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Time Business News
2 days ago
- Business
- Time Business News
What to Ask Reverse Mortgage Brokers Before Committing
Reverse mortgages are valuable tools that support senior homeowners' financial security and independence. While they offer financial flexibility, their intricacies can be easily misunderstood. This loan allows you to utilize your home equity without selling the property. Still, it also has terms, responsibilities, and long-term implications that can affect your future and your family's inheritance. Therefore, asking the right questions before signing any contract is paramount. The goal isn't simply to get answers; it's to understand what you'll agree to, ensure the broker is acting in your best interest, and make sound financial decisions. To simplify things for you, here's a breakdown of things to clarify and why they matter: Before getting into the loan's intricacies, you must confirm that you're working with a reputable, experienced loan officer. They must be honest and accountable, as they are your point of contact throughout the process. To verify their legitimacy, ask whether they're certified by the Federal Housing Administration (FHA) or the U.S. Department of Housing and Urban Development (HUD). Suppose you want to apply for a home equity conversion mortgage (HECM). It's a federally insured and regulated loan, and working with a HUD-approved lender is essential to ensure compliance with federal standards. You can ask them to present their license as proof of their credibility. Another factor to consider is how long they've worked with reverse mortgages. These loans are more complex than traditional ones, so it helps to know your broker has in-depth knowledge and extensive experience handling different reverse mortgage products. Once you've confirmed that your lender is legitimate and experienced, you can explore the loan's fine print. Instead of rushing through the numbers, you must focus on clarifying the following: How much equity will be accessible Types of fees involved (origination, closing, ongoing, etc.) Applicable interest rates and how they work in the loan Available payout options Any limitations once the loan has been closed Keep in mind that reverse mortgages aren't one-size-fits-all financial tools. Each element affects your long-term financial plans, from how much money you can get to how quickly your equity will be consumed. Inquiring about these details will help you prepare for potential additional costs and unexpected restrictions. All borrowers must keep up with specific responsibilities as homeowners when they sign up for a reverse mortgage. Take this opportunity to clarify what specific home maintenance tasks you must fulfill regularly and who pays property taxes and insurance. Like traditional types, reverse mortgages can default when borrowers fall behind their obligations and payments. It's also advisable to ask what other consequences may occur. Doing so will help you remember what to do once the mortgage closes, budget accordingly, and avoid potential risks. Counseling is mandatory when applying for reverse mortgages since they're more complex than conventional loans. For example, federally insured reverse loans are non-recourse loans, meaning borrowers will not owe more than their property's appraised value at the time of sale. However, the loan balance can sometimes exceed that value, and knowing your options for covering the excess amount can help you manage your finances responsibly. Counseling sessions are the best avenue to clarify such scenarios and any consumer protections involved. A good lender will encourage you to go through with the session and provide the necessary assistance and resources. It isn't merely a paperwork formality; it's your chance to understand the loan's terms and built-in safeguards and confirm whether the loan is right for you. While reverse loans provide financial assistance for senior homeowners to live quality lives, they can also affect your heirs and estate. It's essential to ask about loan repayment after you move out or pass away, what options your heirs have if they keep the house, and whether it has non-recourse protections. There are safeguards for heirs, but the conditions vary depending on their relationship to the borrower and (for spouses) eligibility as co-borrowers. So, don't hesitate to ask your loan officer about the relevant policies, any applicable non-recourse protections, and how they can affect your estate and long-term plans. Reverse loans can offer financial stability and peace of mind in your golden years only if you fully understand how they work, what they involve, and what they require. Take your time asking everything there is to know and anything unclear. By asking reverse mortgage brokers the right questions, you can make informed decisions, maximize your home equity, and protect your future. TIME BUSINESS NEWS
Business Upturn
26-05-2025
- Business
- Business Upturn
First-Time Home Buyers in Florida: Ben Bryk of Ben Bryk Real Estate Shares Insights on State Assistance Programs in HelloNation Magazine
