The days when a financial advisor counseled a homeowner to keep a $50,000 home equity line of credit open as a financial cushion, are over. Read the rest of this entry »
Some New Rules Banks Are Enforcing If You Want A Home Equity Line Of Credit Or Mortgage
May 5th, 2009 Vicent Spoto Posted in Consumer News, Loan Modification, repost Comments Off
The days when a financial advisor counseled a homeowner to keep a $50,000 home equity line of credit open as a financial cushion, are over. Read the rest of this entry » 
Seniors Age 62 And Older May Qualify For A Reverse Mortgage
March 27th, 2009 Maureen McCaffrey Posted in Consumer News, Loan Modification, Reverse Mortgage Comments Off
Did you know that in our country someone turn age 50 every 76 seconds? We are living in a rapidly ageing population, so thank goodness the Department of Housing and Urban Development insures the Reverse Mortgage. It was created to assist seniors live out their golden years in comfort without fear of losing their homes.
Seniors aged 62 and older who qualify for the Reverse Mortgage may either buy or refinance an existing home. Participants may choose between receiving non-taxable monthly income, a lump sum payment or making no payments at all. Insurance, real property taxes and association fees must be paid and users must certify each year that they are the principal residents of the home.
The home may be sold or refinanced at any time. Heirs will be given the option to refinance or sell the home. If the home is sold, the Reverse Mortgage balance will be paid off first and the remaining balance will be distributed however the late owners have designated.
For assistance with buying and selling a home in the Wellesley area, call Maureen McCaffrey at 508-494-0811.
Important Things To Know About Reverse Mortgages
March 26th, 2009 The Pinnacle Team Posted in Consumer News, Loan Modification, Reverse Mortgage Comments Off
Reverse Mortgages are available to anyone who is over 62 years of age, owns their home and uses it as their primary residence. Read the rest of this entry » -
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