A reverse mortgage, while a controversial loan product, can be a great financial tool for retiring seniors and homeowners. For many seniors who might benefit and qualify for a reverse mortgage, the loan program remains a mystery. Their understanding might only come from a rumor, an infomercial, or from knowledge of old programs that existed during the sub-prime lending … [Read more...] about What is a Reverse Mortgage?
When one hears the term “reverse mortgage”, you might simply scratch your head. We are all familiar with what mortgage is. However, a reverse mortgage may not ring a bell. A reverse mortgage program is a type of loan that is designed specifically to target seniors. This loan product allows eligible senior homeowners to tap into their home equity by converting it into … [Read more...] about The Hidden Perks of Taking a Reverse Mortgage Loan
A reverse mortgage loan is a type of home loan that allows eligible seniors 62 and above to tap into their home equity and take it out as a cash. It differs from a cash-out refinance because instead of paying the lender a monthly mortgage sum, it is the lender that dispenses money throughout the life of the loan, or via a lump sum (or through a combination of line of credit and … [Read more...] about What Fees are Involved in Getting a Reverse Mortgage?
Home improvements, aside from generally improving the appearance of your abode, can also dramatically increase the value of your property. If you are thinking of remodeling your property but don’t have an idea where to tap the fund to cover the improvement expenses, this article helps you get an idea of just where to look to get the job done. Your Savings If you have enough … [Read more...] about Ways to Finance Your Home Improvements
The Federal Housing Administration (FHA) talked mainly about the growth of its mortgage insurance fund and gains in its forward mortgage portfolio for the fiscal year 2016, in its annual report to the U.S. Congress on November 15, 2016. In its report, the agency characterized the current U.S. purchase mortgage market as similar to its size back in the fiscal year 2008, with … [Read more...] about FHA Gives Updates on MMI Fund, Mortgages and More