Reverse Mortgages

Reverse Mortgages

Reverse Mortgages are specialty loans available to qualifying senior citizens. These homeowners will borrow money against the equity that they have in their home. The loan and interest are not required to be paid back to the lender until the homeowner dies or moves out of the home. These loans are becoming increasingly popular among [...]

Mortgage rates remain stable during short week, says MBA

December 24, 2009 First Time Mortgages

Average interest rates for most mortgage types remained stable during a shortened week as applications declined during a short week before the peak of the holiday season, according to the latest Weekly Mortgage Applications survey for the week ending on December 18.
Of all types of mortgages, 15-year fixed-rate mortgages were the only to see a [...]

0 comments Read the full article →

California considering reverse mortgage law

July 13, 2009 Mortgage Financing

The California Assembly’s judiciary committee has approved a bill that would impose a duty of "honesty, good faith and fair dealing" on those involved in the recommendation and sale of reverse mortgages.
The bill, sponsored by state Senator Lois Wolk, also requires banks to provide a checklist of issues that a potential borrower must discuss [...]

0 comments Read the full article →

Reverse mortgages subject of Senator’s hearing

June 29, 2009 Reverse Mortgages

Senator Clair McCaskill on Monday hosted a hearing on potential abuses in the reverse mortgage industry, featuring testimony from the inspector general of the U.S. Department of Housing and Urban Development and the president of the National Reverse Mortgage Lenders Association.
Reverse mortgage loans allows seniors to convert the equity in their homes into cash. While [...]

0 comments Read the full article →

Thieves taking advantage of elderly reverse mortgage holders

August 31, 2009 Reverse Mortgages

While some may question whether or not a reverse mortgage is a smart financial decision, an increasing amount of thieves have apparently singled out those who have applied for the program as targets to steal large amounts of money from.
Scammers have reportedly been seeking out elderly citizens who hold reverse mortgages on their homes and [...]

0 comments Read the full article →

Realtors help elderly and disabled with home chores

May 8, 2009 Reverse Mortgages

The Santa Clara County Association of Realtors (SCCAOR) this week has volunteers helping elderly and disabled community members with household chores.
Ninety-five SCCSAOR members and real estate industry affiliates lent a hand at 70 homes in Santa Clara County on tasks such as flipping mattresses, replacing light bulbs and washing windows, the group said.
Volunteers are [...]

0 comments Read the full article →

Mortgage rates fall back after steady rise

June 23, 2009 Mortgage Financing

Mortgage rates fell last week after several weeks of steady increases, a trend that continued early this week, according to the latest survey from mortgage monitor Zillow.com.
On Monday, rates for 30-year fixed purchase mortgages dropped to an average rate on Zillow Mortgage Marketplace of 5.49 percent.
Last week, the weekly average rate borrowers were [...]

0 comments Read the full article →