Reverse Mortgage
Is a Reverse Mortgage a Good Idea?
A reverse mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on …
Using a Reverse Mortgage to Purchase a Second Home
You can use a reverse mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability …
FHA Anti-Flipping Waiver Extended Through 2012
The Federal Housing Administration (FHA) announced today they will extend the temporary waiverA Waiver is the surrender or relinquishment of a particular right, claim, or privilege. of FHA’s anti-flipping regulations through 2012, in hopes the move will stimulate foreclosureForeclosure is …
Using Reverse Mortgages For Health Care
The proceeds from a reverse mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability …
401k Withdrawal Or Home Equity To Pay For Wedding
What would be better, the withdrawal of 401k funds or to obtain an home equityYour share of ownership in a company. Stockholders are often referred to as equity investors, because they invest in the equity of a company. loanA Loan …
Reverse Mortgage Is Not Assumable
Q: My mother has a reverse mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the …
Home Repair Loans for Seniors
Q: My mother is 80 years old and lives in San Antonio, Texas. Her home is approximately 50 years old. The house needs some serious remodeling. It needs to be leveled and the beams from the roof poking into one …
HUD Ruling May Prevent Reverse Mortgage Foreclosure
Last week’s Department of Housing and Urban Development (HUD) ruling may prevent reverse mortgage foreclosure. AARP Foundation Litigation filed a formal challenge to a 2008 rule change on behalf of three surviving spouses of reverse mortgage borrowers, and the new HUD ruling may prevent reverse mortgage foreclosure. Seniors have been experiencing foreclosures but a new HUD ruling may prevent reverse mortgage foreclosure going forward.
Need For Money Causes Family Members To Decide Whether To Get A Reverse Mortgage
When money is tight, senior citizens frequently look to the equity in their home for a solution. One way to tap into that equity is for a senior citizen to obtain a reverse mortgage. Reverse mortgages allow a person to obtain a monthly payment for the rest of the time they live in the home or allows them to take out a lump sum payment at one time. Before you consider a reverse mortgage, make sure you understand what it will cost to obtain the loan. Even if you are told that the costs will be put into the loan amount and you won’t have to pay anything out of pocket, you still need to know what those costs are. If you don’t understand the fees involved in obtaining a reverse mortgage, you will be surprised later on or your family members will be in for a surprise when you sell the home or are no longer around.
Reverse Mortgage Threatening Home Equity For Seniors
Senior’s Home Equity may be at risk from reverse mortgage lending abusers, according to a report from the National Consumer Law Center. Reverse mortgages are being used by abusers of the subprime mortgage market as “tools” to profit from seniors. The National Consumer Law Center thinks that if protections aren’t put in place soon, not only will the life savings of senior citizens become depleted, but so will our tax dollars and economy. Read the full story on reverse mortgage abuse below from the National Consumer Law Center.
