Author: Manny Kagan

Today is A Happy Day

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Today is A Happy Day

 

“Happiness is a mindset.
You can set your mind to feel happy.”
 

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For those who know me well, every day is a happy day. But today is an especially happy one. The young-at-heart couple I was helping to get a reverse purchase loan, are moving into their first home, as homeowners. It was not exactly their American dream. When Margarita, now 72 and Igor, 81, came to the United States 17 years ago, they never imagined that they would be able to buy a home. Over the last 12 years, they were renting a house, where they thought they would spend the rest of their lives. After all, with a yearly income between social security and a small pension of $20,000.00 a year, even renting could be problematic. They were referred to me after finding out that the home they’ve been renting, was about to go on the market. I wondered, “Is there a miracle I can pull out this time?” In a flash, I remembered about purchase reverse mortgages. This would be the first circumstance in my career to obtain one for my clients, and besides, our government, who offers the HECM (Home Equity Conversion Mortgage) loans through the FHA (Federal Housing Administration) programs, just changed the rules. Previously, practically anyone at the age of 62 could get a reverse mortgage, now borrowers need to be qualified. Luckily, before they retired, the couple saved money, and had $175,000+ to their name. The size of the loan depends on two basic factors: the age of the youngest person and the estimated value of the subject, as well as the zip code. The couple started looking in the East Bay and their real estate agent Dina Bruk (you can contact her at 925-360-1827) found them a few properties in Pittsburg, CA. Following number of unsuccessful attempts, they offered $375,000.00 for a property listed for $325,000.00. After a month of the underwriting process and dealing with the minute conditions, to my relief, the loan was approved.

 

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With the reverse mortgage, they are not going to have any mortgage payments. They are still responsible for their insurance bill of $703.00 a year and their property taxes of about $4,500.00 a year. And that’s all. Their 3-bedroom house is not far from BART, and close to nature. Meanwhile, after I realized the power of reverse mortgages, I started to offer them some of my other qualifying clients.

 

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We just finished refinancing a condo conversion of a four-unit building for another client, Marie. It was a tough process to satisfy the demands of three additional partners. I was surprised when Marie told me that now, that she can finally enjoy her life, she wants to sell her beautiful condo and move to a house with no stairs to climb. At her young age of 73, she still works and has qualified for a $320,000.00 loan with monthly payments of $1,500.00. In the conversation I asked her what she thinks about a reverse mortgage. She knew about them, since her brother, who is a financial planner, told her that he recommends them to his clients. “How about buying a 2-unit building for about $850,000.00 in the East Bay?” I asked. With the reverse mortgage, there will not be any mortgage payments, and the rent from the upper unit will pay for the taxes and insurance, plus the balance will be enough to enjoy life without working. This suggestion made her think. Since there is some confusion about what reverse mortgages are and how they work, I decided to give some clarity. To help you understand why I call them “Uncle Sam’s Gift”, please join my friends and I on September 10th for an informative seminar.

 

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P.S. There are many young-at-heart people…like some of these beautiful women I photographed, who are ready to enjoy their lives without the need to worry about paying a mortgage or rent. Not everyone can be qualified, but you might know someone who will.

 

 Do Not Keep Me As A Secret!
Smile And Please SHARE It With A Friend!

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Cheers,

Manny<br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /> Signature

Wedding Anniversary

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Wedding Anniversary

“It is easier and more fun to travel through life with a friend”
 

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I recently had a conversation with a 22 year-old young friend.  “How do you know if she is the right one?”, he asked, referring to the relationship he had for 7 months with a girlfriend. “Ask your heart”, I suggested (something I learned from my wife, Elfa).  I read somewhere that Thomas Spencer, one of the founders of British Department Store “Marks and Spencer”, said, “If in doubt, cut it out”.  I think this phrase can be applied to many things, especially to relationships.  Perhaps this is one of the reasons that so many couples break-up – doubt.  Jesus who said, “For I know where I come from and where I am going.” (John 8:14).  But how can we, mere humans, know our way, and if the person we are travelling with will be with us for the entire journey?  After all, even Jesus was betrayed.  I have no idea how it works, but I “knew” when I first met Elfa, that she would be my future wife, when we were both 19.  We got married less than a year later.  We both “knew” that we were destined to be together.  Of course during the next 48 years there were moments of doubt.  But somehow connecting with our hearts we found the right answers.

 

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We got married on August 8th, 1967 in Riga.  Our wedding celebration was in Jurmala, a resort area 40 minutes away by train.  A small group of relatives gathered in the backyard of a summer house that our family rented.  We were both very young, beautiful and naïve.  And now 48 years later, it feels like it was yesterday.  This year, to celebrate this special day, we drove to Carmel-by-the Sea for the weekend.  This place reminds of Jurmala, where we wed.  The seawater is cold, the sand is white, the weather is often foggy, and pine trees surround it. This area attracts a lot of visitors.  This town has good restaurants, many art galleries (a few good photo galleries as well).  On this trip we encountered many people, especially from Asia.  I went to the beach a few times a day to photograph people and capture the beauty in the different light.  And we just relaxed.

 

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Many people, who find out that we’ve been together for over 48 years at our young age, ask for our secret.  I will gladly share it with you.  Two words “Love” and “Care”, the rest is just interpretation.

 

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P.S. Carmel is all about the sea, this is why it is called Carmel-by-the Sea.  I hope that my images will convey the feeling and desire to visit this beautiful place.

 Do Not Keep Me As A Secret!
Smile And Please SHARE It With A Friend!

  Cheers,
Manny<br /><br /><br /><br /><br /><br /><br /><br /><br /><br /> Signature

How Long Are You Going To Be Around?

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How Long Are You Going To Be Around?

