A SPECIAL ANNOUNCEMENT FROM THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY

Reverse Mortgage Myths

The lender will own my home if I take out a Reverse Mortgage.
Not true. The homeowner retains title to their home throughout the life of the Reverse Mortgage.

My heirs will be responsible for repayment of the Reverse Mortgage.
Not True. The Reverse Mortgage is a non-recourse loan. The lender can only look for repayment from the sale of the property, although the repayment may be made from any other source and your heirs may keep the home. The lender cannot look to the estate for repayment of the loan.

Your home must be debt free to qualify for a Reverse Mortgage.
Not True. You may have a mortgage or other debt on your home. The mortgage or debt however, must be paid off first with the proceeds of the reverse mortgage.

Only those with excellent credit, income and/or health can qualify.
Not True. There are no credit, income or health requirements for a Reverse Mortgage. The only requirements are that you be at least 62 years of age, that the home be your primary residence and that you have equity in the home.

I will need to make monthly payments on the Reverse Mortgage.
Not True. The homeowner is only responsible for paying the taxes, insurance and upkeep of the home. As long as the home is your primary residence you will never have to make a payment.

Only the “cash poor” or desolate seniors can benefit from the Reverse Mortgage.
Not True. Even though some seniors may have a greater need than others for the cash or monthly income, the Reverse Mortgage can also be an excellent financial or estate planning tool.

Call Toll-Free 1-877-476-9600 to speak with one of our Loan Specialist to find out more about reverse mortgages or to request more information. There is no obligation or cost for their services.

Market Condition Report - July 2007

MARKET CONDITION REPORT

INLAND EMPIRE WEST
July 8, 2007
PROVIDED BY CHICAGO TITLE

The market stalls as demand declines and supply is relatively constant.

Price weakness looks inevitable as pending price is less than current closing price.

See all the details in the attached Market Condition Report (MCR) for the Inland Empire West area.

Selling 3 Times Is Not The Charm

Oh my gosh, it fell out of escrow a second time! Back on the market for the third time? As if once wasn’t enough?

That's the reality you’re hearing from a lot of sellers as this market cools off and the buyer’s lenders scrutinize the property values on the homes they are trying to buy with a giant magnifying glass.

Why three times, you ask? Take a look at this very real scenario . . .

A seller lists his home for sale higher than his agent recommends. The first time around the buyer and seller agreed upon a price. Of course it was more than the buyer wanted to pay and less than the seller wanted to accept, but a deal no less.

Read more>>

Don't Miss Out On What Rancho Cucamonga Has To Offer!

Living in Rancho Cucamonga is blast - but do you really know how much there is to do here? It's a good bet you'll find something new for you and your family to enjoy in the Rancho Funbook. Check out more here!

Looking for Fun? Visit the Victoria Gardens Cultural Center!

There are so many things to do at the Victoria Gardens Cultural Center, you won't know where to start! Visit the Paul A. Biane Library at Victoria Gardens, the Lewis Family Playhouse, and Celebration Hall. Find out more by clicking here.

Protect Yourself. Protect Your Identity.

WHAT HAPPENS AFTER YOUR MORTGAGE ORIGINATOR PULLS YOUR CREDIT REPORT?

1. Your mortgage originator pulls your credit report from the credit bureaus to obtain your credit score and process your loan application.

2. The credit bureaus may place your personal information on a prescreened list (also called a trigger list).

3. Within hours the credit bureaus may sell the list to hundreds of companies. Your mortgage originator does not authorize the sale of your personal information and cannot stop it. Only you have the ability to stop this practice.

4. Within hours you begin to receive phone solicitations for mortgage products from numbers and companies you don’t recognize.

5. Within days you begin to receive mail solicitations for mortgage products.

WHAT TO LOOK OUT FOR

1. The “bait-and-switch” scheme. This scheme is run by companies who get business by luring consumers in with low rates and then switching the loan product.

2. Solicitations (phone and mail) that appear to be from your current mortgage company. Always confirm who you are speaking with.

3. Solicitations asking for pin numbers, passwords, your mother’s maiden name and/or your social security number.

4. If you believe you have been the target of one of these deceitful practices or some other abuse of the system, please report the incident to the Federal Trade Commission at 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

WHAT YOU CAN DO

1. Opt-Out of prescreened offers.

2. Register with the Do-Not-Call Registry, www.donotcall.gov.

3. Contact the Federal Trade Commission.

4. Contact Congress.

5. Stop other forms of direct marketing by visiting the Direct Mail Association's Web site at: www.dmaconsumers.org/consumerassistance.html.

Worried? Want To Do More To Protect Your Information?

Voice your concerns by calling your Congressional Representative at 202-224-3121.

FAQs

WHAT IS A PRESCREENED OFFER OF CREDIT OR INSURANCE?

A firm offer of credit or insurance is defined as any offer of credit or insurance to a consumer that will be honored if the consumer is determined, based on the consumer's credit report, to meet the specific criteria used to select the consumer for the offer, subject to certain confirmation requirements.

WHAT IS OPT-OUT?

Opting-Out refers to the process of removing your name from lists supplied by the Consumer Credit Reporting Companies, Equifax, Experian, Innovis and TransUnion (“Credit Bureaus”), to be used for firm (pre-approved /prescreened) offers of credit or insurance. Your rights as a consumer under the Fair Credit Reporting Act include the right to "Opt-Out" for 5 years or permanently.

HOW TO OPT-OUT

You can opt-out by visiting www.optoutprescreen.com or through the toll-free telephone number, 888-567-8688. When you call or visit the website, you’ll be asked to provide personal information, including your home telephone number, name, Social Security number, and date of birth. The information you provide is confidential and will be used only to process your request to opt out.

DOES EXERCISING MY RIGHT TO OPT-OUT AFFECT MY ABILITY TO APPLY FOR CREDIT OR INSURANCE?

No, removing your name from these lists does not affect your ability to apply for or obtain credit or insurance.

DOES OPTING-OUT IMPROVE MY CREDIT SCORE?

No, since inquiries for firm offers for credit or insurance are not used in calculating credit scores, Opting-Out does not improve your credit score. Similarly, inquiries for firm offers for credit or insurance do not reduce your credit score.

HOW DO I CONTACT THE FTC?

Federal Trade Commission

Consumer Response Center

Room 130600 Pennsylvania Avenue, N.W.

Washington, D.C. 20580

www.ftc.gov/credit/