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
In these days of ever-watchful lenders, you, as a consumer, can put yourself in the best possible position to be approved for a mortgage by taking a few simple common-sense steps before you start your home search. The first step is ensuring you are paying
Your credit score is the most important factor in determining if you qualify for a loan. It is also crucial in shaping the terms of your loan. A credit score is a three-digit number that a lender uses to decide how trustworthy you are when
There are 8 common myths about reverse mortgages: Lenders are not in the business of owning homes — they wish to make loans and earn interest. The homeowner keeps the title to the home in their name. What the lender does is add a lien
The altered economic landscape presents innovative and nimble businesses with opportunities for capturing the attention of new groups of customers and discovering more efficient methods of operation. By achieving these goals now, businesses are able not only to survive the present but to thrive when
A home purchase is one of the biggest investments you can make so adding a layer of protection against property ownership issues makes sense. That’s where title insurance comes in. As a quick refresher, a “title” serves as proof that you are the owner with
If you are looking to buy a home but are worried that you can’t afford monthly payments, why not consider a foreclosure as your first home? A foreclosed home is usually owned by a bank or lender and sold at prices way below its market
If you are thinking about refinancing your mortgage but lack the closing costs funds, then a no-closing -cost refinance may be the loan option you need to get it done. Read on to learn more about what a no-cost refinance is and how you can
Reverse mortgages have helped countless senior homeowners convert a portion of their home equity into much-needed cash to provide added income during retirement. This type of loan offers many advantages for seniors, and it’s no surprise that many have been applying in recent years. If
Did you know that owning property has tax incentives as a “mortgage interest deduction?” This article will outline what a mortgage interest deduction is, its limits, and how to include this deduction in your taxes. What counts as a “Mortgage Interest Deduction”? The mortgage interest