Declining Market requires 5 percent down
Fri, 16 May 2008 15:00:00 GMT
Earlier this year, Fannie Mae implemented a policy of requiring that buyers make a 5% larger deposit on their home than the original loan program guidelines called for if the property is designated as being in a “declining market.”
Seniors delaying retirement
Thu, 15 May 2008 15:00:00 GMT
According to a new study by the AARP, seniors 45 and older are delaying retirement. The report finds that 6 out of 10 people are having trouble making ends meet, and some can’t even pay for their medication.
Realtors should focus on foreclosures
Tue, 13 May 2008 15:00:00 GMT
It’s a well- known fact that eventually, the real estate market will reverse itself and home prices will settle to pre-housing boom prices. But while we are in the recovery period, many people have lost their jobs and many more are barely holding on to theirs.
Heirs benefit from home appreciation
Mon, 12 May 2008 15:00:00 GMT
One of the great benefits of a reverse mortgage is that the borrower can never owe more than the home’s value. It is comforting knowing that you wouldn’t have to take the fall for declining home values, especially in today’s real estate market.
Understand a reverse mortgage before making a decision
Fri, 09 May 2008 15:00:00 GMT
It is very important to thoroughly educate yourself about all aspects of a reverse mortgage loan. Many seniors who have one are satisfied with their decision, but then again, everyone’s situation is different.
House will consider new foreclosure bill
Thu, 08 May 2008 15:00:00 GMT
The American Housing Rescue and Foreclosure Prevention Act will be considered by the House this week. Part of the act would include a voluntary FHA program which would provide mortgage refinancing assistance.
Reverse mortgage loans on the rise
Wed, 07 May 2008 15:00:00 GMT
A key determination as to how much you can receive with a reverse mortgage loan is this: the older the borrower and the more valuable the home and the less owed on it, the more money is available.
Access equity in your home tax free
Tue, 06 May 2008 15:00:00 GMT
One of the greatest benefits of a reverse mortgage loan is that it is tax-free. Seniors can draw money out of their home, which is usually their most valuable asset, without any tax consequences.
Seniors coping with rising prices
Mon, 05 May 2008 15:00:00 GMT
How are seniors on a fixed income coping with the rising cost of food, gas and many other everyday staples? Some are relying on families to make ends meet, others are thinking about selling their home, just for extra money.
Choosing a reverse mortgage lender
Fri, 02 May 2008 15:00:00 GMT
When choosing a reverse mortgage lender, it is important to review and compare certain factors. For example, it is important that lenders provide different fixed and variable interest rate options to choose from.
When will reverse mortgage limits increase
Thu, 01 May 2008 15:00:00 GMT
Many seniors are waiting for an increase in loan limits for reverse mortgages. The Economic Stimulus Act of 2008, which just recently passed included a temporary increase in loan limits for all “forward” mortgages, but left out Home Equity Conversion Mortgages.
Foreclosures driving down neighboring property values
Wed, 30 Apr 2008 15:00:00 GMT
It is interesting how everything in the housing market is connected. As the real estate market is already down, when foreclosed or short-sale homes sell for less, this drives down neighboring property values and home equity.
Is Housing Market Stabilizing
Tue, 29 Apr 2008 15:00:00 GMT
In this economic downturn, hard-working consumers are really getting hammered. Multiple factors are affecting them, like slow economic growth, job insecurity, home values going down, and paying more for gas and food.
Subprime Mortgages
Mon, 28 Apr 2008 15:00:00 GMT
It sounds terrible. Subprime Mortgage. But in reality it has many different benefits that other loans do not.
Private Mortgage Insurance
Fri, 25 Apr 2008 15:00:00 GMT
When you first buy a home, it can be very frustrating and complicated but it can also be extremely exciting. There is no feeling like being able to call a home your own and have the freedom to decorate it and change it any way you want.
Fixed Rate Mortgage
Thu, 24 Apr 2008 15:00:00 GMT
A fixed rate mortgage is one of the most common types of home loan in the USA. It’s very easy to understand and set up and helps people know exactly what type of commitment they are making financially.
