Reverse Mortgage Faces 15% Cut

We’ve heard the rumblings for some time, and now it’s upon us.  The Home Equity Conversion Mortgage, or reverse mortgage, will cut its benefits to seniors at the end of this month.These changes reduce the maximum benefit available from these loans by as much as 15%,...

Buy Your Next House with a Reverse Mortgage

Sorry, kids, these notes are for people aged 62 and older.  We’re talking about reverse mortgage, which is only available to that age group.  It’s a federally insured home loan usually used for refinancing, but let’s see how it might be used to purchase a...

What’s Up With Rates?

In the past three months, mortgage interest rates have risen.  We knew the party couldn’t last forever, and now we are firmly in the realm of rates in the high 4’s.  What does that do to affordability?For purposes of discussion, let’s look at rate sheets dated April...

This Is Why It Feels So Invasive …

The Office of Lender Activities and Program Compliance department of FHA just released the June report on Post-Endorsement Technical Loan Reviews.  That’s a fancy way of saying:  They’re showing us what’s wrong with loan files after closing, in an effort to clean up...

When is it Wise to Pay Off the House?

Living mortgage-free seems to be part of the American Dream.  What homeowner hasn’t envisioned owning their home outright? Paying off your house is attainable over time, by taking a shorter term on your loan, or even by making extra principal payments monthly.  What...