Laguna Shores Resort…where you can build your Dream Home, purchase a beachfront home or condo using a Reverse Mortgage

Laguna Shores Resort…where you can build your Dream Home, purchase a beachfront home or condo using a Reverse Mortgage

 By Lannette Phipps

You must realize by now that Rocky Point is soon to “take off” again, meaning real estate prices will soon be on the rise and inventory will be dwindling. This due mostly to worldwide press Puerto Peñasco has been receiving about airline flights starting in June 2013, a new Convention Center, spectacular whale watching and even a spot on a TV show called “International House Hunters”.  Now is the time you need to purchase a home, condo or lot at Laguna Shores Resort while the prices are still low and sellers are willing to negotiate. Many of you can purchase property by securing a loan, using cash, your IRA or a Reverse Mortgage. You can find a detailed article on using your IRA to purchase a home at Laguna Shores Resort on their website at www.lagunashoresresort.com. But I am going to tell you about Reverse Mortgage’s because I knew nothing about them and I suspect many of you have never heard of a Reverse Mortgage either.

The Nitty-Gritty Details…

 The Home Equity conversion Mortgage (HECM) is FHA’s reverse mortgage program. It is a safe plan that was designed to give older Americans greater financial security. A “RM” allows you to pull out a certain portion of your home equity and the money can be used for whatever you wish. You can receive the money in one lump sum or fixed monthly payments and do not have to repay the loan until the collateral property is sold or vacated. The difference between a second mortgage and a home equity line of credit, is that you must have adequate income to qualify for the loan. You must make monthly payments on the principal and interest. A reverse mortgage PAYS YOU and there are no monthly principal or interest payments.

If you’ve been thinking about acquiring a vacation home, condo or fractional at Laguna Shores Oceanfront Resort in Rocky Point, Mexico, and are at least 62 years of age, you will want to look into a reverse mortgage as a financing option. For more information and qualification criteria, visit www.hud.gov. After you have decided that you want to use a reverse mortgage to purchase an investment property in Mexico, contact Wayne Corcoran, Re-Sales Broker at Laguna Shores Resort and he will be happy to talk to you about a Reverse Mortgage and if you want to come down and take a look at the resort he can get you a great deal and give you a tour of the resort and its amenities. If you are already in town come on over to Laguna Shores Resort which is located north of Rocky Point on the Coastal Highway. Give Wayne a call at (480) 370-1523 or locally at (638) 112-0854.

SOME REQUIREMENTS TO OBTAIN A REVERSE MORTGAGE:

• You (or your spouse) must be at least 62 years of age: The age of the youngest borrower is one item considered to the amount of the reverse mortgage.

• You must own your home outright or have a small mortgage.

• You must have equity in your property.

• The property used as collateral must be your primary residence.

• You must remain current on property taxes, insurance and HOA fees if applicable.

• Your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

BENEFITS OF A REVERSE MORTGAGE

• You may spend the reverse mortgage proceeds however you wish: Receive them in one lump sum or be paid monthly payments over time

• You are not obligated to pay back the reverse mortgage loan until the property is sold or vacated

• There is more than one type of reverse mortgage

• It does not affect your current Social Security monthly payment or your Medicare

• You have 3 days to change your mind and cancel the loan

• You do not need to pay a fee to find a FHA-approved lender. Find one online at www.hud.gov or contact a counselor for a referral by calling (800) 569-4287. Services by HECM counselors are offered at no or low cost.

• The reverse mortgage loan can be used to supplement your Social Security, help pay medical bills, make improvements to your home, purchase a vacation property at Laguna Shores Resort in Rocky Point, Mexico and much, much more.