Real Estate Mogul Phill Grove

Austin, TX (PRWEB) July 06, 2012

There have been many reports in the media lately about a positive change in the housing market. Most recently, the Commerce Department released real estate statistics stating that new home starts are up and housing sales have risen in almost every real estate market in the US. After years of false alarms, has the housing market finally beginning its recovery, or is the celebrations premature?

Phill Grove, the creator of the Assignment of Mortgage Payments System, the first post bubble real estate strategy, agrees that while some statistics from the Commerce Department are positive, he isn't so sure that the housing market has corrected itself just yet.

"Sure there have been some positive signs in the past few months," says Mr. Grove, owner of Hippie Hollow Homes and Love American Homes in Austin, Texas. "But there are still some disturbing trends that cannot be ignored. There is still more than $ 1.2 trillion dollars of negative equity in the housing market. And banks still aren't lending to homeowners. Until bank start writing more mortgages, the housing market will still be on shaky ground."

FHA foreclosure starts spiked an incredible 73 percent during April, according to Lender Processing Services, and this increase is alarming because many of these homes have been purchased since the bubble burst in 2008.

"I am still hesitant to say that real estate professionals can count on buyers obtaining traditional bank mortgages in this current economy," continues Mr. Grove. "Therefore, real estate professionals should seek out other exit strategies, such as owner financing and wrap around mortgages, until banks start lending again.

About Phill Grove: Phill Grove is a real estate investor in Austin, Texas, who has successfully participated in more than 1,200 real estate transactions since 2003 using a variety of real estate strategies. His belief is that real estate professionals should understand multiple strategies on buying and selling houses and use only the strategies that the market dictates to solve the problems facing those in the market. For more information on the housing market, visit Phill Grove's Official Blog Site.

The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income

Live on your equity—without selling or refinancing your home!Many seniors have trouble making ends meet after retirement. Often their homes are their most valuable assets, but they can't access the equity they've accrued unless they sell. If you find yourself in this position, you might face the dilemma of having to sell your home. Thankfully, the reverse mortgage offers seniors the option of remaining in their homes with no mortgage payments. Reverse mortgages permit seniors to convert part of their home equity into tax-free income—even if they're still paying on the mortgage. Designed specifically for seniors, these specialized loans let you tap into your equity and use the money for any purpose. Safe and legal, these loans can never cost more than the value of the home, and the loan doesn't have to be repaid until you, or an heir, sell the home. This straightforward, simple guide helps seniors and their loved ones understand every aspect of the reverse mortgage, including:Tax ramifications of reverse mortgagesFees and costs associated with reverse mortgagesGreat things you can do with your reverse mortgage payoutCalculating a reverse mortgage based on the owner's age, and the home's location and valueHow to structure your payout as a lump sum, monthly payments, or creditHow much you can borrow and at what rate"As our population ages, it is critical that senior citizens are made aware of the various options available to them that will enable them to lead more fulfilling, comfortable lives. In this book, Tom Kelly clearly and concisely explains the inner workings of reverse mortgages—a viable financial option for senior homeowners."—Sarah Hulbert, National Director, Reverse Mortgage of America"Tom Kelly breaks down a misunderstood, complex topic into a very readable, valuable work for seniors and adult children. This book not only provides one of the


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