You may be wondering how you can benefit from getting a reverse mortgage? Many people have found that the money they got from a reversed mortgage benefited them greatly. With a reverse mortgage you continue to get income, and defer repayment, for as long as you live at home no matter how long that may be. An FHA insured reverse mortgage maybe exactly what you need!Lets take a moment to understand reverse mortgage. Then we can better explore the...more
No matter whatever the life brings in its path, mortgage life insurance helps you make sure your family is covered by essential protection and their future is safe and secure. The type of mortgage life insurance policy to choose from will depend on the type of mortgage you have. Mainly mortgage life insurance is categorised into two main types: Decreasing Term Insurance Level term InsuranceDecreasing term insuranceDecreasing term...more
Keep in mind that when you buy a home and don't have 20 percent down, you may be required to pay for private mortgage insurance (PMI). PMI gives homebuyers the ability to buy a home with as little as three to five percent down. It also provides loan servicers assurance that, should your mortgage go into default and your home is foreclosed upon, the loan will be paid for. Those are the advantages, but there is a dark side to PMI.A good example of this involves a recent bout Bank of America experienced with the Massachusetts Attorney General's office. In November 2009, Bank of America acquired Countrywide Mortgage loans. Countrywide was already under scrutiny due to questionable mortgage tactics regarding the removal of PMI on mortgages paid below 80 percent of the original loan. Qualified homeowners were requesting that PMI be removed, but Countrywide was not complying. Bank of America settled and no further court action was initiated by the state.Some things you may not know about PMI are that the IRS allows it as a deduction on your federal taxes if you qualify, you can legally require a mortgage company to remove the PMI and you can decide which PMI company to use. The primary...more
There are a number of reasons why you might want to remortgage. A remortgage deal could allow you to release equity from your property, to take advantage of a better offer following a change in the base rate, to exit your current mortgage deal if the introductory rate is ending, or simply to reorganise your finances following a change in...more
It has become really difficult to build a house without taking loans and several people are looking to take such loans from banks. People who taken loans for their home must have seen several ads which feature some products that can help one to pay the mortgage amount in case the borrower is not well, disables, ill or meets with any accident which...more
With the recession still looming large several people across the country are literally leading a hand to mouth existence living from pay check to paycheck. Need less to say, making their monthly mortgage payments is turning into a task for most people and if you also fall in this category and are facing the threat of foreclosure you should seriously consider opting for home loan modification. Regardless of the type of mortgage a home loan modification is possible and may be your only option to save your home.So if you are interested in getting a mortgage modification here is the step by step process:Evaluate your situation: The first thing that you will need to do before you seek a home loan modification is to evaluate the status of your loan. If you are more than 60 days late in making your payment then once you hit the 90 day mark, you will be considered a defaulter and may be in danger of losing your home. Normally after the 90 day period the lending institution will refer your case to a foreclosure attorney.So the next step you take in procuring a mortgage modification will largely depend on the status of your loan. If you feel that if the monthly payment is brought down you...more
When homeowners or business owners need a first or second mortgage on their property, but dont have enough credit to be approved by a bank, or have already obtained a loan from a lender who wont give them additional funds, they often turn to private...more
Millions of people wish to immigrate to Canada. This country is economically advanced and its geographical location makes the climate ideal and cool to dwell. Settling in Canada by purchasing your own dream home in one of the popular...more
Planning Helps Your Wealth Building One of the most important things you need in life is to learn how to secure your financial well-being. Now that we have seen the need to invest, we should get to it. You don't have to be a genius to do this....more
When taking into consideration finance many of us tend to come to a decision in haste, the financial elements are as it can be really complex for a common man and therefore they try to fix it as quickly as achievable that brings about cynicism...more
The power of compound interest is not something new under the sun. It has been always been there even in the days of old. It was Albert Einstein who once said that it is the most powerful thing in the universe. A lot of people knew it but only the...more
Mortgage Protection Insurance Advice-Free Online QuotesMost Mortgage Protection Insurance policies have an exclusion time period before you can claim on the policy.Nearly all mortgage protection policies have a wording which excludes a claim on the...more