Reverse mortgages can be risky but may be helpful for homeowners with a lot of equity in their homes. Homeowners who want to stay in their homes and spend more in retirement may benefit from reverse mortgages if they do not intend to leave the house to any beneficiaries....
We’ve just scratched the surface here. There are plenty of alternatives to fixed mortgages, including a variety of adjustable-rate mortgages like the widely used5/1 ARMor7/1 ARM, or even10/1 ARM, which could come with an even lower interest rate. Be sure to take the time to educate y...
What to know about each of the major types of mortgages: conventional, jumbo, government, fixed-rate and adjustable-rate.
Be cautious of anyone claiming to provide VA-approved Reverse Mortgages. What happens when the owner of a Reverse Mortgage passes away? If there are two co-borrowers, the surviving one can continue living in the home and receiving payments. If a sole borrower passes away, the surviving spouse...
4. Other Types of Mortgage Loans Conforming loans Jumbo loans (non-conforming) Balloon mortgages Reverse mortgages Subprime mortgages 1. Conventional Loans A conventional loan is the most common type of mortgage—making up more than 70% of all mortgages.1 This type of mortgage is a deal betwee...
Reverse Mortgages A reverse mortgage is a unique type of loan that is available to homeowners who are at least 62 years old. A reverse mortgage allows homeowners to access their equity and turn it into cash... Read More Reverse Purchase Mortgages Many seniors use reverse mortgages to access ...
Reverse Mortgages: If you're 62 or older and have significant equity in your house, you might consider a reverse mortgage. You will be borrowing against the equity you've built up, and you won't have to make payments until you move out of the home. Car Auto Loan Calculator: Before you...
Edward J A. of Blackwood, NJ First and foremost, Gloria James is amazing!! She literally held my hand and walked me through every step, and as a first-time homebuyer, this is the exact type of assistance I was looking for. Buying a home for your first time is very scary, intimidatin...
There arethree types of reverse mortgages. The most common by far is the government-sponsoredhome equity conversion mortgage (HECM). HECMs represent almost all of the reverse mortgages that lenders offer on homes whose values fall below the conforming loan limit (set annually by the Federal Housi...
Reverse Mortgages As their name suggests, reverse mortgages are a very different financial product. They are designed for homeowners age 62 or older who want to convert part of the equity in their homes into cash. These homeowners can borrow against the value of their home and receive the ...