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I have come across many note sellers that ignore the advice of being prepared. Properly structuring a note for resale can be the difference between selling the note fast and with little friction as opposed to selling yourself short or worse, not selling the note at all. In order to properly structure a mortgage note for resale is as follows:

1) Get the biggest down payment possible. 25% is the Note Buyer’s ideal amount in a perfect world although, you can definitely get away with 15% – 20% if need be. Anything under 15% equity becomes very risky for a Note Investor. In the case of a down payment under 14% equity, you will have a very tough time getting a high bid on that note. Anything under 10% down, will unlikely sell at all.  Go Now!

2) Make sure you (the seller), pull credit on the potential borrower. 600 FICO score – 700 FICO score would be ideal. Remember; the worse the credit score is, the bigger the down payment you should require! Make sure you keep a copy of the credit report so you may present to the mortgage note investor underwriting the transaction. As far as credit scores, 650 or higher is considered great to excellent credit. 610-649 is good, 609-590 is fair 589-500 is poor and below 500 – don’t even bother. Also try to gather D.T.I. or Debt to Income information from the borrower as well. How much money she/he has coming in per month verses what dollar amount is going out per month. A standard credit report will show you what the borrowers monthly bills are.

All you need to do after that is get an accurate dollar amount of what the borrower truly makes after taxes. This way there will be no surprises for you or the Note Investor and this will insure you the highest bids out there! 45% is the max D.T.I. ratio you should allow. This means, if the borrower’s income is $5,000.00 per month, 45% DTI ratio would be $2,250.00 (5,000 x 0.45 = 2,250.00) in debt per month. The borrower only owes 45% of what they make to monthly debt.  Go Now!

3) It helps tremendously if the seller orders and completes an appraisal before submitting the note to a Note Buyer. The reason being, presenting an exact legal appraisal to a Note Investor allows for a more accurate bid, thus a hassle free transaction. This way when the note is underwritten, there will be no surprises on the collateral property whatsoever. This step is not necessary although, by doing this your are drastically increasing your chances of a very smooth note sale.

4) Include a high interest rate with the shortest term possible. Meaning, be sure that your borrower can afford the payments at the shortest term she/he can legitimately agree to.

5) Try to keep the loan under a 10-15 year payback date. Anything over 12 years usually takes a much steeper discount then say a 10 balloon. The Note Investor generally likes to be out of an investment in 5-10 years. Ideally, if your borrower situation permits, 5-10 is the first choice. 

6) Include a prepayment penalty based on your states regulations and laws. Go Now!

Please keep in mind; the above information is just a guide. If you have any legal questions about mortgage origination laws in your state, please consult a licensed mortgage broker/banker (in your state) or an attorney. Always be prepared!

Knowing this info before hand is the difference between a smooth transaction and a complete nightmare! Good Luck!

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Preserving independent living, whenever possible, not only increases feelings of confidence, control and self-respect, but also eases day-to-day life by decreasing reliance on others. That’s why the value of encouraging independence in those with movement and strength problems can not be overemphasised. In addition, increased independence produces a safer living environment, especially in the elderly, as people are less likely to pose a threat to themselves when performing daily tasks.By following the below independent living advice and practising the methods detailed, independent living could be achievable to many. To see how we can help Beaucare Medical Equipment

1. ONLY DEPEND ON ASSISTANCE WHERE REQUIRED

As a carer, the key to sustaining productive independent living is by administering care only when it’s absolutely needed, as this will encourage self-reliance where the patient is capable.Look at the below list, and choose which areas your patient really needs help with, and which they could actually take care of themselves;- Preparing meals and shopping for food- Cleaning, and other general house chores- Organising bills and money- Driving- Personal grooming, and washingAltering care to only be provided where required is a key independent living aid, and will have a knock-on effect concerning the amount of visits the patient receives from those providing support, who will be providing support (family, care staff or doctors), and where assistance will be based (in-home, hospital or care-facility based).

2. IF POSSIBLE, MANAGE OWN MEDICATION AND APPOINTMENTS

While this independent living aid would not be advisory for all people (such as those contending with dementia), if your sufferer is able to manage their own prescriptions and appointments, this can massively raise their self-reliance, and provide a feeling of control. This process can be made simpler by setting phone reminder alerts both for consultations and to take prescription medication. You can also ask that doctors send email/text reminders for appointments.

3. INTRODUCE SMART DEVICES

Introducing smart devices is a wonderful way to raise self-sufficiency in those with limited mobility, especially amongst seniors, who may be unaccustomed with them. Smart devices grant even bed-bound patients a level of self-reliance by offering both a connection with the outside world, and the ability to request help at the touch of a button. This in turn fosters a perception of security and lowers the need to have a carer present at all times, while also easing companionship.

4. DECLUTTER THE PROPERTY

Providing simple and easy movement in between rooms is one of the best, and most simple, ways to encourage independence in the home, both from an ease-of-use and safety perspective. Remove anything which could cause trips or falls, such as mats and wires, and add extra lighting (and motion sensors) where necessary, to both inside and outside the house. For individuals with impaired sight, place vibrantly coloured tape to the edges of stairs for extra support.By making movement between rooms as seamless as possible you will not only boost the patient’s safety but also decrease the need for a carer to be present.

5. HAVE A CLINICAL ALERT SYSTEM IN PLACE

Having a trusted medical alert system in place helps senior citizens to carry on living autonomously, yet rest assured that if something was to happen, an alarm would immediately become triggered. Medical alert systems are for that reason vital in guaranteeing that independence doesn’t jeopardize safety. More Advice Beaucare Hoists & Slings

6. PLAN FOR SAFETY AND SECURITY

Fall systems should also be in place as a safety measure, and specialist smoke alarms installed, specifically if your patient has hearing or visual problems. Specialist smoke alarms are wirelessly connected, meaning that if one is activated, all are triggered, and some even feature vibrating pads. Get in touch with your local fire and rescue company to discuss these specialist options further. If you need help installing home security and safety measures, you can call upon Age UK’s handyperson solutions.

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