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What Are the Fees to Get a Reverse Mortgage?

5/1/2019


A reverse mortgage is a special type of home loan that allows homeowners 62 and older who have paid off all or most of their mortgage to withdraw some of their home’s equity and convert it into cash.

When evaluating the costs of a reverse mortgage against other potential retirement strategies, you’ll want to look at Home Equity Conversion Mortgages, or HECMs, in particular. HECMs account for nearly all reverse mortgage loans in the U.S. and are insured by the Federal Housing Administration.

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Can You Buy a Home With Bad Credit?

5/1/2019


There’s no denying that good credit can help you get a better interest rate on a mortgage. And because your mortgage will likely be one of largest, if not the largest, debts you’ll ever incur, it’s in your best interest to get your credit in the best shape possible before you apply for one.

Having said that, you don’t always need to have sterling credit to purchase a home. You might not qualify for the best interest rates available, but you may still be mortgage-eligible even if you have average, or below average, credit scores.

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