Using Higher Interest Rates to Cut Mortgage Costs
Mortgage borrowers have some control over the amount of cash they must produce at the closing table. Minimizing the amount, however, may or may not be in their long-term interest.
Reverse Mortgages Can Be Hazardous
Actor and pitchman Tom Selleck, among others, has helped persuade more than 1 million seniors in markets like Palm Beach County, Florida, that reverse mortgages are not "too good to be true."
What Are Mortgage Points?
When people want to find out how much their mortgages cost, lenders often give them quotes that include loan rates and points.
Program Makes Mfg Housing Loans Easier, Cheaper
Neighbors Ron Therrien and Dave Bucceny take a break from yard work Wednesday at Medvil Cooperative, a resident-owned community for those 55 and older in Goffstown, New Hampshire. A new Fannie Mae pilot program is making it easier and cheaper for people to buy a home in resident-owned parks.
End House Payments With Reverse Mortgage
If you're an older homeowner and are ready to say goodbye to mortgage payments, you might consider letting your home's equity finish off your loan.
Use Numbers to Decide Whether to Rent or Own
Buying a home is probably the biggest financial decision most of us will make. While many variables factor into that decision, one key element is whether it makes more financial sense to buy a home rather than renting one.
Getting Your House in Order Before Home Purchase
Buying a house is a life-changing process that requires lots of upfront financial planning.
Senior Deciding on Whether to Downsize
Question: I am an 86-year-old widow. I own a townhouse with stairs, which are becoming difficult. I must dip into savings to pay taxes and insurance. I might need those savings for a nursing home some day. I'm thinking of selling and buying a less-expensive condo with costs I can manage with my retirement income. But now I hear that renting and investing may be better than buying and building equity. But rents are high, too. Any thoughts?
How to Determine if Refinance Makes Sense
Question: What is the worst mistake made by borrowers looking to refinance?
What FHA Reverse Mortgage Changes Mean
My email inbox has recently been crowded with messages from seniors who are anxious about impending changes in the home-equity conversion mortgage program. Many of them are wondering whether they should try to finalize a HECM before Oct. 2, when the changes go into effect.