Posts with tag reverse mortgages

Checking your home's value on websites has become an almost weekly obsession with many. That obsession is being fed by stories like one from The New York Times declaring that owning a home is no longer a way to build wealth. As long as you're not planning to move, you should stop worrying about the long-term value for... Continue Reading »

A woman in her seventies called Clearpoint Credit Counseling Solutions because she could no longer afford her mortgage at a 6.75 percent rate and her house was underwater. The woman wanted to take advantage of the lower interest rates but couldn't refinance because she had no equity in the home. Karen Metoyer, a housing... Continue Reading »

Now that major banks including Bank of America, Wells Fargo, and MetLife Bank have eliminated fees for reverse mortgages, borrowers are taking another look at this option for financing retirement. While a reverse mortgage sounds like a good deal -- you get to stay in your home and tap your equity, rather than... Continue Reading »

Do you or your parents have a reverse mortgage for which they don't pay the property taxes or insurance? While in the past, the FHA and Fannie Mae would patiently wait until the property owner died or moved to pay off any liens, that practice is about to end. Many seniors don't realize that they can lose their home to... Continue Reading »

Ah, the golden years. But in these post-crisis times, many seniors are spending more time worrying about the roof over their heads than what hobby to pick up next. Some seniors are among the millions of Americans facing foreclosure because they can't afford to continue making the payments. Others are struggling with... Continue Reading »