Reverse Mortgage Most Underutilized Financial Tool
The more I work with home-equity conversion mortgages -- reverse mortgages offered through the Federal Housing Administration -- the more convinced I become that the HECM is the most underutilized financial tool available to consumers in the U.S.
An Education in Home Down Payments
The down payment required on a home mortgage is the single most important hurdle that prospective home purchasers must surmount.
5 Steps to Financing Home Purchase
Home purchasers sometimes get into trouble because they don't truly know the sequence of steps involved in financing their purchase.
When 401(k) is Best Source of Home Down Payment
The down payment required for a home purchase is the most important barrier to home ownership.
Understanding Home Equity Lending Products
A home equity loan or line of credit allows you to borrow money using your home's equity as collateral.
Eliminating Private Mortgage Insurance
If you bought a house with a down payment of less than 20 percent, your lender required you to buy mortgage insurance. The same goes if you refinanced with less than 20 percent equity.
How to Finance Home Purchase With Reverse Mortgage
One of the biggest upsides to purchasing a house with a home-equity conversion mortgage is that doing so does not impose a monthly payment burden on the borrower.
FHA Rates Better Than Conventional Rates
Conventional wisdom has home shoppers with a low-down-payment FHA loan having a higher rate. But FHA rates have consistently been lower than conventional rates.
Choosing Right Type of Mortgage Lender
There was a time when most homebuyers obtained their mortgage loans through their banks or credit unions.
Picking Right Combination of Mortgage Rates, Fees
How can a product have more than one price? If the transaction is not consummated entirely at one time but extends into the future, there can be a price to be paid now and a price that will be paid later.