When to Use Reverse Mortgage for Home Purchase
Many home purchasers are seniors. Some become homeowners for the first time, but most have been and want to remain homeowners. They just don't want to remain in their current house. They may want a house that has no stairs, or one that is closer to family or friends, or in a warmer climate. In many cases, they want to downsize, both the physical house and the financial burdens that come with it.
Benefits of Larger Downpayments
Consumers looking to purchase a home within the near future face many decisions, including how large a down payment to make. The down payment is the sale price (confirmed by an appraisal) less the loan amount.
Mortgage Rates Locked in Sideways Motion
Mortgage rates are moving fast in one direction this summer -- sideways.
Mortgage Points Vs Rebates
Yes, U.S. mortgage lenders will pay rebates to borrowers. This is a potentially valuable option which, to my knowledge, is not offered anywhere else in the world.
Reverse Mortgage Policy Changes Impact Spouses
The United States faces a retirement funds crisis: a rapidly growing number of people who retire without the financial capacity to support themselves during ever-increasing life spans.
How to Avoid Balloon Mortgage Payment
QUESTION: Due to an illness, I had to work out a loan modification with my mortgage lender several years ago. The modification significantly lowered the payments, but it requires that we pay off the remainder of the balance at the end of the loan term as a balloon payment. It's coming up soon, and I don't have the money to make the payment. What can I do?
How to Pay Off Mortgage Early
Some schemes for paying off a mortgage early, such as bi-weeklies and bi-monthlies, are offered by lenders while others are entirely within the control of the borrower.
Adjustable Rate Mortgages Sometimes the Better Choice
The Mortgage Bankers Association reports that only about one of every 10 home mortgages being written today carries an adjustable interest rate.
Surviving Spouses Win from New Reverse Mortgage Rule
Former Sen. Fred Thompson and the Fonz may pitch reverse mortgages on TV as a way for people to live a better life in the twilight years, but there are pitfalls to the product that federal agencies are starting to fix.
The Value of a Pre-Approval Letter
With bargaining power shifting from homebuyers to sellers in an increasing number of local markets, buyers in competition with other buyers are looking for any edge they can get. One possible edge is a pre-approval letter, or PAL, from a lender.