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

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 [...]

WOW…everything about mortgage refinancing. Not exactly. But I will provide you with a few tips that will help you out in determining how to gauge your refi options. Refi, or not refi, that is the question. When should you refinance? What should you look for in a refi loan? [...]

Okay, so, let say that you’ve prepared your financial statement and you bring it and your credit report with you into the office of a home loan officer.  Keep in mind, they do want your business, however, in today’s economy, they’ve tightened down on several things (unless you go to a non-nationally linked bank.)  Perhaps [...]

1) Increase money on hand each month. Refinancing at a lower rate or longer loan term means you can save or spend more money each month. But you will ultimately pay more in interest over the long-run than you would have. 
2) Decrease Your Mortgage Term Length. By increasing the amount you pay each month, you [...]