Related to Mortgage

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn’t free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person’s lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title “reverse mortgage”. (more…)

Although the Fed has cut rates, mortgage rates for 30-year fixed-rate loans actually have risen the past two weeks. Freddie Mac, the mortgage company, reported last week that 30-year fixed-rate mortgages averaged 6.13 percent, up from 6.03 percent the previous week.

Many who bought at the height of the housing boom in 2004 and 2005 can’t refinance because they owe more than their houses are worth. The glut of homes for sale across South Florida and the region’s foreclosure crisis have slashed property values by about 20 percent in the past two years. (more…)

In modern times, society has reached a point where money represents the number one force and everyone is interested in providing for himself. That has always been the law of nature but it seems that the more we struggle to lead an existence, the more credit we give to money. In the end, we are left with just one question: how can we understand better our personal finance situation? Where should we resort for help? The answer is more obvious than we imagine: the Internet! (more…)