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Advanced Mortgage Services outlines options for tapping into home equity for cash strapped senior homeowners.

DATELINE: NORWELL and PLYMOUTH, MA…

With investments down and a continuing consumer credit crunch, more and more seniors are taking a second look at reverse mortgages as an attractive way to tap into the equity in their home. Even though home values have fallen, many senior homeowners retain a sizeable amount of equity in their homes.

“Tapping into a home’s equity is a very viable option for senior homeowners who are cash poor and house rich,” explains Brian Comer, President of Norwell and Plymouth based Advanced Mortgage Services. “Reverse mortgages continue to offer seniors the ability to be able to stay in their homes and maintain their quality of life as they age without having to worry about the limitations of a restricted income.”

A reverse mortgage is essentially the opposite of a traditional mortgage. Unlike traditional mortgages where borrowers make monthly payments, in a reverse mortgage the cash flow is reversed, and the lender makes payments to the borrower, enabling borrowers to use the tax free cash they receive in any way that they wish. Seniors commonly use the money to supplement their retirement income, pay for medical expenses, pay off an existing mortgage or debt, fund home repairs, or for travel or vacations. Payment may be received in a lump sum, as a line of credit, or in monthly installments.

To qualify senior homeowners must have positive equity in their homes and all homeowners listed on the title must be at least 62 years of age. There are no minimum income, asset, or credit qualifications to meet and no effect on Social Security or Medicare benefits sine the IRS currently treats mortgage proceeds as a loan advance rather than taxable income. The property must be the primary residence of the borrower and properly insured and maintained, with real estate taxes kept current. As long as the borrower continues to live in the property the loan can never be called.

Unlike a traditional mortgage where the balance starts high and the borrower’s monthly payments reduce the loan balance, the balance of a reverse mortgage loan starts low and continues to increase as more cash is drawn and the deferred interest charges are added to the balance. Repayment is required if the home is sold, or when the last borrower permanently leaves the property, or passes away. At that time, the heirs can sell or refinance the property to pay off the loan.

The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender. According to the National Reverse Mortgage Lender’s Association, HECMs, which are insured by the Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development (HUD), account for nearly all reverse mortgages made today in the U.S.

The number of HECM loans made during the current recession have remained steady despite decreasing home values. HUD data, which is reported by federal fiscal year (each federal fiscal year begins October 1 and runs through September 30 of the following year) shows that 114,692 HECM loans were made during FY 2009, and 112,154 HECM loans during FY 2008.

For additional information please call the Reverse Mortgage Division of Advanced Mortgage Services at 888-665-6345 for a free personalized consultation.

Advanced Mortgage Services LLC

Advanced Mortgage Services LLC was founded as a mortgage lending company in 2005 by Brian Thomas Comer, a financial services professional with more than 13 years experience in the South Shore real estate market. Advanced Mortgage Services is a full service mortgage company that values and nurtures long-term customer relationships, providing options and solutions with maximum benefit and genuine concern for their customer’s interests.

Advanced Mortgage Services team of loan officers maintains rigorous licensing requirements set by the Massachusetts Division of Banks and is committed to upholding the highest standards in the mortgage industry while offering customers the best possible solution for any mortgage-related needs.

Advanced Mortgage Services, which is an active participant in many community events and organizations throughout the South Shore, is located at 335 Washington Street in Norwell, MA 02061 and has an additional office at 25 Main Street in Plymouth, MA 02360.

For additional information on services offered by Advanced Mortgage Services please call 781-659-6555, 508-747-9520, or 888-665-6345, or visit www.ams-loan.com. A Fair Housing and Equal Opportunity Lender, Advanced Mortgage Services is a fully insured and licensed Massachusetts Mortgage Lender and Mortgage Broker (license #MC3702.)

CommTank announces Luis Diaz listed as Third-Party UST Inspector by MassDEP.

