An interest rate is the cost of borrowing money. Or, on the other side of the coin, it is the compensation for the service and risk of lending money. In both cases it keeps the economy moving by encouraging people to borrow, to lend, and
There’s a lot to do. These moving tips will keep you on schedule. If it’s finally time to start planning for your big move, you’re likely equal parts excited and unsure where to start. Moving everything you own from one place to your new home
Retirement age is approaching, and you may be thrilled to leave the nine-to-five behind for good. But what happens when your finances don’t align with the lifestyle you’ve been envisioning? Bottom line: it’s never too late to get your finances in order. As part of
While the strategic use of home equity can provide financial relief for retirees, a new study co-authored by Ohio State University researcher Stephanie Moulton finds that it is also good for their health. Every $10,000 that Medicare beneficiaries extracted from their homes greatly improved their
One in three 65 -year-olds will live past age 90, according to the Social Security Administration. One in seven will live past age 95. And with that longevity comes more health-related expenses to cover during retirement. Older Americans are paying massive out-of-pocket health costs, despite
If you’re concerned about having the funds to sustain a comfortable retirement, a reverse mortgage can support the lifestyle you’ve worked so hard to achieve. Some people take out home equity loans, but a reverse mortgage can help retirees generate extra money or reduce their
Leveraging a Reverse Mortgage as a Tax-savvy Retirement Savings Tool RETIREMENT NEWS To retire comfortably, more and more retirees are considering the benefits of a reverse mortgage loan. This financial tool was designed exclusively for older homeowners to convert a portion of your home equity
The Pros and Cons of PACE Funding Saving water and energy is beneficial for the environment and can result in lower utility costs for you. But major upgrades like drought-resistant landscaping and solar panels can be costly. So, how can you make sustainable upgrades without
RETIREMENT PLANNING, REVERSE MORTGAGE FACTS Do My Parents Need a Reverse Mortgage? Most likely, you’ve heard lots of negatives about reverse mortgages for parents. Between the local paper, evening news and those late-night commercials, the information presented really does impact people’s perceptions of the product.
Reverse mortgages, which reportedly have been in use since Deering Savings & Loan issued one to Nellie Young of Portland, Maine, in 1961, have long been viewed with suspicion. Evoking images of late-night infomercials and disreputable loan agencies, the reverse mortgage is the product of
Reverse mortgages are a financial product that have gotten a lot of bad press over the years, leaving many people who could potentially benefit from this type of loan with negative or problematic associations. What’s the real problem with the Reverse Mortgage? Is it really
Closing Costs The three largest closing costs are the FHA mortgage insurance, the origination fee, and escrow fees. However, the only cost that is typically paid out of pocket is counseling. FHA Upfront Mortgage Insurance Premium (UFMIP) One of the requirements for FHA insurance is
REVERSE MORTGAGE FACTS Common Reverse Mortgage Myths & Misconceptions If you’re a homeowner or homebuyer age 55 or older, reverse mortgage solutions can help you enjoy greater financial flexibility — whether you’re in retirement or still working. reverse mortgage myths and misconceptions are all too
Buyers find out very early in the home-buying process that the cost of buying a home goes far beyond just the purchase price of the home. Lender fees, appraisal costs and title fees quickly add up for a buyer. To help surmount these closing costs,
The cost of having a mortgage is the interest you pay on the principal over the life of the loan. If you are current on your mortgage, restructuring your loan can potentially save you thousands of dollars in mortgage interest. An easy way to reduce
When your buyers are self-employed and want to buy a home, they will go through the same qualifying process as everyone else, with a few exceptions. Lenders will be evaluating their credit scores, amount of debt, and assets and income. Your self-employed buyers will need