Prime market for pitching reverse mortgage
Wed, 23 Apr 2008 15:00:00 GMT
Marketing for reverse mortgages are expected to get more intense as the housing market continues to fall. About 80 percent of seniors own a home and many seniors have equity in their homes.
Adjustable Rate Mortgage
Tue, 22 Apr 2008 15:00:00 GMT
Another common type of home loan is the adjustable rate mortgage or ARM. With this type of loan, the interest rate will fluctuate depending on the 6 different real estate indexes.
Refinancing a reverse mortgage loan
Mon, 21 Apr 2008 15:00:00 GMT
Even with a reverse mortgage, some seniors may feel like they are not receiving enough money. One way to access more money is to refinance an existing reverse mortgage loan.
FBI investigates more mortgage fraud cases
Thu, 17 Apr 2008 15:00:00 GMT
Three months ago FBI officials said they were investigating 14 companies for possible fraud in connection with loans made to risky borrowers. They were also investigating insider trading violations and investments spun off of the risky loans.
Never owe more than property value with a reverse mortgage
Wed, 16 Apr 2008 15:00:00 GMT
A great security provided by reverse mortgages to seniors is that the amount they owe will never exceed the value of their home. That is one great difference between a traditional mortgage and a reverse mortgage.
Short Sale a way to avoid foreclosure
Tue, 15 Apr 2008 15:00:00 GMT
A short sale allows the homeowner to live in the home until it's sold - which helps the bank avoid costly foreclosure procedures and potentially bigger losses. The bank sets and pays the legal and real estate fees.
FINRA cautions homeowners about tapping into home equity
Mon, 14 Apr 2008 15:00:00 GMT
Last week, there was an Investor Alert issued by the Financial Industry Regulatory Authority (FINRA). It cautions homeowners over the age of 60 to be wary of tapping into their home equity through reverse mortgages.
Lenders tighten up financing
Fri, 11 Apr 2008 15:00:00 GMT
Washington Mutual is expected to announce layoffs in their residential mortgage group just days after announcing that they have shut down their wholesale mortgage group. WaMu is just one more financial institution to fall as the dominos pick up steam.
Research lender before making financial decision
Thu, 10 Apr 2008 15:00:00 GMT
If you’re looking into mortgages then you are already concerned that you don’t have enough cash for the future. The last thing you want to do is make the wrong decision and put yourself in a worse financial position.
Washington Mutual and the mortgage brokers
Wed, 09 Apr 2008 15:00:00 GMT
Some may focus on how this is going to affect investors but I focus on how this is going to affect the mortgage brokers. The banks are systematically putting mortgage brokers out of business.
Reverse mortgage for your golden years
Tue, 08 Apr 2008 15:00:00 GMT
If you are over the age of 62 and have equity in the home then consider a reverse mortgage to provide the extra cash you need for your golden years.
Ask to defer your mortgage payment
Mon, 07 Apr 2008 15:00:00 GMT
If you're facing losing your home due to foreclosure and don’t qualify for a re-finance or home equity loan, the best thing to do is to talk with your lender.
Foreclosure Fraud Prevention Act passed unanimously
Thu, 03 Apr 2008 15:00:00 GMT
The Foreclosure Fraud Prevention Act passed unanimously in the House yesterday. It would ensure that when homeowners sign a contract with a foreclosure rescue entity, that they are properly informed about their rights.
Reverse Mortgage laws are varied
Tue, 01 Apr 2008 15:00:00 GMT
Reverse Mortgage laws are varied, and though the borrower(s) uses their house as security, they still have certain responsibilities.
Federal Reserve wants to have control over all financial institutions
Mon, 31 Mar 2008 15:00:00 GMT
Our legislators today will discuss the possibility of the privately owned, non federal government agency called the Federal Reserve to have this control. It makes me wonder if this whole collapse of the economy wasn’t planned for this precise moment.
Fixed interest rate reverse mortgages are now available
Fri, 28 Mar 2008 15:00:00 GMT
Until this week all reverse mortgage loans came with a variable interest rate. This of course made it hard to predict how expensive a reverse mortgage would be by the time the mortgage was closed.
