This is a great service I never knew was available. I checked the Gloucester County, NJ area and there are some local businesses that are on board with this great free service. Share this with anyone you can! ~ Steve

Check out these home inspection tips concerning both sides of the settlement table.

Good common sense speak from a government rep - thanks Lenn for sharing and letting us know at least someone in higher government has a clue! :)

Wishing everyone a happy and safe Fourth of July. May we NEVER forget the reason we celebrate this holiday and the many souls that gave their lives, and those that still do, for our freedom.

My heart-felt appreciation and thanks go out to those men and women that risked it all. May you never be forgotten in our hearts and by our actions.

God Bless You All

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

You may be considering some upgrades to your home this year. If possible, why not try and make your upgrades "pay you"? The government is offering credits for up to 30% of the cost, up to $1,500. For items such as solar energy systems, you can receive a 30% credit with no limit. Our government cares about being "Green" and so wants you to purchase energy efficient items for your home; Items such as AC units, storm doors, windows, a new roof, water heaters, and more.

You also may be wondering if now would be the best time to upgrade, since you can capitalize on the tax credits offered through the latest stimulus package. Certainly purchasing the right product to qualify for this credit is very important. This will help you assess how to obtain the credit, or to help you decide if it is worth spending your extra hard earned money on more efficient models.

The Energy Star website has a wealth of information. Be sure to check it out.

Find more information at the websites below.

Energy Star main website: Energy Star Website

Energy Star Tax Credit Site: Energy Star Tax Credit Info

Energy Star FAQ's: Click Here

How the New Stimulus Bill Has effected Energy Tax Credits: Click Here

Products: Click Here

AC Unit Qualifications: Click Here

Steve Kappre is a Certified Mortgage Planner serving all 50 states, focusing in South Jersey: Burlington, Gloucester, Camden, and Salem County. Steve specializes in;

• All areas concerning First-Time Home Buyer Mortgages, grants, down payment assistance, police and fire loans, rehab loans, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

If you are in Nashville, TN area and/or have friends/family close to there, keep in mind this blog post. The world is far smaller today then ever. Let's use it for something good! :)

The other day my dad and I put up a bluebird house in my backyard. We had seen about 6 bluebirds flying around as a group for a few weeks, and figured we'd give it a try. So he found a design and graciously built one for me. He brought it over and we spent a few minutes digging a hole for the post and putting it up.

The funny thing is, is that I hadn't seen the bluebirds in about a week or two. But literally 1-2 minutes after we put the birdhouse up, I came inside, washed my hands, and looked out the window and there it was. It was practically magic.

Don't we all wish finding a home could be that easy!

Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving all 50 states, focusing on Gloucester, Camden, and Salem County, NJ. Steve specializes in;

• All areas concerning First-Time buyers; First-Time Buyer mortgages, grants, down payment assistance, tax credits, police and fire loans, rehab loans for first time buyers, and more.

• Reverse Mortgages for seniors age 62 or older.

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

More times than not, home buyers jump right into the home buying process ill-prepared. Maybe they see an open house sign. Or maybe their co-worker is buying a home and they want to be part of the action. In any case, a little research and preparation can make a huge difference in the success of your home-buying experience.

Here are a handful of tips to consider if you are planning on buying a home.

• Talk to a mortgage professional months before you plan to buy.  Talking to an experienced professional can help you with countless items such as: maximizing your credit score, preparing ample savings in your bank account, the education on and avoidance of costly fees, the avoidance of costly actions many people make that hurts their chances of receiving financing. You will want to talk about a few loan programs that are best for you, and the pros/cons for each one. Try to keep an open mind. A true professional will make you aware of how to make your purchase successful. Lastly, ASK QUESTIONS! Your questions can only help make the process smoother as you work as a team with your mortgage adviser.

• Seek out a knowledgeable, hard working Realtor. Do your own research regarding the jobs and responsibilities of a good, seasoned real estate agent. Referrals from friends are fine, as long as you know what kind of service you should be receiving from your Realtor. Educating yourself beforehand is important to know what to look out for. Using the "Top Agent" in your area doesn't necessarily result in good service or a profitable transaction. Likewise, working with a newer agent doesn't equate to a lower quality outcome. You want qualities such as a strong negotiator, someone who will spend the time with you to explain each situation, and someone who is confident in their advice. There are part-time Realtors that give far better advice and service than some top producing Realtors, so ask questions upfront about service standards, and be ready to hold them to their word.

• Pay DOWN credit cards, but do not close them. Many people receive BAD advice to pay off and close their credit cards. This is BAD for your credit score. Likewise, paying off collections or judgments right before buying a home could have serious negative consequences for your credit score and for your chances of financing a home. It sounds counter-intuitive, but it happens fairly often. Many times it happens because a potential buyer received bad advice from a friend or an unaccountable mortgage/financial adviser.

These are just a few tips. To reitterate, make a successful home buying experience by educating yourself a little, and by sorrounding yourself with professionals that know what they are doing. It can take some effort to find the right people to work with, but it is well worth it and there is a good chance you will use that professional for life.

Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving all 50 states, focusing on Gloucester, Camden, and Salem County, NJ. Steve specializes in;

• All areas concerning First-Time buyers; First-Time Buyer mortgages, grants, down payment assistance, tax credits, police and fire loans, rehab loans for first time buyers, and more.

