Many senior citizens look forward to retirement as a chance to calm down and enjoy all of their hard work. Inflation, on the other hand, may put a serious damper on such goals. When expenses grow, seniors living on a limited income may find themselves unable to keep up. In severe cases...
If you are a senior looking to move into a smaller home that is easier to care for – and less expensive – you could potentially use the money from your reverse mortgage to buy a different house. However, consult with a real estate agent and financial advisor before attempting this. You ...
rates will rise and that it will carry a loan at below-market interest rates for some or part of the 30 years. Because of this risk, there is usually a higher interest rate on a fixed-rate loan than the initial rate and payments on adjustable rate or balloon mortgages. If the rates ...
you might benefit from a first-time home buyer program offered nationally or within the state of Idaho. A variety of loan and grant programs are available. Government Grants for Senior Citizens That Are First-Time Home Buyers The U.S. Department of Housing and Urban Development and other feder...
As hard as it may be to believe, we see instances of senior citizens – particularly those 70 or older – facing difficulty securing mortgages. A recentstudytitled, “Are Older Mortgage Applicants More Likely To Be Rejected?” by The Center for Retirement Research at Boston College found two...
A reverse mortgage is a process that allows senior citizens (62 years of age or older) to obtain cash in exchange for equity in the Read About REVERSE MORTGAGE WHO WE ARE? Founded in 2003, PierPoint Mortgage, LLCis a leading mortgage company with a network of licensed and experienced mortga...
Interest rates: Guild Mortgage doesn’t feature current mortgage rate offers nor a customizable rate tool on its website. This might make it tougher to compare costs with this lender to others. Down payment: Guild Mortgage provides conventional loans to qualified borrowers for a down payment as ...
Generally, interest rates are higher for people with lower credit scores, regardless of whether they are first-time or seasoned homebuyers. Look at the entire loan package to choose the best option. Many first-time homebuyers falsely believe that the loan with the lowest interest rate is the on...
For some senior citizens, reverse mortgages may seem like the perfect solution to financial problems. As long as they continue to live in their home, they receive a monthly reverse mortgage payment from the Federal Housing Administration. It's easy to forget that reverse mortgages are loans again...
(Note that the rates it displays assume you’re applying with a credit score of 760 and putting 20 percent down.) To use the rate tool to get a personalized quote, you’ll need to sign up for emails from the lender that contain mortgage news and promotions. Customer service: You can ...