NGFS Releases New Information for Seniors Considering a Reverse Mortgage in Today's Housing Market
NGFS Releases New Information for Seniors Considering a Reverse Mortgage in Today's Housing Market. Understanding the current housing market: "actual home value" vs "perceived home value"
Baltimore, MD (PRWEB) June 24, 2009 -- Next Generation Financial Services, a Division of 1st Mariner Bank (NGFS) released a new educational worksheet for consumers considering a Reverse Mortgage.
The link to the worksheet can be found at: http://www.scribd.com/doc/16004663/NGFS-Appraisal-Hand-Out-Compliance-Approved
Founding member Doug McLain states, "In the current housing market environment, it is more important than ever that we do everything we can to educate consumers on the actual home value versus their perceived home value. Many seniors are very disappointed when their HUD appraisals come back much lower than expected. Therefore, in order to serve our communities and our customers better, we have developed a new worksheet designed to educate about actual home values. The feedback has been extremely positive!"
Property values across the country are experiencing rapid changes as the number of homes that have been foreclosed on are being sold at deep discounts, resulting in lowering the values of similar type homes in the immediate area. In some areas the changes from one day to the next can be as much as 2% to 3%, resulting in substantial changes from one quarter to the next. While this turmoil in the real estate market place is not expected to continue forever, no one seems able to predict when it will end. Unfortunately, until there is a stabilizing in the real estate market to some form of normalcy this phenomenon of rapidly changing home values will continue.
"It's not unusual for us to take steps like this to help consumers considering a Reverse Mortgage", states Brett Carter, Founding Member of NGFS and President of the Maryland Mortgage Bankers Association, "We are the only lender to offer elder care assistance and resources, a college tuition discount of $5000 for clients' grandchildren, and free prescription drug discount cards. We also have a 30 day closing guarantee that most lenders wouldn't even imagine offering today. Our commitment to our seniors and their families is undeniable."
"The NGFS philosophy is based on a blend of traditional banking and Reverse Mortgage products in an untraditional way."
NGFS uses creative financial techniques that have a proven ability to help consumers achieve their financial goals. These goals could range from paying off their mortgage early, funding a family member's education, increasing their retirement income, obtaining long term care or a variety of other financial goals.
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