On 7/30/2008 President Bush signed HR 3221 into law which has many significant effects on homeowners. The Bill, in its final form, covered a number of subjects that Congress had been trying to resolve from the modernization of FHA, to foreclosure assistance for homeowners, to the shoring up for Fannie Mae and Freddie Mac.
The wires [...]
Reverse mortgages are used to assist seniors who want to supplement their income with mortgage payments, but instead of paying the bank, those who take out the loan actually get paid. I spoke with someone the other day who had a completely mistaken concept of what these are used for and had the mistaken idea [...]
Reverse mortgages are becoming more readily available and popular as a financing option for seniors, but how does a reverse mortgage work? These mortgages are generally used by seniors who have accumulated a substantial amount of equity in their home. Lenders require the borrower to be at least 62 years of age. Reverse mortgages are [...]
What is the connection, you might ask between reverse mortgages and the price of oil? And if you or a loved one are a senior homeowner age 62 and over but don’t drive, maybe you’ve been thinking that you are lucky because the price of gas and oil really doesn’t affect you as much. [...]
Life doesn’t hold too many real guarantees anymore. Seniors work hard their whole lives and expect to receive a pension and often those pension funds aren’t available or the company closes and the individual is left looking for work late in life with no pension at all, starting over.
Borrowers go to their local banks and [...]
Reverse mortgages are mortgages where the lender pays the borrower instead of the other way around. In the event of reverse mortgages, seniors need only be 62 years or older with equity in their home.
There are no requirements like credit score or income or anything else. Basically seniors with equity in their home and over [...]