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Mortgage & Refinancing Information |
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Reverse Mortgage - Be Sure You Need It Before Applying For One
Reverse mortgages used to be considered the last resort of desperate retirees who needed to borrow against their home equity in order to pay for medical expenses. With home prices across the country rising at astonishing rates, more and more retirees, aged 62 and over, are taking out reverse mortgages to fund better retirement living. A reverse mortgage works more or less the opposite way from a conventional mortgage; the borrower receives payments from the lender in the form of a lump sum, a line of credit, or monthly payments. The amount borrowed constitutes a lien against the home must be repaid upon the death of the borrower, or when the home is resold. There are costs associated with a reverse mortgage, however, and potential borrowers should be aware of these when considering taking out such a loan, particularly if the borrower takes out a line of credit. Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
MORE RESOURCES:
What are the hidden costs of refinancing a mortgage? Fox Business Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business What Is A Debt Consolidation Refinance? | Pros And Cons The Mortgage Reports 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer I'm retired and won't live to see my mortgage paid off. Should I refinance to lower my monthly payment? MarketWatch What is a mortgage prepayment penalty fee, and how does it work? Business Insider Buying a Second Home: What to Do and How Much It Costs Credible News For lower-credit homeowners, refinancing is harder, but not hopeless Chicago Sun-Times Mortgage refinance: Everything you need to know Fox Business How to decide if you should refinance your mortgage Fox Business Should You Lend Your Kids Money for a Home Down Payment? The Motley Fool Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business How to refinance your mortgage Fox Business Who's exempt from the new mortgage refinance fee? Fox Business Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes 4 ways to get lower mortgage refinance rates Fox Business How do I get the most out of my mortgage refinance? Fox Business Today’s mortgage refinance rates mixed — one key rate drops while two hold steady | December 15, 2020 Fox Business Today's mortgage refinance rates don't budge for fourth consecutive day | November 24, 2020 Fox Business 10 things to know before refinancing your mortgage Fox Business Refinancing your mortgage? Don’t make this mistake Fox Business The best mortgage refinance lenders of January 2021 Business Insider Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News When should you refinance your mortgage? Fox Business How to refinance your mortgage without closing costs Fox Business How often can you refinance your mortgage? Fox Business Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business 10 tips for getting the best mortgage refinance rates Business Insider How to get a low-cost mortgage refinance Bankrate.com No-Closing-Cost Refinance: Is It Right for You? NextAdvisor How to Refinance Your Home | Home Lending Chase News & Stories Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette How much can you save by refinancing your mortgage? Fox Business The impact of the coronavirus on mortgage refinancings Brookings Institution Can I Refinance My Mortgage With Bad Credit? NextAdvisor |
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