Reverse mortgages have been in existence for nearly three decades, and the good news is that they’re safer today for borrowers and lenders. If you have been considering a reverse mortgage, there are some new features designed especially with borrowers’ as well as the lenders’ protections in mind.
With a single-purpose reverse mortgage, the lender restricts how you can use the money from a reverse mortgage. For example, a single-purpose reverse mortgage may only be used to pay off property taxes or to make home repairs. These reverse mortgages are typically the least expensive option, but they are limited in availability.
Jordan: Because what was happening in the past, Heather, is people were getting reverse mortgages as a last resort, about to get foreclosed out of their home. They couldn’t afford anything. They would get a reverse mortgage, keep them going for a while, and then they’d lose it because they had a tax lien or something.
fha funding fee 2017 Are fha funding fees tax deductible? | Pocketsense – If the federal housing administration backs your mortgage, lenders don’t have to worry about losing money if you default. This lets you qualify for a mortgage with a low down payment, possibly as little as 3.5 percent. The catch is the fha funding fees: the mortgage insurance you have to pay the agency.best place to get pre approved for a home loan Car refinancing: Risks & benefits of auto loan refi – refinance the auto loan. places to shop for rates. Capital One Auto Finance is also one of the biggest online lenders, with attractive rates for qualified borrowers. If you’re approved for. Before you can get serious about buying a home, you need to get pre-approval for a mortgage.
Almost all reverse mortgages, which are home loans for seniors, are made available through the Federal Housing Administration (FHA), a federal government agency. reverse mortgages allow seniors to tap.
Move Your Life Forward with a Reverse Mortgage Loan. I’m looking forward to helping you and your family find the solutions you are looking for. Once you know all the facts regarding a reverse mortgage, you can then decide if it is the right direction for you to take.
. of your questions. Whether you're looking to buy, sell or just care for your current home, get educated on everything from home mortgages to fire protection .
easy access to cash that is safe and effective. That description is mostly true, but there are a few caveats. Here are the basics: a reverse mortgage is a special kind of loan that allows you to turn.
As we approach or begin retirement, many of us find that we could use more income. There are various ways to boost your cash inflows, such as a part-time job or dividend-paying stocks. Here’s one more.
Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a "non-recourse" clause. This means that you, or your estate, can’t owe more than the value of your home when the loan becomes due and the home is sold.