Understanding Who Pays for Mortgage Insurance
Last week, I wrote an article on how home mortgage borrowers who have been required to purchase mortgage insurance could earn a high rate of return by paying it off. That article ignored what would have been the first question posed by a smart visitor from Mars: Why does the borrower pay for insurance that protects the lender?
Paying Off Mortgage Insurance is Good Investment
Home purchasers who were obliged to take out private mortgage insurance, or PMI, because their down payment was less than 20 percent have the right to cancel it, ridding themselves of the monthly premium.
Factors to Consider In Downsizing Home
Yeah, I've reached that age.
The ABCs of Reverse Mortgages
Occasionally, I like to play professor by answering some of the more-interesting questions I have received. The ones I respond to below are all interesting for different reasons.
FHA Mortgage Costs Cut
Southwest Florida homebuyers could save a little money under the new mortgage insurance premium reduction taking effect this month on loans backed by Federal Housing Administration.
Wells Fargo Grants Up to $7,500 for NC Homebuyers
Wells Fargo & Co. is launching a new program that will enable eligible homebuyers in North Carolina's Wake and Durham counties to receive a matching grant of up to $7,500 for their down payment.
Retired Avoid Cash Crunch With Reverse Mortgages
An increasing number of retirees, who are living longer and are less likely to be covered by a defined benefit pension than previous generations, risk running out of money.
The Truth About Reverse Mortgages
Federal Housing Administration-backed home-equity conversion mortgages, or HECMs, are accessible to homeowners 62 and older. These reverse mortgage loans allow older Americans to tap into a portion of their equity to help supplement retirement income.
Understanding How Reverse Mortgages Work
Here is a guide to some of the most important reverse mortgage loan questions besides the ones you'll ask about interest rates and fees. The answers will help you understand who you're working with, how the reverse mortgage loan process works, how long it takes to get the proceeds of the reverse mortgage loan and who should be involved in the information-seeking and decision-making.
Choosing Between Cash Home Purchase or Mortgage
Maria aims to purchase a house for $200,000. Because she has financial assets of $300,000, one of her options is to buy the house for all cash.