“Your Life Journey Ends, When You Stop Journeying” 

 


 

  I heard a story about a man who bought a turtle.  His friend asked him “Why a turtle?” He said, “Well, I read that turtles live 200 years, and I want to check if it is true.”  I thought about this story during our recent company’s staff meeting.  Our guest represented a company that specializes in the restoration of credit and helps borrowers increase their credit scores.

 

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During her presentation, she suggested that we should tell our potential clients that working with us, they are guaranteed our services for the next 30 years.  It is ironic because this September our company is celebrating 30 years in business.  When I started my career in the mortgage business in 1983, I was taught to say something similar – “Work with me, and I will be serving you for life.”  It was not clear for whose life – my clients or mine?  I was not totally comfortable with this statement, since I do not like to lie.  What if I stop doing mortgages before the end of life (mine or clients)?  I don’t know about you, but I am planning to be at your service for the next 30 years.  For me this decision is clear, I am 68 years young.  You need to stick around to check on me.  It is easy, there are a lot of people more than ever, who live longer lives.

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On the subject of a longer life:To help you to stick around longer, you need to be financially comfortable. Recently I discovered how a Reverse Mortgage could help those who starting at the young age of 62, can be free of mortgage or rent payments for the rest of their lives.  Last week I helped a young couple (she is 73 and he is 81) to fulfill the American Dream and to buy their first home in America.  It was done utilizing the reverse mortgage purchase program. They are not going to have mortgage payments.  The property taxes and insurance will cost them about $450.00 per month. To explain the benefits and limitations of those programs (there are four different options), I am going to have an educational seminar in the evening of September 10th (Will keep you posted). Credit history is not critical for those loans.  But if your credit history needs improvements now, please call Alexandra (Alex) Erlich (303) 317-6969.  She works for the Continental Credit Company.  They might be able to help. 

 

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P.S. After being in the business for over 30 years many of my clients reached the wisdom age, like the wise men I met in San Francisco.

My photo book “42 Encounters in San Francisco” is almost ready.  Will keep you informed.

 

Do Not Keep Me As A Secret!
Smile And Please SHARE It With A Friend! 

  Cheers,
Manny<br /><br /><br /> Signature

 

Mortgage Solutions For You!

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Don’t keep your head in the clouds!
Lenders run a new credit report before approving funding for new mortgages. If you do any of the above (and some borrowers do!), you can forget about getting a new mortgage. To improve your credit history/modify your credit report, please call Alexandra Erlich at Continental Credit: alexandra@continentalcreditllc.com / 303-317-6969

Please be advised:
All clients’ documents should be ready and prepared to submit to Lender ASAP! Any interest rate information published in this message is subject to change without notice and does not constitute a commitment to make any loan at any specific rate. Please contact Pacific Bay Financial for more information.

 Whom Do You Know That Might Benefit From Our Tailored Mortgage Solutions?

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 Cheers,

Manny<br /> Signature

Time To Reflect

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Time To Reflect

“What we call today will become yesterday, tomorrow. Make it memorable.”
 

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After meeting with clients on a Sunday afternoon, I came home and my wife Elfa suggested that instead of going to the movies, as we often do on Sundays, to go spent time in the nature .  We had a number of destinations from which to choose.  In the past, when our dog Angus was still with us, we would often visit the various parks in the city, such as Stow Lake in Golden Gate Park, Pine Lake in Stern Grove Park, or Fort Funston National Park, along the ocean.  On this particular Sunday, I suggested going to Sutro Heights Park.  Though it is very close to our home, and we sometimes go to the Land’s End Trail, which is just across the street, we have never visited that part of the park before.

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Sutro Heights Park was once the estate of Adolf Sutro, the 24th mayor of San Francisco.  He was the first German-American Jewish mayor, and served office from 1894 until 1896.  He was born in 1830 in Aachen, Prussia.  At the age of 20, Sutro, who was a trained engineer, arrived in San Francisco and made his name (and money) by drilling a tunnel through Mount Davidson in Nevada, which became known as the Sutro Tunnel at the Comstock Lode of silver ore, and became the first major discovery of silver in the United States in 1859.  He invested the money he made from silver by buying large tracks of lands in San Francisco, which he developed for the benefit of the public.

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One of his first major projects was the Sutro Baths, which opened in 1896.  He built the Cliff House, a seven-story Victorian chateau.  He also connected the area by building a railroad.  He planted fast growing samplings of eucalyptus to create a forest on Mount Sutro.  His name is also on the Sutro Tower, the highest point in San Francisco (977 feet) with a three-story antenna tower near Clarendon Heights. 

There is also the Sutro Gum Tree Ranch located in Glen Canyon Park and the Sutro Library, which is in the San Francisco branch of the California State Library.  I did not read about any other pioneering individual in San Francisco’s memorable illustrious history whose name is embedded in so many places. 

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But look around. 

Where are all those beautiful buildings? 

The railroad has long been demolished; trees are cut (Mount Sutro is barren).  His beautiful house and a huge nursery with the exotic plants from all over the world in the park are also gone.  There is no physical presence of his, or any other pioneers, who have laid down the foundation in San Francisco for our lives today.

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Perhaps, if you didn’t read this story, you would never know whom this person was and why you should care. We live in a world that moves much faster than it did over 100 years ago.  But at the same time our basic feelings have not changed.  I am talking about gratitude.  When you walk on the road that someone paved for you, do not forget to say “thank you”.

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I think that Mr. Sutro would be proud to see that his land benefits so many San Franciscans and our guests. My photo book “42 Encounters in San Francisco” is almost ready, which is about my take of San Francisco’s history. I will keep you posted.

 

 

Do Not Keep Me As A Secret!
Smile And Please SHARE It With A Friend!

  Cheers,
Manny<br /><br /><br /> Signature