By GlobeNewswire Published on May 26, 2025, 20:15 IST VERO BEACH, Fla., May 26, 2025 (GLOBE NEWSWIRE) — When navigating the complexities of homeownership for the first time, many Florida residents are discovering that the right guidance and programs can significantly ease the transition. This is especially true for those benefiting from the Hometown Heroes Housing Program, a state initiative aimed at helping frontline workers and eligible first-time homebuyers secure their futures. In HelloNation Magazine , Ben Bryk of Ben Bryk Real Estate in Vero Beach, Florida, shares practical insights on how this program can turn the dream of homeownership into a reality for many who serve the state's communities. The Hometown Heroes Housing Program stands out for its structured support. By offering up to five percent of a loan amount — capped at $35,000 — as a zero-interest, non-amortizing second mortgage, the program removes significant financial hurdles. These funds can be used for down payments and closing costs, and repayment is deferred until the property is sold, refinanced, or transferred. Bryk emphasizes the impact of this deferred model in giving first-time buyers breathing room during one of life's largest investments. The eligibility criteria are designed to prioritize both need and service. Applicants must be first-time buyers — defined as those who have not owned a home in the past three years — and must work full-time for a Florida-based employer. Veterans are notably exempt from both these requirements. The program also targets income thresholds by county, up to 150 percent of the area median income. It covers a wide range of essential service roles including law enforcement, education, healthcare, emergency response, and active military. Additional qualifications include a minimum credit score of 640 and completion of a HUD-approved homebuyer education course. Ben Bryk notes the flexibility of the program in accommodating various standard loan products such as FHA, VA, USDA, and conventional financing, making it a highly accessible path to homeownership. Florida's frontline workers and service professionals now have a clearer route toward stable housing thanks to initiatives like the Hometown Heroes Housing Program. Ben Bryk of Ben Bryk Real Estate provides a closer look at this opportunity in Florida's Hometown Heroes: Help for First-Time Homebuyers in HelloNation Magazine. About HelloNation HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative 'edvertising' approach that blends educational content and storytelling, HelloNation delivers expert-driven articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities. Staff Writer [email protected] A photo accompanying this announcement is available at Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
14-05-2025
- Business
- Yahoo
This Bay Area city is offering up to $100,000 to help first-time homebuyers
The Brief A new program in the East Bay is offering up to $100K in assistance for first-time homebuyers. Low-to-moderate-income households are eligible for AHOP loans. The funding will be distributed on a first-come, first-served basis. ANTIOCH, Calif. - A new program has been launched in the city of Antioch, offering first-time homebuyers up to $100,000 to help purchase a home. The Antioch Home Ownership Program (AHOP) is in partnership with the nonprofit Bay Area Affordable Homeownership Alliance (BAAHA) and seeks to improve housing security in the city, while making homeownership more accessible to its residents. To be eligible, AHOP loan recipients must fall under the low-income or moderate-income limits defined by the U.S. Department of Housing and Urban Development (HUD). By the numbers In the Contra Costa County city of Antioch, low income is defined as $87,550 for a single person. For a household of four, it's about $125,000. A single person making $134,250 falls under the moderate income cap, and for a household of four, the amount is $191,750. SEE ALSO: In all Bay Area counties, earning six-figures can still be considered 'low income' Other eligibility requirements include an application submitted to BAAHA, meeting a FICO credit score of more than 640, and having 3% saved as a down payment. The subsidy recipients must also be first-time home buyers, although that definition is loose, meaning it requires that no one in the household has owned a home in the past three years prior to submitting an application. Perhaps one of the most critical elements of the program, even before the application is submitted, is undergoing a six-hour HUD home buyer education course. "This is really important," BAAHA Administrative Director Walter Zhovreboff explained to KTVU. "We're trying to prevent default and prevent people failing in homeownership… because we want them to be successful, and we also want them to be committed to the process." Zhovreboff noted that the educational course also provides a clear picture of what is required to be a homeowner, and in some cases, a potential applicant will realize they are not equipped after learning more about the necessary aspects of homeownership. Applicants must submit a homebuyer education and counseling completion certificate provided by a HUD-approved education provider. Dig deeper Under AHOP, the city of Antioch will provide as much as $60,000 of the subsidy. The money is a loan and is offered with no interest and no payments required for 15 years. The principal balance of the loan must be repaid in full along with shared appreciation either at the end of the 15 years, or if the property transfers ownership or title, or