Reverse mortgages have been around for a while and the Department of Housing and Urban Development (HUD) under the Federal Housing Administration (FHA) was one of the first to offer them.Before diving into the deep end of a reverse mortgage, you need to make sure you understand what it is, if you are eligible, and what will be expected if you decide on one. A reverse mortgage is a home loan that allows you to borrow against the equity you've...more
In a bi-weekly mortgage, one half of a monthly payment is paid every two weeks. That means that in a year with 52 weeks, 26 bi-weekly installments are made. If each of those installments is one half of a monthly payment, 13 monthly payments have been made in 12 months, with that extra month being applied directly toward the principal.That is to say that, in just 12 years of paying on a loan, a homeowner will have made a years worth of extra...more
Mortgage financing is the process of placing a mortgage on a house and lot or on a commercial property for the buyer of that property. The mortgage loan financing has two principal objectives.It can serve as a revenue-generating activity for the lender. It can also be used to refinance the mortgaged property to have more favorable terms of payments, or to establish a line of credit to use for running a business.Commercial mortgages are loans made for buying structures like the office buildings, health care facilities, retail outlets and apartment complexes. Regardless of the commercial property, the buyers need additional funding to complete the transaction.During such time, the lender makes money off the interest on the loan. If the borrower has failed to make payments on the commercial loan, the lender reserves the right to start foreclosure proceeding and seize the mortgaged property. Generally, the interests paid on commercial mortgages are tax deductible.If you plan to apply for a commercial mortgage, you will be given two different types of loan, namely the fixed rate loans and the variable rate loans. These types of loans are applicable for residential and commercial...more
To enter into one of the most rewarding industry with a great license, then CeMAP is the solution. It is your trump card to enter and prosper in the industry.Right amount of training will in the right sense accentuate your worth in this industry. The market is al ready to recruit thousands of people who have the right attitude and knowledge. So, it...more
It goes without saying that the economy, including all activities in the financial sector, are rather volatile at the moment. This makes accurate predictions difficult to make. We at Krebs Financial have access to the information and analytical resources which give us some confidence in the following prediction about what mortgage interest rates...more
November's unemployment numbers in the United State were recently released and the news was not optimistic. The unemployment rate is still at 10 percent, down only .2 percent from October's 26-year high of 10.2 percent. Unemployment has affected almost every person in the country in some way, but can be especially detrimental to those who, previously retired, are trying to supplement their fixed income. Reverse mortgages can be a good way to supplement a person's income by using the equity in their home and turning it into usable funds. These loans require no monthly payment and are available to those 62 years and above who use their homes as their primary residence. Although it is necessary to have equity to obtain a reverse mortgage, the home does not need to be owned free and clear. One of the most common uses of a reverse mortgage is to pay off the current mortgage and eliminate monthly payments. One safeguard that a reverse mortgage offers seniors is that it requires all borrowers on the loan to go through a third-party counseling session. This counseling session with a HUD approved counselor ensures that the senior gets an unbiased opinion and gets all their questions...more
So you want to be wealthy... Who doesn't? Most people dream of having millions of dollars at their disposal, having top-of-the-line cars and gadgets, or eating at first class restaurants. But not everybody can actually put those dreams to reality. At...more
Even if a senior wants to get cash money with the reverse mortgage loan, this loan is always a long term decision. When a senior thinks, what is reverse mortgage, he has to think issues like the interest rates, especially if his loan will have a...more
When seniors think of the reverse mortgage loans, the main issues are not the loans, but the needs, which seniors have. The needs should dictate, how seniors will organize their financial situations and whether these loans fit to these plans and if...more
With mortgage modifications becoming a significantly more commonplace in today's economy, the question on a lot of people's minds is: How will this affect credit scores? Up until recently, it was up to the mortgage companies how they chose to report...more
Author: Sanjana AntonyHey there everyone! You may not realize that you might be able to refinance your mortgage through the Mortgage lender that you are working with; but this is something that you might want to investigate. There are many people out...more
Ever experience the feeling of being defenseless in the week? Pondered on it for a time, then blew it off as barely more than a prolonged day at work talking or a late night you had last night struggling to upgrade your competency within your given...more