reverse mortages: What's New with Reverse Mortgages
- 10/22/10 02:54 AM
Seniors have been hearing lots lately about reverse mortgages. You may even have seen an ad featuring celebrated actor James Garner speaking on behalf of Financial Freedom, a reverse mortgage lender. Simply, reverse mortgages allow seniors to tap into their home equity and not pay anything back until they either sell the house or are no longer living in it as a full-time resident.Depending on where interest rates are and how old you are, you may be able to borrow up to 70 percent of your equity. You can receive your funds as either a lump sum or a monthly annuity, … (1 comments)
reverse mortages: Refinancing A Home When You Own Various Homes And Claim More Than One As A Primary Residence Is Trouble
- 01/28/10 10:12 AM
When you have financial troubles, it's hard enough managing one home. If you have multiple homes, you may have even more trouble. You can only have one primary residence. It's at your primary residence that you have your mail sent, where you vote, where you pay income taxes, and where you spend most of your time. If you own two or more homes, only one of those homes can be your primary residence. Having multiple homes and claiming multiple primary residences will spell trouble, particularly if you are looking to refinance the mortgage on your home or want to obtain a … (2 comments)
reverse mortages: Is Your Reverse Mortgage Threatening Your Home Equity?
- 10/08/09 02:58 AM
According to a report from the National Consumer Law Center, reverse mortgages are being used by abusers of the subprime mortgage market as “tools” to profit from seniors. The National Consumer Law Center thinks that if protections aren’t put in place soon, not only will the life savings of senior citizens become depleted, but so will our tax dollars and economy. “In the reverse mortgage market, seniors face some of the same aggressive lending practices that were common in the subprime lending boom," said Tara Twomey, an NCLC attorney and author of the report. “Well-funded marketing campaigns and perverse incentives to … (1 comments)
reverse mortages: Questions for HUD Secretary Shaun Donovan
- 06/20/09 11:10 AM
Shaun Donovan, Secretary of the Department of Housing and Urban Development (HUD), spoke to a members of the National Association of Real Estate Editors yesterday afternoon in Washington, D.C. A copy of his prepared remarks can be seen here. After he made his prepared remarks, Donovan took questions from the media. Question: Why Make Preventing Foreclosures the Top Priority? Q: There’s a lot of emphasis on preventing foreclosures. But if you let foreclosures happen now, perhaps you’re not delaying the inevitable. You’ll also make houses cheaper, which will make them more affordable for buyers. Why make preventing foreclosures the first priority? … (0 comments)
Seniors have been hearing lots lately about reverse mortgages. You may even have seen an ad featuring celebrated actor James Garner speaking on behalf of Financial Freedom, a reverse mortgage lender. Simply, reverse mortgages allow seniors to tap into their home equity and not pay anything back until they either sell the house or are no longer living in it as a full-time resident.Depending on where interest rates are and how old you are, you may be able to borrow up to 70 percent of your equity. You can receive your funds as either a lump sum or a monthly annuity, … (1 comments)
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