Hosts: Barbara Cochran & Dr. Gene Dorio

Topic: Mortgages And Home Care Services

Guests: Richard Szerman; Rick Ferrante

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The Senior Hour

Mortgages And Home Care Service – April 27, 2016

Today on the Senior Hour, Dr. Gene Dorio and Barbara welcome Richard Szerman to help with the mortgage industry for seniors, and Rick Ferrante for those seniors who are leaning toward home care service.

“If I were a developer [I’m not I’m just a realtor] I would look very seriously at developing large single story homes.” – Richard Szerman

“Mortgages are–you have to deal with them, and if you aren’t careful with them they can eat you.” – Richard Szerman

Richard Szerman tips:

1. Fifteen year mortgages lower term

2. Pay a few extra hundred dollars a month toward the principle – Amortization Schedule

“You can only be charged interest on the amount that you owe.” – Richard Szerman

“The game that they are running is rigged.” Szerman on the top four lending banks

Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgaee and mortgager in mortgage states;Trustee and Trustor in Trust Deed states). In general, any loan can be modified, and the process is referred to as loan modification.

In the normal progression of a mortgage, payments of are made according to the loan documents until the mortgage is paid in full (or paid off). The lender holds a lien on the property and if the borrower sells the property before the mortgage is paid-off, the unpaid balance of the mortgage is paid to the lender to release the lien. Any change to the mortgage terms is a modification.

Following the 2007 real estate recession, the government mandated program, Making Home Affordable (MHA), and its loan modification aspect, Home Affordable Modification Plan (HAMP) became the answer for both the struggling borrower and the lender. The lender is motivated to offer modification under this Program by the expectation that a loan in default will become a performing (current) loan which will be more valuable than the proceeds obtained from a foreclosure sale, along with receipt of financial incentives from the government. The borrower, on the other hand, receives a fixed interest rate, a lower loan payment, often an extended term, and sometimes a principal reduction (if the property is upside down).

Home Care Services

Home Care Services Santa Clarita was founded to help and provide support for those who find themselves needing to care for a loved one. Whether that means stepping into the role of being a caregiver or commissioning the services of a skilled, trained professional, we are here to help in that process. Our mission is to provide quality caregiver information, in-home health services and caregiving, and resources for those caring for seniors or those with unique needs.

Our skilled in-home caregivers are available around the clock at your schedule to assist you in caring for your sick or elderly loved ones. When you reach that point where you need respite, we’re here to help.

Providing care for a loved one can be a daunting task, particularly if your loved one is suffering from Alzheimer’s or dementia, but with our family of Trusted Providers, Home Care Services is committed to making sure it’s not overwhelming.

“Sometimes they just need somebody to kind of stand in the place of that son or daughter … just to kind of help manage some of that relationship.” – Rick Ferrante on the range of home care needs

“It’s a matter of using good professional resources and knowing where we start and stop.” – Rick Ferrante