11 Feb 2020
By Mortgage Blog Content

Considering A Reverse Mortgage? Understand These Important Points First

Mortgage
There are many individuals who end up on a fixed income once they reach a certain age; however, their expenses aren’t always fixed. Sometimes, there is a large medical expense. In other cases, someone might need money for a new car or a home repair. In the event that someone needs cash quickly, one option is called a reverse mortgage. Those who have equity built up in their home can draw upon this to help with unexpected expenses. This is a quick source of cash that many people overlook. At the same time, it is important to think about the pros and cons of a reverse mortgage. The Pros Of A…
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04 Feb 2020
By Mortgage Blog Content

4 Things To Do Before Co-Signing A Mortgage For Your Child

Mortgage
It can be hard to convince a lender that a young person is ready to buy a house. There may not be a long credit history, a lack of assets might make it hard to fund a down payment, and the buyer's age can cause banks to hesitate. One of the ways for parents to help with this process is to co-sign on the mortgage. Before doing this, there are a few important steps to keep in mind. Look At Your Own Qualifications Remember that co-signers are going to go through the same vetting process as the primary borrower. This includes someone's income, credit history, assets, debts, and credit score are…
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16 Jan 2020
By Mortgage Blog Content

How A Reverse Mortgage Can Help With Long-Term Care

Mortgage
Anyone who has paid attention to the TV recently has likely seen a lot of commercials for something called a reverse mortgage. For those who might not know, a reverse mortgage is exactly that. In this option, people receive monthly payments from a lender in exchange for equity in their homes. In essence, this functions as an annuity. One of the major benefits of a reverse mortgage is that it can be used to cover the costs associated with long-term care. Over the next few decades, the number of elderly individuals in the United States is projected to double. For this reason, long-term care is projected to become a major expense.…
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10 Dec 2019
By Mortgage Blog Content

Can A Reverse Mortgage Impact Your Social Security Or Medicare Benefits?

Mortgage
One of the most common worries that people have is money. When it comes to those golden retirement years, many people worry about running out of money. At the same time, most people who reach their retirement years have a lot of equity in their home. Therefore, many people think about drawing on the equity in their home as a source of income. A reverse mortgage will allow someone to do exactly that. On the other hand, can receiving payments from a reverse mortgage impact the benefits that someone can receive from Social Security or Medicare? The Basics Of A Reverse Mortgage First, people need to think about what a reverse…
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27 Nov 2019
By Mortgage Blog Content

3 Crucial Questions To Ask Before You Co-Sign A Mortgage

Mortgage
A mortgage is a significant responsibility. For this reason, many people have someone co-sign with them on their mortgage. Before agreeing to co-sign on any mortgage, it is important to ask the right questions. There are several crucial questions that everyone should ask before they co-sign on someone else's mortgage. What Does It Mean To Co-Sign On A Mortgage? Before signing that piece of paper, it is important to understand the responsibilities involved. Co-signing on a mortgage is a little bit different than co-signing for a credit card. The person who is buying the home, the primary signer, lives in the property in question. The co-signer, typically, does not. On the…
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16 Oct 2019
By Mortgage Blog Content

What Exactly Is Private Mortgage Insurance (PMI)?

Mortgage
PMI, which is also called private mortgage insurance, is protect that the lender may ask the buyer to purchase. In the event that the buyer defaults on their home loan and the home enters foreclosure, the lender has a way to recoup their losses. While the lender may not ask everyone to purchase PMI, there are some situations where the lender may ask the buyer to purchase this insurance policy to qualify for the loan. Every lender is a little bit different; however, there are some trends throughout the industry. Most lenders ask the buyer to place a down payment of about 20 percent of the total price of the house.…
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