REBarcamp Virginia Beach – A Real Estate Event Expo Free!!

Virginia Beach - http://rebarcamp.com/vabeach/

I will be helping out an amazing event that is coming down to Virginia Beach.

The event is geared towards the Real Estate Professional community and all other industry niches geared towards Marketing, Technology and Social Media.  If you are a business professional in the Tidewater Area, you might want to come register to reserve your spot in this great event. 

The Skinny

• Who: Any Real Estate Professional and industry experts who have a DRIVEN desire to LEARN and SHARE
• What: Open session gathering of experts in Real Estate, Marketing, Technology and Social Media. This event is FREE
• When: 10am – 4pm Thursday, July 16th, 2009
• Where: Buffalo Beach Hilltop Plaza

  1725 Laskin Road, # 501

  Virginia Beach, VA 23454

  757-422-WING (9464)

  *Free Wi-Fi*

• Why: REBarcamps are great events where industry experts around the nation gather to participate in Learning, Sharing, Networking and Motivating. Expect a highly anticipated Engaging and Fun event to improve our overall success in our business.

Register and Reserve your spot here for free http://rebarcamp.com/vabeach/?page_id=7

The New FHA Reverse Mortgage For Purchase – January 2009

Reverse Mortgage For Purchase

January 2009 HUD instituted a new program for Seniors (Age 62 or older) to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing.

The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, etc

A Reverse Mortgage main concept is to have NO MORTGAGE PAYMENT.  Now HUD is saying that Senior Citizens can buy homes or downgrade to a smaller home without ever making another mortgage payment as long as they live.

The Benefits

• The Housing and Economic Recovery Act of 2008 gives Unprecedented Consumer Safeguards With No Credit or Income Qualifications.
• Lower Fees than before
• Never Give Up Title to Home!
• Never Owe More than Home’s Value!
• Never Have to Move
• Never Make a Payment aslong as you live or sell/move the house!

An Example

Senior has $125,000 in equity but wishes to move.  REALTOR lists and sells departure home.  REALTOR writes contract on new $350,000 home by combining $125,000 down payment with $225,000 reverse mortgage purchase money:

SENIOR HAS NO MONTHLY PAYMENT!!!

Reverse Mortgages are now becoming more and more suitable for Seniors and with the New Reverse Mortgage for Purchase, A Senior Citizen doesn’t ever have to worry about losing the house or making another mortgage payment.