Hello, and welcome to Real Estate Reality Radio. The most important half hour of radio every Friday from 9 to 9:30 on WBCB 1490 am. Thank you for joining us. For those of you who are new to the show I have spent the last 40 years in the real estate industry both as a realtor and a mortgage banker. The show is dedicated to dispelling the myths associated with Real Estate and finance in your marketplace.
Within every market there are obstacles and solutions on the path to tremendous opportunities. I believe that most people are looking for practical advice. Please feel free to call 215-740-8999 or visit petethemortgageguy.com.
Please join us live on the web at www.wbcb1490.com or on your FREE app Tune In Radio from 9:00am to 9:30 am every Friday.
Last week we were in open forum again talking about what the local real estate landscape really looks like.
This week’s news was mostly about a slower growth economy than was believed at the end of 2013. The real estate and mortgage news has been about Fannie Mae returning a profit to the treasury for the bailout and reverse mortgages being safer. First let’s start out by saying the bailout was $187billion in 2008. Because the treasury has taken on ownership in Fannie and Freddie the resultant payback will exceed the amount given. Interestingly now that we have been paid back the principle amount of the funds lent the Treasury is being sued claiming additional monies are owed to investors and a low income housing groups claiming they too are due some of those funds. WOW! The government finally runs a profitable enterprise and they are sued. We really are crazy. The second piece of news is that the new rules for Reverse mortgages may make them safer for the borrower and in turn may cause some short term pain in digesting the new rules.
Today we are joined by Doug Ziegler from Gateway Funding. Doug is in charge of all of the Reverse Mortgages at Gateway and is a huge resource for the loan officers as well as the seniors that have an interest is Reverse Mortgages. Doug has assisted hundreds of seniors nationwide achieve their financial and personal goals using their current assets to live their retirement as they dreamed they would. Dougs clientele has encompassed the full spectrum of seniors from those struggling to buy groceries to those in multimillion dollar homes. Each borrower has expressed the same desire….independence and to remain in their home.
Please join us live at www.wbcb1490.com for the open discussion about the opportunities that are available to many who may not know they are there. You cannot get the answer to a question you have never asked. We are here to help answer the questions.
Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.