First-time homebuyers realize that “closing” is the final step in their home purchase. And while they know that “closing costs” are part of the process, the vagueness of the term often leaves them struggling to decipher documents just days before closing. Shedding some light on this overlooked part of the process can avoid confusion and […]
A home equity conversion mortgage (HECM), or reverse mortgage, can be a valuable tool for seniors in retirement. A HECM enables homeowners 62 years of age or older to tap into their homes’ equity in the form of a one-time or monthly cash disbursements. If you’re considering pursuing a reverse mortgage, completing a self-evaluation is a […]
The home buying process is among the most stressful and intimidating events in the life of a modern American, according to a 2018 survey by Homes.com. In fact, only 20 percent of respondents said they felt confident as they entered their home search. Becoming a homeowner doesn’t have to be scary, though. With a reliable, […]
Just because your retirement has arrived doesn’t mean you’re out of time to find new opportunities to better your financial future. If your retirement plans include an active lifestyle and an interest in diversifying your asset portfolio, one tool at your disposal could be worth considering. Using a HECM for Purchase to buy a 2-4 […]
With mortgage rates at historic lows, the Federal Reserve recently cutting the funds rate for the first time in a decade, and more rate cuts expected as soon as this month, many homeowners can now benefit from refinancing. But how do you know if refinancing your mortgage is the right move? We’ve put together five […]
Summertime is the busy season for homebuyers. Families, especially, are eager to make the transition to a new home between school years to simplify the process and minimize the disruption for their children. But what about shoppers without children? Is summer still the ideal time of year to find a new house? If school schedules […]
Since its establishment in the 1980s, the Home Equity Conversion Mortgage (HECM), or reverse mortgage, has helped more than 1 million seniors supplement their financial planning after the age of 62. A HECM allows eligible borrowers to access their home’s equity without having to sell, leave the home, or make monthly payments. Thanks to enhancements […]
With mortgage interest rates at historic lows, a new generation of homebuyers is looking to buy their first homes. While many of these buyers have substantial, reliable income, they may also be facing significant student debt and lack the cash for a traditional down payment. While several mortgage options may fit their needs, a new […]
At its July meeting a few weeks ago, the Federal Reserve lowered the federal funds rate for the first time in a decade. The quarter-point cut, intended to offset early signs of a slowing economy, brings the federal funds rate down to just 2 percent. While the rate cut impacts financial institutions more directly than […]
You may be familiar with the Home Equity Conversion Mortgage (HECM), or reverse mortgage program, which allows homeowners over age 62 to stay in their current homes while drawing on the equity. But did you know you can also use a HECM to buy a new home? For seniors looking to right-size or relocate in […]
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