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Purchasing a new home brings with it a host of questions. Perhaps even more important than the size of the home are mortgage loans. So before you get too wrapped up in how many bedrooms that you want in your new home, maybe consider spending some time considering which type of mortgage is best suited for you.

The fact of the matter is that a mortgage is a product, and as a product, mortgages are priced comp Read the rest of this entry »

When old age pensioners consider borrowing on home equity as a part of their retirement financial planning they have options. As well as more classic home equity loans or home equity credit lines, reverse mortgages are available as loans for seniors. But, the difference is, the standard mortgages are paid off monthly so that the seniors home equity begins to grow again.

With a reverse mortgage, once taken against the Read the rest of this entry »

A new House Appropriations Committee’s bill could lower the amount of money available to seniors using the HUD reverse mortgage product but the 162 page bill looks like it will extend the increased lending limit of $625,500 through FY 2010.

SEC. 235. FHA Reverse Mortgage Loan Limits for fiscal year 2010. For mortgages for which the mortgagee issues credit approval for the borrower during fiscal year 2010, the second s Read the rest of this entry »

There have been several articles recently that have been listing and announcing the dangers of Reverse Mortgages for senior citizens.  They list the pitfalls of the product, the shady operating habits of a very small contingent of loan officers, and they breakdown the negatives of having a Reverse Mortgage for you and your family.  This article is going to talk about some of the benefits of having a Reverse Mortgage.

So Read the rest of this entry »

Designed for seniors over the age of 62, a reverse mortgage or HECM is a loan that allows the home-owner to convert equity in their principal residence into cash, a credit line or monthly income, while maintaining possession. Before HECMs became available, retired homeowners who needed cash had few options. They could sell and perhaps buy something smaller, move in with members of the family or move into a rental property. The o Read the rest of this entry »

The weather is just beginning to break after a long period of winter; snow, cold temperatures and harsh conditions have made it a long season. As spring begins to appear, the repairs seem to pop up: a new roof, heater upgrades and water damage all need to be addressed before the next season rolls in for a long stay. The question is always the same: Where will I get the money to do all of these repairs? A senior on a fixed income Read the rest of this entry »

Many people find that their home loans are confusing and causing them a lot of hassle. That is why this loan calculator was developed, as it allows for quick and easy calculations. The loan calculator can perform all the functions at once, making things simple and avoiding a lot of steps. It takes the basic information of the loan and then tells the borrower how much money they still owe and how long it will take to pay off the Read the rest of this entry »

The economic recession has witnessed foreclosures, and also,  has made many people homeless, who could not payback their home loans under the conventional mortgage system. To rescue the elderly above the age of 62 years, reverse mortgage information is being given free of cost by licensed originators, who have been approved by the Housing and Urban Department (HUD). The reverse mortgage gives loan payments to the senior citizen Read the rest of this entry »

The UK Financial Services Authority (FSA) has proposed new rules recently aimed at protecting mortgage-holders whose payments have fallen into arrears. The aim is to ensure fair treatment, according to the regulator.

The new rules would make sure that repossession of a mortgage-holder’s property would only be an action of last resort by the lender. They would also prevent unfair charges being levied on the borrower, Read the rest of this entry »

While only comprising about one % of all mortgages, the reverse mortgage has gained in recognition recently. The loan is paid back when the owners die or when the home is sold or no longer occupied. The massive enlargement of the home market in the last five years has left millions of householders with big quantities of equity in their houses. Californians who acquired houses in the early 1960′s at modest costs are now retiring Read the rest of this entry »