Charlie Houssiere

Reverse Mortgages Facts

When dealing with long-term care, family members of the senior citizen often make the issues of major decisions regarding legal and financial matters. To privately pay for nursing home care or in-home care is beyond most families' budgets, which was not intended before the actual retirement took place. Now days, more and more people are planning ahead however. But still, in the past it was not always so easy, which is why I always try to ensure that the seniors and their family members are completely aware of all their financial options. One option, in which I present them with, that many people are unaware of, is the reverse mortgage.

Reverse mortgages are all over the news lately. We've seen all the news stories on NBC, ABC and CBS. Like most anything the reverse mortgage has advantages and disadvantages. Keep in mind however that two very large organizations encourage seniors to consider the reverse mortgage when they are seeking long-term care. The AARP and the National Council on Aging recommend reverse mortgages, subject to some stipulations. The National Council on the Aging (NCOA) released a study that demonstrates more than 13 million Americans needing long-term care expenses paid can utilize reverse mortgages. This would offer a chance to stay independent and to keep their homes.

The report, Use Your Home to Stay at Home: Expanding the Use of Reverse Mortgages to Pay for Long Term Care paid for by the Centers for Medicare and Medicaid Services and the Robert Wood Johnson Foundation, back this, by showing how reverse mortgages can lessen financial pressure for seniors and their family members along with relieve pressures from the state Medicaid programs and the federal government. Because there is an increasing amount of people opting for reverse mortgages, there is potential for Medicaid to save an annual 3.3 billion dollars in as early as 2010. Another name for a reverse mortgage is a Home Equity Conversion Mortgage, or HECM. The federal government, through HUD and FHA, guarantees these loans. This program is available to seniors who are 62 and older. A reverse mortgage is a loan that must be paid back only if the homeowner or homeowners die or move away for good. It will not be necessary to make monthly payments. Actually, the senior that gets paid. One more thing: the money received from a reverse mortgage is tax-free for seniors, and it won't have any influence on SSI or Medicare benefits. Reverse mortgages aren't the best choice for everyone, and there are things that you will want to consider. Nonetheless this can prove to be a lifesaver for any senior or couple that is struggling to pay their bills or put food on the table.
Charlie Houssiere, Mortgage Loan Credit Specialists with Secure Mortgage Company, specializes in helping to show
his clients their hidden retirement account. You can confidentially contact him at 713-331-1894 or at choussiere@comcast.net

Credit Repair Tips You Might Not Know

1. You can have a spotless record with a credit card company and they can increase your interest rate because of high balances or a delinquency on another card.
2. With risk-based pricing, your interest rate could go up to 28.9%, 30.9% or whatever super high interest rate that is in the creditor service agreement.
3. PDO is short for  Points to Double Odd and it means that for every 40 points difference in your score you either are twice as good or ½ as bad in a lenders eyes.
4. The following service providers often use credit scores to decide whether you can buy a service and at what price: a. Home Insurer b. Mortgage Lender c. Credit Card Lender d. Cell Phone Company e. Electric Utility f. Landlord
5. Chapters 7 & 11 Bankruptcies stay on the credit report for 10 years from the filing date.
6. Its important to use your credit cards every 6 months because if you dont, the card will become inactive with the credit bureaus.
7. The Credit Scoring Model relies on: a. Averages of a like group b. Only information in the credit report
8. Asking for credit limit increases will decrease your debt ratio, ask every 6 months.
9. Insurance carriers are legally allowed to pull a customers credit report to reset premiums based on their FICO scores.
10. A legitimate debt is NOT truly erased only when: a. When it is paid in full b. Erased in Bankruptcy Court c. It is paid in full, with all acceptable fees and charges
11. The best thing to do when contacted by a collection agency about is to hang up and walk away without a conversation
12. If a debt collector calls the consumers place of employment after being told the consumer can not receive collection calls at work is considered harassment under the FDCPA. (Fair Debt Collection Practices Act)
13. You can expect a bankruptcy filing to hit your credit reports within a few days.
14. It is NOT illegal for a creditor to delete accurate information from your credit report.
15. A Collection Agency can NOT always get the Original Creditor to delete their listing on the credit report.
    Charlie Houssiere Mortgage Loan Credit Specialists with Secure Mortgage Company, specializes in helping to show his clients their hidden retirement account. You can confidentially contact him at 713 331-1894 or at choussiere@comcast.net