the home is refinanced with a cash-out loan. "The amount of shared appreciation is established at the time of the home purchase by applying the percentage of the dollar amount of the AHOP loan provided in relation to the purchase price of the property," according to BAAHA. So, if a recipient bought a home for $600K and received a loan of $60K from AHOP, then the shared appreciation to be paid back would equal 10%. After 15 years, the payment price would take whatever the home's profit is at the time the loan is repaid, multiplied by the shared appreciation allocation of 10%. The AHOP participant will be required to pay back that amount of the shared appreciation plus the original loan amount of $60K. Subsidy recipients can receive another $40,000 through participating partners, including the federal home loan bank WISH program. Those grants do not have to be paid back and are forgiven in their entirety over five years, Zhovreboff noted. To be eligible, a buyer has to put down $7,500 of their money into the transaction, and must themselves live in the home for five years. The homeowner can't rent out the property. The money is being distributed on a first-come-first-served basis, with only a limited number of loans available. Zhovreboff estimated the program would benefit about 15 households. Big picture view The assistance program is the first of its kind in Antioch in recent years. Last month, KTVU reported about another new Bay Area program for first-time homebuyers, offering residents as much as $200,000 in down payment assistance. Under the Home Access Program, created by San Jose-based nonprofit Housing Trust Silicon Valley, recipients can get down-payment assistance of up to 40% of the home's purchasing price, at a max of $200,000. That program benefits first-time homebuyers in Alameda and Contra Costa counties. Zhovreboff noted that there is some uncertainty about future federal funding for programs like AHOP, due to the Trump administration's proposed cuts to HUD community block grants. But he said, at the state level, efforts continue to be made to help residents achieve the dream of homeownership, both through legislation and through increased housing development initiatives. "The state of California has made it a big priority to help homebuyers and help expand homeownership in the state," the affordable housing expert said. "They've provided generous funding resources, and as long as they can secure the funding sources, I think the state will stay active." Zhovreboff highly recommended that those interested in applying to AHOP attend a free informational virtual workshop on Thursday, May 22 at 6 p.m. A reservation is required, with the deadline to register on Wednesday, May 21, at 7 p.m.
Washington Post
11-04-2025
- Business
- Washington Post
Homeownership assistance: How to get help from a variety of sources
Affordability challenges are rampant for home buyers due to the perfect storm of low inventory, high demand, rising prices and mortgage rates stubbornly stuck above 6 percent. For first-time buyers, accumulating the cash needed to become a homeowner can be particularly difficult. Unlike repeat buyers, they don't have a home to generate funds for the down payment and closing costs for a new home. A fortunate one-quarter of first-time buyers used a gift or loan from a relative or friend for their down payment funds in 2024, according to the National Association of Realtors' 2024 Profile of Home Buyers and Sellers. For home buyers without access to financial help from friends and family, there are thousands of programs that provide homeownership assistance from government and nonprofit organizations, employers and financial institutions. As of the fourth quarter of 2024, there were 2,466 programs available nationwide, 81 percent of which were actively funded, according to Down Payment Resource's Q4 2024 Homeownership Program Index report. 'Sometimes people think they make too much money to qualify for homeowner assistance or that they won't qualify for another reason,' said Yvette Thomas, senior director of the homeownership center at Manna Homes in D.C. 'Everyone should ask questions of their lender and their real estate agent and research home buyer programs in the location where they want to buy. In D.C., the maximum income for [the Home Purchase Assistance Program] is $180,800.' Buyers may qualify for the DC Open Doors program with an income of $200,000 or more. Nearly all home buyer assistance programs require applicants to take a home buyer education class, so Thomas recommends prospective buyers start there. The classes offered by state and local housing finance agencies are usually free or low cost and include information about how to access down payment assistance and other programs. 'At Manna, we offer a closing cost assistance grant program to housing counselor clients,' Thomas said. A local housing counselor certified by the U.S. Department of Housing and Urban Development can provide advice about home buyer assistance. 'Taking a first-time buyer class is helpful for people to build their comfort level with the process of buying a home, which is complicated,' said Karen Serfis, a HUD-approved housing counselor with the Latino Economic Development Center in Arlington, Virginia. 