WAKEFIELD, MA…

CommTank of Wakefield, MA has announced that staff member Luis Diaz is eligible to conduct inspections of Underground Storage Tank Systems in Massachusetts as a trained Third-Party Inspector. Diaz is included on MassDEP’s most recent Third-Party UST Inspector List issued on January 15, 2010.

Recent changes to Massachusetts Underground Storage Tank Regulations stipulate that
by August 8, 2010, the owners/operators of most underground storage tanks (USTs) in Massachusetts are required to have their USTs and associated piping inspected by Third-Party Inspectors.  Inspections must be repeated every three years.

Third-Party Inspectors conduct detailed inspections of USTs and piping systems. Their work includes: documentation of the results of their on-site inspections; review of facility record keeping to ensure that it meets UST Program requirements; and submission of reports on their findings to the Department of Environmental Protection (MassDEP).

Third-Party Inspectors are hired directly by tank owners and operators and report UST facts to directly to MassDEP.  While they provide advice to their clients about compliance issues, they are not authorized to enforce laws and regulations.

CommTank’s trained third party inspector works closely with businesses to ensure that all regulation requirements are met in a timely and economical manner. In addition, CommTank performs an initial evaluation prior to the actual inspection.

About CommTank

CommTank, founded in 1994 and located at 84 New Salem Street in Wakefield, MA, specializes in the removal and installation of above and underground storage tanks and site remediation, i.e. emergency spill response, site assessment, laboratory analysis, excavation, and site closure.

CommTank’s services are available Monday through Saturday, with emergency service available 24 hours a day, 7 days a week. CommTank’s service area includes most areas of Massachusetts, southern New Hampshire, and Maine. For further information please visit www.commtank.com, or call 1-877-66 TANKS or 1-800-628-8260.

Winters Company Plumbing & Heating Helps Greater Boston’s Homeowners “Go Green”

Winters Company Plumbing & Heating, providers of plumbing and home services to thousands of residents throughout greater Boston, has recently announced their new “green initiative” for homeowners.

 

Winters Company is offering a Home Systems Analysis to homeowners seeking to upgrade their older systems to “greener”, more cost-effective, energy efficient systems.

“There are a number of upgrades that homeowners can make that will save them a lot of money over time and which are better for their home and the environment. As part of the 2009 Federal Stimulus Package, tax credits for certain energy improvements are available until the end of 2010,” noted Tim Flynn, the company’s president.

Winters Company offers these “green” upgrades that are eligible for a tax credit:

 

  • Tankless Water Heater upgrade provides the homeowner with a constant supply of hot water while saving the homeowner money. Tankless water heaters heat water directly so there is no need for a storage tank. They also free up space in your home and are safer than conventional water heaters.

  • Oil to Natural Gas Heating System Conversion means better efficiency, less maintenance and quieter and cleaner burning fuel than oil. Homeowners who already have gas heating should consider replacement to gain better efficiency if the system is more than 15 years old.


  • Air-Conditioning Upgrade to an award winning Westinghouse Cooling System which is the most efficient on the market and provides total home comfort and reduced utility bills.

 

These upgrades qualify for the Energy Star tax credit, which is a federal tax credit of 30 percent of the total cost (up to $1,500). The tax credit is available until December 31, 2010.

To make it even easier for homeowners, Winters Company has made the appropriate tax forms available on their website for easy download at www.wintersplumbing.com.

To schedule a Home System Analysis or for more information, contact Winters Company at (617) 484-2121.

About Winters Company Plumbing & Heating

Since 1994, Winters Company Plumbing & Heating has specialized in providing home services of plumbing, heating, ventilation and air conditioning (HVAC), and kitchen and bath remodeling projects to thousands of homeowners throughout Eastern Massachusetts.

Winters Company is the largest residential plumbing company in the state, with 20 trucks on the road and a full staff of licensed and insured plumbers and technicians. In addition to 24 hour service and lifetime guarantees on many of their services, Winters Company has standardized their services, which ensures that every customer receives the same high quality workmanship delivered in the same professional and courteous manner.

