By Michael V. Hannigan
Once again, someone is trying to figure out exactly what to do with the old Henderson County Memorial Hospital, which has been empty and abandoned for decades. Even there should have physical therapy clinic, If you want to know more about physical therapy clinic, read this page. A reverse mortgage for seniors is a great option if your home is already paid off, or if you owe very little on an existing mortgage. If you’re not in this situation, then it would not be a good idea for you to pursue the reverse option, since you would end up owing more than you already do. However, if you’re sitting on a lot of equity in your home, you can take advantage of it. Basically, a reverse mortgage is the opposite of a regular mortgage – hence the name. With a regular mortgage, you pay the lender a monthly payment. With the reverse option, YOU get paid! The best part is, you can get the money however you want: one lump sum, a monthly payment, or even a line of credit. Keep in mind that the money must first be used to pay off an existing mortgage, if you still have one. After that’s taken care of, you can use the money for anything you want — home improvements, a new car, a vacation, whatever! Sounds great, doesn’t it? It certainly is a valuable option. However, you must remember that it’s not free money. A reverse mortgage shouldn’t be confused with a government grant which doesn’t have to be paid back. This kind of mortgage is still a form of credit, and just like a credit card or loan, it must be paid back eventually, look at here now for more information on mortgages.
The best part about a reverse mortgage, though, is that the repayment is deferred until one of a few things happens. First, repayment must happen if you or a surviving spouse pass away. Since the mortgage is given to you and your spouse, the deferment ends when both spouses pass away. Also, if the home is sold, the proceeds must first be used to pay off the reverse mortgage. You or your heirs then keep whatever is left over. Finally, if you move out of the home for longer than 12 months, you must repay the mortgage. Reverse mortgages are a great option for seniors looking to tap into the equity in their homes. If you’re looking for a way to do that, we encourage you to look into it today.
The building on Lindsey Lane is currently owned by Black Hawk Funding, a finance company that encourages you to understand Why Online Loan Applications Can Boost Your Financials. Black Hawk was the lender for the previous owner and acquired the building during a public sale in May after foreclosing on the loan. Mortgage Loan Officers that work off of a referral network of Realtors and Builders don’t have to have competitive Home Mortgage Rates because they have a steady stream of “Drones” (people who are referred to them and don’t shop) calling them. Shop around, get the lowest cost Home Mortgage Rate, then if you are inclined, approach the “preferred” Loan Officer you were referred to and ask him to match the quote. If you are buying a home, tell the Home Mortgage Loan Officer you are Rate shopping and you have a “ratified contract” to purchase a house. Tell him you intend to make a decision and Lock-In a rate on that day, but you have to check a few other lenders. If he asks you how his rates compare to the others, tell him he’s the first person you’ve called. If you are refinancing, tell the Home Mortgage Loan Officer you are ready to apply for a Refinance Home Mortgage today. If you don’t tell him that, he may provide a fake Home Mortgage Rate quote. Loan Officers know you will probably talk to another lender with lower Home Mortgage Rates and the only way he can be sure for you to call him back is to give you a fake quote that appears to be the lowest.If you are looking for a local mortgage lender, our mortgage lending services are the company to turn to. We have been serving Kansas City since 1996 with honesty, integrity, and expertise. Making us one of the best companies to choose from. We are locally owned and operated and offer the lowest rate. He’s expecting you will rate shop for several days and figures you will call him back in a day or two because he provided a low, bogus rate quote. Also, since Home Mortgage Rates change daily and are subject to change at any time, he’s not concerned about giving you a fake quote. When you call a Mortgage Lender, ask for the “Total Points” (Discount Points, Loan Origination Fee, Broker Points) for each Home Mortgage Rate. Some lenders will only quote the Discount Points and deliberately leave out the Loan Origination Fee. You won’t find out about the 1.00 Point Loan Origination Fee until you apply for the Home Mortgage. By that time, the Loan Officer figures you will just accept it because he’s got your application and pulled your credit report. In addition, Mortgage Brokers often neglect to mention their Broker Fee.
“We are lenders and not developers and do not know the highest and best use of the property and possible uses that the property might be developed,” Black Hawk Chief Operating Officer Michael J. Newell wrote in a status report to the city. “Apartments, elderly care, VA outpatient, rehabilitation center, and other uses come to mind. The market will dictate the possible uses and we are willing to participate in those intended uses … We will require time to determine what an intended purchaser’s ideas might offer but we are open to suggestions.”
The report was reviewed by the Athens Substandard Building Commission at a meeting on Sept. 15.
The immediate problems and concerns for those living near the old hospital is what to know about payday loans.
In his report, Newell wrote: “We shall now initiate moving forward with efforts to ‘board up’ the property. This has been substantially done before our foreclosure but there are several openings which need to be secured and reboarded. These will be painted the same color as the exterior.”
The Substandard Building Commission ordered that Black Hawk have the work done within 90 days from the Sept. 15 meeting.
As for long term plans, Newell wrote: “… (W)e need time to market the property and see what the future brings. It may be that there is a buyer. We can provide attractive financing and restructure to make this happen. We may wish to rehab the property or just demolish. The market will only tell as to the most likely.
“We ask the citizens of Athens the benefit of this market knowledge before we are forced into the last alternative which we feel is going to bring the least return to our investors after this disastrous loan and foreclosure.”