• Reverse Mortgages for seniors age 62 or older.

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

If you have questions about a reverse mortgage, you are in the right place! Here are the answers to the most commonly asked questions, as well as some additional information regarding the new reverse mortgage purchase options for seniors.

1. Who is Eligible for a Reverse Mortgage?
2. Reverse Mortgage Payment Options
3. Expected Costs, Appraisals, and Title
4. Reverse Mortgage Counseling
5. Is Reverse Mortgage Income Taxable?
6. What Happens When My Reverse Mortgage is Due?
7. Purchase a Home with a Reverse Mortgage

If you have any questions regarding a reverse mortgage, please feel free to contact Steve Kappre at any time.

Click Here To Contact Steve

Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving all 50 states, focusing on Gloucester, Camden, and Salem County, NJ. Steve specializes in;

• Reverse Mortgages for seniors age 62 or older.

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

Purchasing a Home with a Reverse Mortgage.

For the most part, the paperwork and the guidelines regarding this mortgage are the same as those regarding the most common reverse mortgage, the Home Equity Conversion Mortgage (HECM), which is an FHA loan.  The option to purchase a home with a reverse mortgage was set to be available January 1, 2009, although as of writing this article is still undergoing final guideline and FHA regulation. The purchase reverse mortgage came out of the Housing and Economic Recovery Act of 2008. (This may be the best thing to come from this Act, because frankly many other things failed miserably.)

The main benefit of purchasing a home with a reverse mortgage is because now with this option;

1. The purchaser does not have to qualify and close on a traditional mortgage, and than
2. Refinance into a reverse mortgage

Aside from the hassle of closing two loans, the home buyer would have to pay closing costs twice.  OUCH. That's no way to treat our seniors!

Let's review some common reverse mortgage (HECM) guidelines.

1. Must be 62 years old
2. The property must be the borrower's primary residence
3. With a traditional reverse mortgage refinance, a fair amount of equity is required.  With a purchase reverse mortgage scenario, the borrower must provide the monetary investment at closing from an allowable funding source.

* Allowable Funding Sources *

When purchasing a home using a reverse mortgage, the monetary investment will be for (at least) the difference between the maximum reverse mortgage amount allowed and the purchase price. This will vary based on the sales price of a home among other factors.

Example: If the sales agreement is for $100,000, and the maximum allowable amount for the reverse mortgage is 60% of the purchase price, than the borrower will be required to come up the difference, or 40% ($40,000), plus any applicable closing costs.

A Borrower may only use their own money or money obtained from the sale of property or other assets. This includes retirement accounts, the sale of a home(s), the sale of fine art, etc.

VERY IMPORTANT POINTS TO PONDER

With a reverse mortgage purchase, these items below are NOT allowed.

1. No discount points are allowed
2. There are no rate buy-down options
3. No gifts are allowed (as in, a financial gift from a relative)
4. No closing cost assistance (seller concessions)
5. No builder incentives
6. No seller contributions
7. No seller financing

Unlike traditional FHA financing, monetary gifts from family members are not allowed. You also may not obtain personal loans, cash advances from credit cards, or EVEN equity from a property's home equity line. Lenders are required to source all funds used in the transaction.

A home buyer may elect to put more money down than the minimum required, so that they can leave a portion of the reverse mortgage available as a home equity line for future use.

Real Estate Agents

If you are a real estate agent looking to help clients out that are utilizing a reverse mortgage to purchase a home, keep in mind these important factors:

1. Required repairs must be completed before settling on the home,
2. These repairs must be included in the purchase agreement,
3. The buyer can NOT put any money into repairs of the property before they own the home, and
4. All offers must be contingent on a satisfactory inspection conducted by a qualified inspector.

One of the factors I found interesting is that a reverse mortgage client may choose to cancel the transaction at any time prior to closing. This is not to say that they will not lose their deposit money, but they do have this option. One other difference in a reverse mortgage purchase loan versus a traditional reverse mortgage (refinance) is that there is no 3-day rescission period. Once settled, that's it.

This wraps up our series on reverse mortgages. If you would like to visit any of the other posts on reverse mortgages, check out the links below.

As always, if you have any questions or need any assistance at all, feel free to call Steve Kappre direct at 856-419-3561.

1. Reverse Mortgages ~ Who is Eligible? - Part 1
2. Reverse Mortgages ~ Payment Options - Part 2
3. Reverse Mortgages ~ Expected Costs, Appraisals, and Title - Part 3
4. Reverse Mortgages ~ Counseling - Part 4
5. Reverse Mortgages ~ Is Reverse Mortgage Income Taxable? - Part 5
6. Reverse Mortgages ~ What Happens When My Reverse Mortgage is Due? - Part 6
7. Reverse Mortgages ~ Purchase a Home with a Reverse Mortgage - Part 7

Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving all 50 states, focusing on Gloucester, Camden, and Salem County, NJ. Steve specializes in;

• All areas concerning First-Time buyers; First-Time Buyer mortgages, grants, down payment assistance, tax credits, police and fire loans, rehab loans for first time buyers, and more.

• Reverse Mortgages for seniors age 62 or older.

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com