Winters Company has been honored with a number of awards over the years including the Local Torch Award for Excellence from the Better Business Bureau and Angie’s List Super Service Award. Winters Company is headquartered in Cambridge, MA. For more information, call (617) 484-2121 or visit the website at www.wintersplumbing.com.

High Five! DirectBuy of Atlanta NW celebrates five-year milestone

ROSWELL, GEORGIA…

For more than five years, DirectBuy of Atlanta NW has been offering consumers in the greater Atlanta area a brand new way to save on home improvement products, home furnishings and accessories.

As the leading members-only home improvement and home furnishings club, DirectBuy of Atlanta NW offers direct insider pricing on products ranging from light fixtures to televisions to kitchen cabinets, all from more than 700 manufacturers or their authorized suppliers. DirectBuy also offers design, delivery and installation services.

“The growth we’ve experienced since we opened our doors five years ago is a little hard to fathom,” said Bob MacDonald, owner of DirectBuy of Atlanta NW, located at 10 Mansell Court East, Suite 200, in Roswell. “Not only have we grown in terms of the number of our members, but also in the number of manufacturers who want to sell their products through DirectBuy. And that’s got us even more excited about the next five years.”

In addition to the tremendous savings on home furnishings, home improvement items, entertainment and outdoor products, flooring and accessories, DirectBuy also offers design services to its members, as well as a listing of local contractors who offer installation services to DirectBuy members, often at a discounted rate.

“Our five years in business have not only given us the opportunity to help families create the home of their dreams, but to also establish ourselves as part of the local business community,” said MacDonald. “We look forward to further cultivating those relationships with our customers and the community as we build toward even bigger and better things in the years to come.”

About DirectBuy

Since 1971, DirectBuy has helped hundreds of thousands of families enjoy a better quality of life, enabling them to buy directly from more than 700 manufacturers or their authorized suppliers. Buying direct enables members’ hard-earned money to go much further, while having the selection and choice not available at any retail store. DirectBuy has been serving the greater Atlanta area since 2005. Access to confidential prices, local suppliers and unparalleled selection helps make members’ dream projects a reality.

To request a “Free Insider’s Guide to Buying Direct” and a Visitor’s Pass to learn more about the superior value and benefits of a DirectBuy membership, visit www.DirectBuy.com or www.DirectBuyCares.com.

 

High Five! DirectBuy of North Alabama celebrates five-year milestone

HUNTSVILLE, ALABAMA…

For more than five years, DirectBuy of North Alabama has been offering consumers in the greater Huntsville area a brand new way to save on home improvement products, home furnishings and accessories.

As the leading members-only home improvement and home furnishings club, DirectBuy of North Alabama offers direct insider pricing on products ranging from light fixtures to televisions to kitchen cabinets, all from more than 700 manufacturers or their authorized suppliers. DirectBuy also offers design, delivery and installation services.

“The growth we’ve experienced since we opened our doors five years ago is a little hard to fathom,” said Justin Manley, owner of DirectBuy of North Alabama, located at 6515 University Drive Northwest in Huntsville. “Not only have we grown in terms of the number of our members, but also in the number of manufacturers who want to sell their products through DirectBuy. And that’s got us even more excited about the next five years.”

In addition to the tremendous savings on home furnishings, home improvement items, entertainment and outdoor products, flooring and accessories, DirectBuy also offers design services to its members, as well as a listing of local contractors who offer installation services to DirectBuy members, often at a discounted rate.

“Our five years in business have not only given us the opportunity to help families create the home of their dreams, but to also establish ourselves as part of the local business community,” said Manley. “We look forward to further cultivating those relationships with our customers and the community as we build toward even bigger and better things in the years to come.”