In crime with predatory lenders
Thu, 27 Mar 2008 15:00:00 GMT
Was the Bush administration partners in crime with predatory lenders? In article written by former New York Governor Eliot Spitzer, light is shed on the Bush administration and their handling of the current housing crisis.
Tap into the equity of your home
Mon, 24 Mar 2008 15:00:00 GMT
If you are at least 62 years old and looking for a way to tap into the equity of your home you have several options. If your credit is strong and you have a good income then a traditional refinance or home equity loan product may work for you.
Real estate market begins to level out
Fri, 21 Mar 2008 15:00:00 GMT
As we approach the end of the first quarter of the year we are seeing the real estate market begin to level out. Home prices are stabilizing and buyers are starting to commit.
Mortgage consumers are having a hard time pulling the trigger
Wed, 19 Mar 2008 15:00:00 GMT
As mortgage rates bounce up and down every few hours, consumers are having a hard time pulling the trigger. The state of the stock market, the state of the U.S. dollar and now the state of mortgage yield rates are in flux.
Mortgage rates bounce like a rubber ball
Tue, 18 Mar 2008 15:00:00 GMT
As of last night a consumer could get a 5.5% mortgage rate with a yield spread of over .8% for a 30 year mortgage. Since last night two rate changes have change the yield spread for the 5.5% rate to less than .2%.
Wait for mortgage rates to drop before you consider refinancing
Thu, 13 Mar 2008 15:00:00 GMT
If you’re waiting for mortgage rates to drop before you consider refinancing you’re not alone. Thousands of Americans who refinanced only 9 months ago are in a great position to drop 2 points off their current mortgage rate.
Researching reverse mortgage options and companies
Tue, 11 Mar 2008 15:00:00 GMT
If you take a little time on the web site you will see that we have tried to provide you the best information and tools so you can decide if a reverse mortgage is the right choice for you or your loved one.
Home prices continue to fall thanks to foreclosures
Thu, 06 Mar 2008 15:00:00 GMT
As home prices continue to fall thanks to the record number of foreclosures, people who are trying to sell their home and stay clear of foreclosure are having a difficult time. Many homes that are for sale by homeowners are now at rock bottom.
That would be a real stimulus to the economy
Wed, 27 Feb 2008 15:00:00 GMT
As we all wait for our stimulus checks to come in the mail this summer, gas prices and mortgage rates continue to climb. More help could be provided to the average American if the President would concentrate on the real issues.
Consumer credit card and auto loan recession
Tue, 26 Feb 2008 15:00:00 GMT
Along with the subprime recession going on, some people are also gearing up for a consumer credit card and auto loan recession in the near future.
Housing market continues to decline
Wed, 20 Feb 2008 15:00:00 GMT
As the housing market continues to decline, attitudes continue to change. The need to save is hitting home to many families and even baby boomers headed into retirement realize that housing prices will in fact decline.
The government needs to help people who have paid into the system
Mon, 18 Feb 2008 15:00:00 GMT
The government has the means and the responsibility to help people who have proven they are responsible and worthy of the help. This can only strengthen America and help hard working people get through this downturn in the economy.
Buyer Rebates can help you afford to buy a home
Tue, 12 Feb 2008 15:00:00 GMT
If you are cash strapped for a down payment or willing to do some of the work a real estate agent traditionally does for buyers, then buyer rebates are for you. Many companies offer rebates to buyers if they purchase a home that is listed on the MLS.
People start preparing for the upcoming recession
Fri, 08 Feb 2008 15:00:00 GMT
As many people start preparing for the upcoming recession, others already think we’re in it. Many factors are responsible for this, especially since the credit crunch that started in August 2007.
Ethical behavior by real estate agents - Part I
Tue, 05 Feb 2008 15:00:00 GMT
There is no doubt that many buyers- first time or otherwise- lack the fundamental knowledge of basic finance. However, it is the moral, ethical and legal responsibility of the so called experts in transacting real estate to protect the rights of the stakeholders involved in the process.
