverse mortgage, there is no interest paid so there is no deduction. Most people do not make payments and interest ordinarily is not paid until the borrower dies or moves out of the house, at which time it may or may not be deductible.

If you are near retirement age and you are looking to build wealth and maximize cash flow, the HECM Reverse mortgage could be a perfect tool for you to use.  Call Julia today at 502-426-7840 or visit her site at 

My Mortgage Louisville 

Wealth vs Cash Flow

WEALTH vs CASH FLOW:

Which is the most important?

Building Wealth

Will using a reverse mortgage maximize wealth? If you want to leave as large an estate as possible, setting up a reverse mortgage credit line without using it may accumulate available credit faster than the house appreciates and could eventually be worth more than the house. The growth is guaranteed by the contract at the same rate as is on the note for any funds used. This strategy may also eliminate the expense of long-term care insurance by providing a substantial fund with no monthly premiums.

However, if you are looking ahead to selling your house in the future or already have a mortgage on the house, using the credit line or paying off the mortgage with the proceeds of a reverse mortgage could reduce wealth – unless you can preserve retirement funds that were being drawn down to pay the mortgage.