'The more educated you are about buying a home, the better equipped you are to ask the right questions.' State and local housing agencies typically have a list of lenders approved to offer home buyer assistance to borrowers, Serfis said. Buyers who don't have a lender can search the lists and interview lenders. 'The important thing to realize is that one size doesn't fit all — there's a lot of variety in what's available and who qualifies,' said Scott Phillips, a branch manager with Embrace Home Loans in Annapolis. 'These programs are intended for low-to-moderate income buyers, but income limits are tied to household size. Some programs are stricter than others, but the main thing is that everyone must qualify for the mortgage as well as for assistance.' Phillips recommends that prospective buyers research home buyer assistance before they look for a home because qualifying for the down payment or closing cost help can change their price range and financing options. 'If you need assistance to buy, allow yourself at least three months to go through the home buyer education and application process,' Phillips said. Prospective buyers can search for down payment assistance and other home buyer options at by location. 'Home buyer assistance for down payment and closing costs can be in the form of a loan or a grant,' said Mike McBride, president and loan officer at GenPoint Mortgage, headquartered in Reston, Virginia. 'Besides getting help from a government or nonprofit organization, most big banks and private lenders offer down payment assistance with conventional financing backed by Fannie Mae and Freddie Mac or with FHA financing.' Home buyer assistance grants do not need to be repaid. Many loans are also forgivable after the buyers have lived in a property for a certain period. Others are only repaid when the property is refinanced or sold. 'The Maryland Mortgage Program offers up to 5 percent of the sales price, but it always must be repaid,' Phillips said. 'Loans for home buyer assistance from the Federal Home Loan Bank are usually forgiven after five years. Grants from nonprofit organizations like the Wider Path Home Foundation are often forgiven immediately.' In Virginia, a 2 percent grant is available to qualified borrowers from Virginia Housing that does not to be repaid, Serfis said. 'In Arlington County, down payment assistance is available as a loan to borrowers with an income of 80 percent or less of area median income, which only needs repayment when the house is sold,' Serfis said. That income could be as high as $143,600 depending on the household size. Home buyer assistance programs can often be stacked, so if a borrower qualifies for more than one option, they may be able to accumulate funds to pay all of their down payment and closing costs, Phillips said. 'It's pretty unusual, but I was able to help one buyer in Baltimore qualify for $27,900 from four programs, which came to 17 percent of the $160,000 purchase price,' Phillips said. However, financial assistance directly from a bank typically can't be stacked the way government programs can, Serfis said. Depending on the specifics of the program, home buyer assistance funds can be used for more than just down payment and closing costs. 'Some programs allow you to use the funds to pay your buyer's agent commission or buy down your mortgage rate with extra cash at the closing,' Thomas said. Some home buyer assistance funds can be used to buy a duplex or a building with up to four units, as long as the borrower will live in one as their primary residence. Even with home buyer assistance, most buyers will need some cash for a deposit when they make an offer to buy a home, McBride said. Home buyer assistance program details and requirements vary widely and sometimes change. Many, but not all, are reserved for first-time home buyers. However, the federal definition of a first-time home buyer, which most programs follow, is anyone who has not owned a home within the past three years. 'Income limits are usually 80 percent to 100 percent of area median income on a sliding scale based on household size,' Serfis said. Typically, McBride said, state home buyer assistance programs allow for down payment and closing cost assistance with a second loan of up to 5 percent of the home price when the borrowers qualify for FHA financing. 'Lender-offered assistance is different than the government programs and is sometimes available to households with higher incomes,' McBride said. 'For example, in D.C. you may qualify for assistance even with an income of up to $214,000.' In addition to income limits, borrowers typically must meet the following eligibility criteria: 'Since some programs run out of funding midway through the year or earlier, ideally borrowers will apply for home buyer assistance as soon as they feel ready,' Thomas said. 'Some programs such as HPAP are now by lottery only, so if a prospective buyer wins that lottery, they will have six months to use the funding.' A housing counselor and homeownership education help potential home buyers prepare with a budget and savings plan as well as updated information about assistance programs. 'It can be hard to navigate these programs,' Thomas said. 'We get notified if a program is getting low on funds and we prepare our clients so they are ready to apply whenever we identify a program that could help them.' Researching home buyer programs can be a game changer when it comes to financing a home purchase. Down Payment Resource's searchable database Ask a lender to search Freddie Mac's DPA One database D.C. Department of Housing and Community Development Home Purchase Assistance Program D.C. Housing Finance Agency DC Open Doors Program Maryland Department of Housing and Community Development Maryland Mortgage Program Virginia Department of Housing and Community Development Homeownership Down Payment Assistance Program Virginia Housing Home buyer programs
