You probably have heard that there are changes to the mortgage rules that take effect January 1, 2018. Though, you might be confused on how these changes impact you. The most noticeable impact will be when you want to refinance your mortgage. Starting January 1, 2018, when you decide that you want to refinance your mortgage you will have to qualify at a much higher interest rate. This higher qualifying rate, referred to as a stress test, is the greater of the five-year benchmark rate publ...

A reverse mortgage is a unique product that has helped many people better enjoy their retirement years. Below, the myths are separated from the facts. Myth 5: A Home Equity Line of Credit (HELOC) is a better option. Fact: HELOCs are a good short-term borrowing option for people who can pay the interest and loan in the near future. However, HELOCs are callable loans and there exists significant risk of non-renewal or cancellation. In comparison, a reverse mortgage is a long-term financ...

Reverse mortgages have evolved from a needs-based product to a product many financial planners recommend as an important component of a comprehensive retirement plan. Below, the myths are separated from the facts. Myth 1: The bank owns the home. Fact: The homeowner always maintains title ownership and control of their home, and they have the freedom to decide when and if they'd like to move or sell. Myth 2: Those with a reverse mortgage will owe more than their house is worth. F...

A reverse mortgage is an attractive product for so many people who are at least 55 years old. Traditionally, a reverse mortgage gives people the money to stay in their home and enjoy their retirement years. This is still the number one use of a reverse mortgage, but did you know that there are many other ways in which you can use a reverse mortgage? From my experience, here are five innovative uses: 1. Investment Properties: Do you want that equity in your home to be working hard for you du...

A reverse mortgage is a loan secured against the value of your home, but with NO monthly payments required. You always maintain ownership and control of your home. The most common form of a reverse mortgage is that you receive a lump sum of money up front. The amount depends on your age and the value of your home. Interest accrues on the mortgage amount but you do not make any payments for the life of the mortgage. Three basic criteria to qualify: First is that you are at least 55 years old...