About DirectBuy

Since 1971, DirectBuy has helped hundreds of thousands of families enjoy a better quality of life, enabling them to buy directly from more than 700 manufacturers or their authorized suppliers. Buying direct enables members’ hard-earned money to go much further, while having the selection and choice not available at any retail store. DirectBuy has been serving the greater Huntsville area since 2005. Access to confidential prices, local suppliers and unparalleled selection helps make members’ dream projects a reality.

To request a “Free Insider’s Guide to Buying Direct” and a Visitor’s Pass to learn more about the superior value and benefits of a DirectBuy membership, visit www.DirectBuy.com or www.DirectBuyCares.com.

 

Plymouth Safe Driving campaign donates car for repair to Plymouth South Tech Studies.

PLYMOUTH, MA…

When it comes to getting young drivers to operate their vehicles in a safer fashion, there is no quick fix. The sponsors of the Plymouth Safe Driving Campaign—King Collision Centers, Commerce Insurance, the Plymouth Public Schools department  and Plymouth Police Department—are hoping the same can’t be said about a car they recently donated to Plymouth South High School’s technical studies program.

Commerce Insurance arranged for the car in question, a 2005 Mazda 6 damaged in a crash last year, to be donated; King Collision Centers will be contributing some of the parts. Students in the Tech Studies program have begun repair work—including paint, body and suspension work—with an aim on completion in May 2010. The car will then be raffled off in the spring with proceeds going to the Technical Studies program.

“This is a tremendous opportunity for our students from so many perspectives. First, they get to do more sophisticated repair work than what we typically have available for them do. Second, they are fixing a car for the purpose of it being sold and that’s fantastic training,” said Chris Baker, director of Technical Studies at Plymouth South High School. “Last, the funds raised from raffling of this car will be an incredible shot in the arm for our program.”

Progress of the car’s repair will appear on Plymouth South’s Web site www.plymouth.k12.ma.us. In addition, the school’s news program  Panther TV will also be covering the progress of repairs. Updates will also be posted on the Plymouth Safe Driving campaign’s Web site, www.plymouthsafedriving.org. The cost and availability of raffle tickets will be announced at a later date.

“The Plymouth Safe Driving campaign really is about education. While our primary goal is to spread the word about safer driving practices for younger drivers, if we can help cultivate the next generation of auto mechanics, that’s an added bonus,” said Bruce King, owner of King Collision Centers.

The Plymouth Safe Driving program is a multi-pronged approach to promoting safe driving habits for Plymouth North and Plymouth South high schools. Working with Plymouth Public Schools, the Plymouth Police Department and Commerce Insurance, King developed a Web site, www.plymouthsafedriving.org, offering safe driving tips and discounts on In Control, a safe driving training program (www.driveincontrol.com).

For updates on latest events and activities related to the Plymouth Safe Driving program and additional safety information, please visit www.plymouthsafedriving.org.

Anyone Can Remove Dents – King Collision Centers Removes Doubts

Founded in 1984 by Bruce King, King Collision Centers provides superior collision repair and extraordinary customer care to thousands of clients south of Boston. King Collision is dedicated to earning customers for life and their team of professionals help clients through the collision repair process every step of the way – from coordinating a rental vehicle; providing accurate damage appraisal; assisting with the insurance claim process and ensuring that the vehicle is returned to its pre-accident operation, safety and value.

King Collision Centers was voted “Best Collision Repair” by Market Surveys of America and they have been selected to participate in the Repair Shop Referral Programs of 20 different insurance companies.  That includes being part of Commerce Insurance’s CARES (Commerce Auto Express Repair Service) Shops, an elite program that includes approximately 120 collision shops across Massachusetts.

The company continues to build strategic alliances with auto dealerships, enabling dealerships to offer collision repair services on-site – similar to their alignment with Mastria Auto Group in Raynham.

King Collision Centers are located in Pembroke, Plymouth and most recently, Raynham, MA.

For more information, visit KingCollision.com or contact 508-747-2005