A Reverse Mortgage Can Prevent Foreclosure

Now you can stop a foreclosure with a Reverse Mortgage, which is not hard money or balloon loan that someone is normally pressured to get when facing a foreclosure. But a reverse mortgage can serve as a lifeline that saves one who is in danger of losing their home to foreclosure in the case of seniors aged 62-plus. A lot of seniors live with fixed incomes and are struggling due to the high cost of living. Numerous seniors have been left with an impossible decision to make, due to the rising costs of everything, from food and gasoline to new medical expenses. Even some of the adjustable rate mortgage programs that some seniors have found themselves taking have been on the rise. Some seniors may have chosen this option because they were misinformed or because they felt it was their only way of maintaining a low monthly payment. How do they decide what do? Do they make their mortgage payment instead of buying food and medicine? As seniors realize they are near or entering foreclosure, they have additional stress related to these decisions. Now here is the good stuff! No income or credit qualification is required in reverse mortgages. This can mean that even though you may have fallen behind on your mortgage repayments and the lender has filed a default notice, it may be possible for you to get a new reverse mortgage and avoid making another payment for life. This may be just the thing to help you or a loved one live free from fear, as long as you meet all of the other reverse mortgage criteria. What exactly are the requirements for a reverse mortgage? For the HUD government-insured mortgage, a borrower must be at least aged 62. There are programs with lower age limits, but they tend to offer you a correspondingly lower percentage of your house's value. There are guidelines that HUD has decided upon that your property must meet, and it also must be a type of property that is accepted. Be sure to let your reverse mortgage lender know what type of property you have and if you are subject to a homeowner's association, if your zoning is not residential, or if your property contains excess acreage; single family residences, town homes, modular homes on permanent foundations, condominiums are all generally acceptable but there may be additional requirements if you have anything other than a single family detached home. While some repairs can have funds set aside until they’re completed, your property will be expected to be maintained in a reasonably well condition and require no major repairs. Actually, the sole credit requirement is that, where a federal obligation or a federally insured loan is concerned, borrowers cannot be in default. This means that if you are in default on an SBA loan, an FHA insured mortgage or other federal obligation; you would not be eligible for a reverse mortgage. So you can still receive a reverse mortgage if the present delinquent mortgage is an FHA loan but has not had a notice of default filed yet. It would be necessary that the borrower bring in funds to cure the default before the reverse mortgage could proceed once the notice of default has been filed. Those funds could be procured from any number of places such as family or close friends. The borrower will never have to make another payment for life once the reverse mortgage has been funded and finalized! In order that a reverse mortgage loan not be a four or five day loan, the borrower(s) must be counseled, the loan must be processed (including property appraisal,) and all title issues must be reviewed, including trusts, conservatorships, etc. If you are going to use a reverse mortgage to halt a foreclosure, you must start on this process as soon as possible. If you or a loved one decide to look into a reverse mortgage, be sure to contact a reverse mortgage specialist to ask questions and see if it is your best option. Charlie Houssiere, Mortgage Loan Credit Specialists with Secure Mortgage Company, specializes in helping to show his clients their hidden retirement account. You can confidentially contact him at 713-331-1894 or at choussiere@comcast.net

Charlie Houssiere Joins Houston Business Show Team

Charlie Houssiere brings over 30 years experience to the listeners of the Houston Business Show (M-F at 11 AM on CNN 650) and at HoustonsNeighborhoods.com.  He specializes in helping people with less than perfect credit obtain a mortgage. This includes for people who are in bankruptcy, with very little money done, and loans with single digit interest rates.

Charlie's specialties are getting clients that are in Chapter 7 Bankruptcy a loan and to help the clients in Chapter 13 Bankruptcy get out of it and start a new life.  For those clients he cannot help immediately he places in a "Get Mortgage Ready Program" or assists them in getting their credit restored by professionals.

Charlie holds a Mortgage Brokers License, a Real Estate Broker's License, and Sub-Prime Specialty Training.

Charlie graduated from the University of Southwest Louisiana in Lafayette, Louisiana in Finance and in his spare time enjoys golfing and fishing.

The Houston Business Show is delighted to have Charles as an Advisor to the show and to the HoustonsNeighborhoods.com website.

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The Houston Business Show is proud to Welcome Charlie Houssiere

Charlie’s specialties are getting clients that are in Chapter 7 Bankruptcy a loan and to help the clients in Chapter 13 Bankruptcy get out of their Bankruptcy and start a new life. When other mortgage companies say “No” that’s when Charlie goes to work for you. The clients that he cannot help immediately he has a “Get Mortgage Ready Program” or we assist them in getting their credit repaired by professionals. This program if followed, will virtually guarantee someone if he is chosen for the program that if they follow his guidance they will qualify for a home mortgage.

Charlie has been interviewed by CNN 650 Radio and by the Houston Chronicle Business Section on his unique
Mortgage Specialty and his knowledge of the Mortgage Market.

Charlie holds a Mortgage Brokers License, a Real Estate Broker’s license and Sub-Prime Specialty Training.

Charlie graduated from University of Southwest Louisiana in Lafayette, Louisiana in Finance and in his spare time, he enjoys golfing and fishing.

Charlie Houssiere
6500 West Loop South#250
Houston, Texas 77027
Off: (713) 331-1894
Fax: (281) 558-6860
Cell: (832) 752-2148
E-mail: choussiere@comcast.net
Apply online at: www.texasmortgagetips.com

“Everyone Deserves a home and it is my
Job to see that you get one.”
Charlie Houssiere