Reverse mortgage can provide access to cash for retirement
Thu, 31 Jan 2008 15:00:00 GMT
A reverse mortgage can be the right mortgage solution for many people. Sometimes a more traditional mortgage works better. The problem with a reverse mortgage is that the fees and mortgage insurance premiums will eat into the equity of the home.
The cost of a reverse mortgage
Wed, 30 Jan 2008 15:00:00 GMT
Under the HECM program, which accounts for 90 percent of all reverse mortgages in the US, the combination of the origination fee and the mortgage insurance premium can take a serious bite into your homes equity.
Sub-prime mortgage companies have put the housing economy upside down
Fri, 25 Jan 2008 15:00:00 GMT
It is easy to play Monday morning quarterback with why the sub-prime mortgage companies have put the housing economy upside down. At the time everyone was excited because home ownership rose to record levels and a lot of people were making a lot of money.
Let mortgage lenders compete for your business
Wed, 16 Jan 2008 15:00:00 GMT
Let lenders compete for your business and just don’t shop for the best rate, shop for the best loan. If you have a mortgage with an interest rate in the 6% or higher range, now may be a great time to refinance.
Prepare now for the potential collapse of the economy
Tue, 15 Jan 2008 15:00:00 GMT
If all this activity in the mortgage space so early in the New Year hasn’t woken you up to what appears to be the beginning of a major collapse in the economy then what signs are you waiting for?
Be Aware of Reverse Mortgage Costs
Mon, 14 Jan 2008 15:00:00 GMT
You need to be aware of the costs you are paying to obtain a reverse mortgage. Your Good Faith Estimate is a great place to start when comparing the costs of a reverse mortgage so make sure each lender you’re considering gives you one.
Negotiate your reverse mortgage with a few lenders
Thu, 10 Jan 2008 15:00:00 GMT
When you decide to go shopping for a reverse mortgage there are two big ticket items that you can negotiate with the lender in an attempt to reduce the cost of the loan.
Purchase a home with a reverse mortgage
Wed, 09 Jan 2008 15:00:00 GMT
For seniors who have never owned their own home a reverse mortgage can be used for home purchases. The problem is finding an undervalued home with enough equity to satisfy the mortgage requirements.
Common reverse mortgage loan terms
Tue, 08 Jan 2008 15:00:00 GMT
When you go shopping for a reverse mortgage there are terms that you will see that you may not understand. Here are a few of the most common terms for all loans and a few you will most likely see when shopping for a reverse mortgage.
An increase in reverse mortgages does not indicate a problem with the economy
Fri, 04 Jan 2008 17:00:00 GMT
Even though reverse mortgages cost more in points and closing costs, the industry is seeing an increase in the number of these types of loans. Some argue that the surge in reverse mortgages has to do with a failing economy and not with this type of loan product being the best choice for many seniors.
Reverse Mortgages to the foreclosure resuce
Thu, 27 Dec 2007 16:00:00 GMT
If there is enough equity in the home then a reverse mortgage can be used to refinance the home before foreclosure. Today more lenders are willing to accept a reverse mortgage payoff because of the current real estate market.
Reverse mortgages are NOT a threat to seniors
Mon, 24 Dec 2007 15:30:00 GMT
The fact is that reverse mortgages are helping many seniors who otherwise would not have access to the cash buried in their homes and the FHA wants the private sector to get more involved.
You don't need to be a reverse mortgage loan exception
Tue, 18 Dec 2007 16:30:00 GMT
There will always be people out just to make a buck. I don't care what the industry is. That is why we have government agencies that regulate business practices and provide consumers rights.
Housing crisis will not be fixed by mortgage reform
Mon, 17 Dec 2007 15:20:00 GMT
It seems almost every day I read something about Congress passing new legislation in an attempt to fix the current housing crisis. Their focus is always on mortgages and the rising foreclosures that are sure to continue well into next year.
Reverse Mortgages can be a peace of mind for seniors
Mon, 10 Dec 2007 17:02:00 GMT
We all need to be proactive and help our senior citizens protect and grow their financial future. Giving anyone the peace of mind of knowing that they will always have their home is an important step in the right direction.
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