Your Personal Finance Wizard
Reverse mortgage line of credit is a credit card like HECM system. Using it 62 or older people can borrow money up to a credit limit against their home equity. According to the American Association of Retired Persons, Around 66% of reverse mortgage takers choose the HECM with Reverse Mortgage Line Of Credit. So, in … Read more
The three types of reverse mortgages are 1. FHA-insured HECM, 2. Proprietary Reverse Mortgage without FHA Insurance and 3. Single-purpose Reverse Mortgage Shopping for a reverse mortgage but have little or no idea about it? Then this post can be a great help. Because here I am going to discuss, what are the 3 types … Read more
When the borrower and co-signer of a reverse mortgage pass away, if there is an heir then the heir has to pay the loan balance to get control of the house. In absence of heirs, the lender will sell the house to get repaid. Reverse mortgages are a great tool for retirees to get some … Read more
Underwriting in real estate is the process of evaluating a property to assess whether it is worth the investment. It also determines the property’s value, its potential income, and the risks associated with the property. Planning to get a mortgage? Or looking forward to investing in real estate? No matter what your intention is. Before … Read more
Yes, property tax is included in most mortgage payments. Because it protects lenders in property foreclosure cases and saves borrowers from the hassle of paying property tax in one installment. Owning a new home comes with a lot of responsibilities. One such responsibility is paying property tax. You may not like it. But you … Read more
The intent to proceed mortgage is the process of informing your mortgage lender that you intend to go forward with their loan offer. It is your first commitment to your mortgage lender. In a hurry?Listen to this audio summary Preparing for your mortgage but not understanding the intent to proceed mortgage? However, don’t worry. I … Read more
Yes, it’s possible to borrow extra on your mortgage for furniture. However, not all lenders allow you to borrow extra for furniture, and in case your lender allows it then you have to be eligible for it according to your lender’s policy. Thinking of taking a mortgage but not sure whether you can borrow extra … Read more
Normally, you can not fully rent your house with a reverse mortgage. But there can be some situations in which you might be eligible for partially renting your reverse mortgage property. So, what are they? Well, we are going to find out. In this article, I am going to broadly explain Can You Rent Your … Read more
