A Hud Reverse Mortage For Retirement?

HUD reverse mortgages can be a great tool for Seniors that are looking for additional funds for retirement. Through a HUD reverse mortgage, seniors can tap into the equity from their homes without having to make repayments.

HUD Reverse Mortgage Eligibility

Homeowners must meet the following criteria in order to be eligible for a HUD reverse mortgage:

– Homeowner must be age 62 or older.

– The home must be owned free and clear or have a mortgage balance that can be…

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Adjustable Rate Mortgages: When They Are the Right Mortgage

Most of us are familiar with tradition rate mortgages. We borrow a fixed amount of money for 15 to 30 y ears and we agree to pay it back at a given interest rate over the life of the loan. Our payments are the same amount every month, whether it is for 5 years or 30 years. For the majority of homeowners out there this is the most ideal type of mortgage as it has no surprises or sudden increases in monthly payments. However, for some home buyers, an adjustable rate mortgage may very well be the better financial tool.

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The Basics of Reverse Mortgages

Reverse mortgages are loans against your home that require no repayment for as long as you live there. As opposed to regular mortgage loans, reverse mortgages have no income requirements and are based solely on the equity of your home or condo. There are no monthly payments to make as the mortgage is due only when the borrower is no longer living at the residence.

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Remortgaging – Is It Worth Being A Rate Tart?

Mortgage lenders call people who switch mortgage lenders to follow lower rates �Rate Tarts� � as if that�s going to put them off! These are tarts with brains (not hearts) as we all know that the best way to get the cheapest deal is to shop around, and that�s what they�re doing!

The mortgage lenders are in heavy competition with each other to attract the most customers, and although some offer other incentives like free valuation and set up fees, it�s the interest rate tha…

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