The Truth About Reverse Mortgages

In a “regular” mortgage, you make monthly payments to the lender. However, with a “reverse” mortgage, you, the homeowner, receive money FROM the lender and, generally, you don’t have to pay it back for as long as you live in your home. Instead, the loan is repaid when you die, you sell your home or you no longer live in it as your principal residence. Reverse mortgages are ideal for homeowners who have high value in their homes but are lacking in available cash, or income! It allows you to stay in your home and still meet your financial obligations!

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Is The 50-Year Mortgage For You?

During the past few weeks several mortgage lenders have announced that they will now offer 50-year mortgages. This is a curious idea, but not as curious as it could be: At the height of the real estate boom in Japan some homes were financed with 100-year mortgages.

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Home Refinance Closing Costs – Things You Should Know

Home refinancing closing costs should be consider before signing a contract. You can actually lose money on closing costs if you aren�t careful. Shopping lenders can help you find lower fees, but you may find other financing options have lower costs.

Length Of Time To Recoup Costs

While the general rule of thumb is to keep a loan for two years to recoup closing costs, it isn�t a hard fast rule. For one, if you only have five years left on your loan, then refinancing won…

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