Florida Vacation Home Foreclosures Soar Reverse Mortgages to Aid Distressed Seniors

According to the Mortgage Bankers association, there are now a record 1.35 million homes in foreclosure. The delinquency rates also rose to 6.99% which is up from 5.59% a year ago.





Sub-Prime loans which started the real estate delinquency problems, are still leading the delinquencies at almost a 20% delinquency rate and also lead foreclosures are no longer the only loans on which the delinquency and foreclosure numbers are rapidly rising. Mortgage delinquencies and foreclosures are expected to continue to soar as the jobs-lost numbers continue to worsen.





While the delinquency rates hit almost 7% (those include all borrowers who are more than 30 days past due on their mortgage payments), almost 3% of all mortgage holders are in some phase of foreclosure proceedings (2.97%).





According to the MBA, the actual number of homes in foreclosure could be even higher as the number of loans in the 90 or more days delinquent but not yet in foreclosure status has grown considerably but these loans may not have been placed into foreclosure yet due to various moratoriums, greater lender forbearance, etc.





When you add the job losses reported today of 533,000, more than in 3 decades, will truly help the future mortgage foreclosures soar yet further. Lenders and servicers continue to work with borrowers to try to craft repayment schedules and modify loan terms.





What no one has a way to know yet, is whether these actions will only delay the inevitable, or whether these actions will allow borrowers the opportunity to actually catch up and get themselves out of trouble once and for all.





Economic weakening in Florida and California has played a large part in the soaring foreclosure numbers. California and Florida have been leading in foreclosure numbers primarily due to massive housing starts, speculation and weak underwriting. However, now that you can add job losses of over 156,000 in Florida and 101,000 in California, those numbers are rising even more.





With the weakening economy and with the jobs lost, the effect on seniors has been devastating. Seniors have seen their life savings and their retirement funds disappear lately with the $2 Trillion Dollars that the State Department has estimated has been lost in the capital markets.





Now with the jobs market tightening as much as it has and unemployment rising to 6.7%, many seniors who find they can no longer support themselves without re-entering the job market, are finding it increasingly difficult to find the employment they require just to get by.





Many now find themselves among this soaring delinquent and foreclosure group. These are individuals who may never have had a blemish on their credit in their lives but are caught up in an economy in which they just cannot contend.





However, for those seniors who have chosen to obtain the HUD Home Equity Conversion Mortgage (HECM or Heck-Um), they do not have to be concerned with the soaring foreclosure rates and whether or not they can now make their mortgage payments.





With the HECM there are no monthly payments. Borrowers live in their homes for life with no monthly payments, and therefore do not have to worry about the possibility to being caught up in times like these with the soaring foreclosure rates.





This is one Government program which has really helped hundreds of thousands of seniors and given them a safe haven in an uncertain economic world.

Michael G. Branson (CEO All Reverse Mortgage Company)is a Mortgage Broker who has over 31 years of mortgage banking experience. Toll Free (888) 801-2762
Reverse Mortgages Pros and Cons

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The Top 4 Basic Florida Vacation Homeowners Insurance Coverages

The most common basic coverages are: property damage, additional living expenses, personal liability and medical payments. These policies cover most of the major events that could happen to your house or within your house, so you don't feel exposed.





Property Damage Coverage





Property damage is useful in the event of what's known as "peril": fire, hail, a tornado. Some perils like floods or earthquakes are only protected against with additional coverage, so they are not part of the basic coverage package. Property damage insurance helps repair your home and your personal property in the event of a peril.





Personal Property Insurance





Property damage insurance will cover your personal belongings in the event of peril, but in the event of theft or certain accidents, personal property insurance is the coverage you need. All the contents of your home that you or your family own (if they are covered under your policy) will be covered up to 50% of the value of your home. So if your home is insured for $100,000, you have $50,000 worth of personal property insurance, which is why it's usually a good idea to insure separately high-valued policy.





Additional Living Expense Coverage





Also known as Loss of Use coverage, Additional Living Expense insurance will cover the extra costs of rebuilding or renovating your home. Often when damage is substantial, families must move to a hotel or rent an apartment while their home is being rebuilt. Additional Living Expense coverage will give you money for these accommodations. This extends to expenses occurred if you are denied access to your home by government order. Be aware that this policy is subjected to duration limits, and is usually closer to a modest standard of living than a generous one.





Personal Liability Insurance





Personal liability coverage is a policy which protects you or your family members from claims or lawsuit. There are two main types of lawsuits that you are protected from: lawsuits resulting from injury on your property (non-auto and non-business) and claims or lawsuits resulting from property damage to others for which you or your family are responsible. Personal liability insurance includes money for defense costs until the limit of the liability has been exhausted—after that, you're on your own.





Medical Payments Insurance





Closely tied to Personal Liablity Coverage, Medical Payments Insurance helps pay for the medical injuries that result from an injury on your premises, as well as adjoining property (like a sidewalk or an alley). Medical payments insurance does not, however, apply to injuries that result from auto accidents, or your own injuries that occur in your home. In addition, if you are running a home business, Medical Payments coverage does not apply to injuries as a result of your business, or when someone else is renting your property.

April Tourneau has a passion for saving people money, especially in these hard times. Whether she's helping with a home insurance online quote or understand what their policy language means, you can be sure she'll give it her best. To see how to save money and get the most value for your insurance dollar, go to the Home Insurance Blog

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