Associated Press
26-02-2025
- Business
- Associated Press
Beeline and CredEvolv Partner to Expand Disruptive Mortgage Platform
Providence, Rhode Island--(Newsfile Corp. - February 26, 2025) - Eastside Distilling, Inc. (NASDAQ: BLNE) (d/b/a Beeline Holdings) announced today that its subsidiary, Beeline Loans Inc., has integrated with CredEvolv to help declined borrowers improve their credit and secure mortgage approval. CredEvolv, founded by mortgage industry veterans, specializes in assisting borrowers with low credit scores. Through a transparent and expedited process, CredEvolv has helped thousands of credit-challenged consumers achieve mortgage-readiness in six months or less. Once borrowers reach their target credit score, they can return to Beeline, where most of their financial information is already on file, streamlining the approval process. 'Steve Romano and his team at CredEvolv are outstanding,' said Nick Liuzza, CEO of Beeline Financial Holdings, Inc. 'This partnership strengthens our ability to help more borrowers achieve homeownership.' By integrating CredEvolv's services, Beeline improves conversion rates and enhances customer satisfaction, reinforcing its position as an innovator in mortgage lending. 'Beeline shares our belief that everyone should have the opportunity to qualify for a mortgage,' said Steve Romano, Co-Founder and President of CredEvolv. 'We're thrilled to partner with this exceptional lender that is truly focused on giving back by helping more people achieve financial stability, unlock better rates, and ultimately become and remain homeowners.' About Beeline Financial Holdings, Inc. Beeline Financial Holdings, Inc. is a technology-driven mortgage lender and title provider building a fully digital, AI-powered platform that simplifies and accelerates the home financing process. Headquartered in Providence, RI, Beeline Financial Holdings, Inc. is dedicated to transforming the mortgage industry through innovation and customer-focused solutions. It is a wholly-owned subsidiary of Beeline Holdings and owns Beeline Loans and Beeline Labs. About CredEvolv More than just a credit and debt management solution, CredEvolv's proprietary technology platform breaks down the barriers to credit equity and guides individuals on a journey to sustainable, lifelong financial well-being. The platform also enables lenders to turn their credit-challenged applicants into loyal, qualified customers by connecting them with HUD-approved, nonprofit credit counselors who legally, ethically, and empathetically help them improve their credit and become loan-ready. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the collaboration between Beeline Loans and CredEvolv and the prospective characteristics and benefits of such collaboration. Forward-looking statements are prefaced by words such as 'anticipate,' 'expect,' 'plan,' 'could,' 'may,' 'will,' 'should,' 'would,' 'intend,' 'seem,' 'potential,' 'appear,' 'continue,' 'future,' believe,' 'estimate,' 'forecast,' 'project,' and similar words. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. We caution you, therefore, against relying on any of these forward-looking statements. Our actual results may differ materially from those contemplated by the forward-looking statements for a variety of reasons, including, without limitation, risks that our projections, estimates and expectations with respect to our technologies and marketing strategies and perceptions concerning potential future events that are based thereon prove to be incorrect, our ability to successfully leverage and manage our relationship with CredEvolv and other strategic partners, our ability to effectively complete the development of and launch of our technologies and the potential for unforeseen challenges or complications with respect thereto, our ability to protect our rights and interests in our technologies and intellectual property rights therein and to improve upon and execute our plans with respect to such technologies, our ability to market our AI technology to third party lenders, the sufficiency of our existing cash resources to meet our working capital and capital expenditure needs over the next 12 months which will depend on our ability to raise capital, future interest rates in the United States, changes in the political and regulatory environment and in business and economic conditions in the United States and in the real estate and mortgage lending industry, geopolitical conflicts such as those in Ukraine and Israel, and our ability to develop and maintain our brand cost-effectively. Further information on our risk factors is contained in filings made with the Securities and Exchange Commission by Eastside Distilling, Inc., including the final Prospectus filed on January 14, 2025. Any forward-looking statement made by us in this presentation speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
