In case you’re not familiar with a reverse mortgage, it’s a type of loan that allows homeowners ages 62 and older to leverage the equity in their house. If a homeowner owns their property outright—or has considerable equity to draw from—they can withdraw a portion of the equity as tax-free income without having to repay it until they leave the
In today’s rapidly changing mortgage landscape, it’s easy for myths to circulate. So, here’s the truth behind common mortgage mistruths you may hear today. 1. Everyone qualifies for low-interest rates There’s a lot of talk about record-low mortgage interest rates of late. Most recently, a 30-year fixed-rate mortgage dropped to 2.88 percent for the week of Aug. 6, according to
Even in the best of times, house hunting comes with built-in stressors ranging from mortgage approvals to bidding wars and beyond. But house-hunting during the coronavirus pandemic can change the game entirely. Toward that end, here are five surprising lessons one homebuyer learned while house-hunting during these ongoing difficult times. 1. Don’t expect bargains Early on during the pandemic, some
If you’re thinking about refinancing your mortgage to lower your interest rate, to help shorten your loan term, or to convert equity into cash for any unforeseen expenses, you’ll need to be aware that there also are closing costs to consider. Closing costs are about $5,000, although this varies according to the size of your loan, as well as the state and
