An educational blog about home mortgages, financing, refinancing, mortgage rates, home loans, brokers and suggestions

In the area of estate planning there are some options.  If you are healthy enough and can either buy extra life insurance or increase your existing policy; increase it to at least what your home is valued at during the loan close process.  If you are not healthy, cannot afford more insurance, or simply cannot [...]

The major issues to consider with regard to reverse mortgages are taxes and government benefits.  All need to be considered when planning to apply for or accept a reverse mortgage.  To fully understand all aspects of reverse mortgages you need to speak with a tax professional, your accountant, or your financial advisor.  If you trust [...]

Continuing on with reverse mortgages, let’s take a look at some numbers. Because reverse mortgages can be a tad confusing, I have provided an example:
A 75-year-old woman owns a home valued at $250,000. She qualifies for a HECM credit line of $135,484 with a 7% interest rate. At closing, she withdraws only $67,742 of the [...]

I saw an advertisement the other night about reverse mortgages. Now, I had heard about these before but I was not well versed on what they are. When I found they were geared toward homeowners 62 years and older, my knee jerk reaction was they were stealing homes from older people. But after a little [...]