timeshare news

Are you familiar with the concept of the reverse mortgage? A reverse mortgage or reverse equity mortgage is a financial instrument through which senior citizens (age 62 and over) can create an ongoing cash flow tied to the equity in their home. In simplified terms, homeowners who have reverse mortgages receive a lump sum payment followed by periodic payments (typically monthly) or a credit line from the holder of their reverse mortgage. Reverse mortgages are somewhat like home equity loans, except that no repayment of the loan is required until the property is sold or the homeowner dies. At that point, the loan plus interest is then repaid.

But from time to time the question comes up about using a reverse mortgage for a timeshare condo. Despite the fact that reverse mortgage have been available for condo owners and for co-op owners, they have never been available for owners of timeshare condos. Timeshare condo owners, no matter how many weeks of timeshare they own, cannot utilize reverse mortgages.

While the laws are changing regarding reverse mortgages and condo ownership, don’t expect any change on the matter of timeshare condos. With the changes, most condominium owners who want to obtain an FHA-insured reverse mortgage must apply for the loan and receive a counseling certificate prior to a designated cut-off date of October 1 of this year. Yes, there will still be reverse mortgages available to condo owners after that date, but most of the condos that had been previously certified to qualify for these mortgages will have to be re-qualified, and none of them now or after requalification will be timeshare condos.

Here’s an Orlando theme park you may not have known about, plus the opportunity to visit it free if your travel or timeshare vacation puts you in Florida early next month.

The Holy Land Experience is a unique theme park venue, visited by millions of people each year. Some people go there for religious reasons, but many simply want to step back in time, 2000 years, to ancient Jerusalem. The park is described as, “the world’s first living, historical, biblical museum.”

Each year the park hosts one day of free admission. This year that day will be Tuesday, October 6. Unless the message of free admission is carried virally through blogs like The Timeshare Authority, the opportunity to visit this park on that day, saving the $35 ticket price, is not publicized by any media outlet other than the park’s owners, the Trinity Broadcasting Network. Reading about this theme park value here on our timeshare blog lets you in on this little-known secret.

Great Value in Orlando Timeshare

The Holy Land Experience is conveniently located near many Orlando timeshare resorts and hotels and the free admission day is happening at an excellent time. An Orlando timeshare vacation in October is a good idea for many reasons. While hurricane season continues until late November, by October the window of time when hurricanes are most likely to hit Florida has already passed. Average daily temperatures for Orlando see highs around 85 degrees and lows in the mid sixties. And this year, more than ever, the number of restaurant and attraction discounts and specials is just amazing.

In addition to the free admission at The Holy Land Experience, here are some other offers and opportunities that make enjoying an Orlando timeshare vacation more affordable than ever:

• Download your free Orlando Magicard from the Orlando Convention and Visitors Bureau. It’s good for discounts on attractions, golf, transportation—even shopping.
• NASA has at least three more shuttle launches scheduled between now and the end of 2010. You can make the short drive from Orlando to the Kennedy Space Center at Cape Canaveral to witness the historic launches firsthand (no charge) and then stay to enjoy the beautiful beaches or buy admission tickets to explore the NASA Visitors Complex at SpacePort USA.
• Book it NOW timeshare rentals mean excellent timeshare rental opportunities with the easiest scheduling possible. Follow this link to find 1, 2, and 3-bedroom Orlando timeshare rentals that you can book right now. www.sellmytimesharenow.com/timeshares/index/content/search_rent/

Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, and Silver Lake Resort, an Orlando timeshare, have released a joint announcement regarding a $20 million receivables loan secured for Silver Lake Resort through Liberty Bank. The popular Orlando timeshare will use the financing to construct 48 additional three-bedroom lockout timeshare units, with construction beginning in late 2010. The company believes that the addition of these lockout timeshare units will not only expand its facilities but also will strengthen timeshare exchanges and increase its standing with RCI.

Silver Lake Timeshare Resort’s CEO and General Partner, Deborah Moore explains, “Tourism in the Orlando marketplace is down, however sales at Silver Lake Resort remain strong. Visitation to the resort by owners and RCI guests remains consistent with prior years and our occupancy levels are exceeding that of area hotels. We feel this is primarily due to the fact that owners of timeshare intervals will travel before non-owners, since they have already paid for their vacations.”

Silver Lake Timeshare Well Positioned Geographically as Well as Financially

Securing the loan was made easier by the longtime work rapport between Deborah Moore and Liberty Bank Vice President, Relationship Manager David Brede, who says, “I’ve known Deborah and her management team for many years, having worked with them while I was employed with another lender, thereby contributing to our confidence. The resort is ideally located within two miles of Walt Disney World Resort’s main entrance, so owners can reach the park within a few minutes after leaving their front door. The 35-acre campus provides plenty of amenities for those who wish to enjoy an excellent vacation experience away from the hustle and bustle of Disney or any of the other nearby amusement parks.”

Silver Lake timeshare has long been a family favorite timeshare destination among Orlando timeshare resorts. Their planned resort expansion and Liberty Bank’s commitment to it attests to the fact that even in a challenging economy, well managed businesses can continue to grow.

On the consumer level, this announcement of growth and expansion is a reminder that millions of families own and enjoy timeshare. And they are able to enjoy vacations and leisure time together because they had the foresight to lock in the cost of their accommodations for a lifetime of timeshare vacations.

Perspective International Ltd, publishers of Perspective Magazine and Owners Perspective Magazine, is increasing its presence in the US and throughout North America with the hiring of Kristie Irvin as advertising and sales manager.

Fast-growing Perspective Magazine has quickly become the most-read independent trade publication for the timeshare sales, fractional, and vacation ownership industries. The publication’s counterpart for timeshare owners, Owners Perspective Magazine, which launched only a year ago, has gained a circulation of nearly 50,000 readers. Owners Perspective Magazine is distributed in first class and business class airport lounges for Virgin Atlantic, British Airways, American Airlines, and Emirates Airlines, as well as in UK supermarkets and select hotels and resorts throughout Europe.

Supporting Timeshare Resorts and Timeshare Sales in Tough Times

Already serving timeshare sales, timeshare developers, timeshare resorts, timeshare owners, service suppliers, and vendors with these two widely distributed, widely read publications, Perspective International Ltd, began looking for additional ways to increase its support of the timeshare industry during these challenging economic times.

Paul Mattimoe, CEO of Perspective International Ltd explains, “During the economic turmoil of 2009 we have concentrated on building more creative marketing and advertising channels to provide larger and more quantifiable results for our clients and are now ready to increase our presence further in all main regions of the world, so we are very pleased to welcome Kristie Irvin to our team as we continue to rapidly grow within USA, Canada, Mexico & Caribbean regions.”

Kristie is an experienced timeshare veteran and will be working with clients in the US, Canada, Mexico, and the Caribbean. She is also booking appointments to meet with clients during next week’s timeshare industry conference, Vacation Ownership Investment Conference, scheduled for Orlando, Florida, September 14 through 17. You can reach at [email protected] or by calling 931-200-3229.