There is growing trend today among older Americans who are increasingly looking at a Gulf Shores reverse mortgage to tap the equity they've built up in their home over the years, now that they are in the low or no income category and can no longer qualify for the traditional refinance or home equity loan. […]
Gulf Shores Real Estate News – July 2012
In this Issue:* Pending Home Sales Up 13.3 Percent Reverse Mortgage = Foreclosure Risk A Turn in Housing: Are These Signs Real? Pending Home Sales Up 13.3 Percent Home contract signings rose for the 13th straight month, according to the National Association of Realtors, which reported pending home sales rising 13.3% over May 2011 […]
Reverse Mortgages Can Be a Solution for Some
Simply stated, a reverse mortgage allows you to tap into the equity of your home, allowing you to stay in the home for as long as you like. Unlike a traditional mortgage — where you make monthly payments of principal and interest — a reverse mortgage has no monthly payments. The mortgage is paid off […]
Reverse Mortgages May Become More Affordable
The Federal Housing Administration (FHA) announced recently that it intends to make modifications to its Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners looking to tap their home equity. A HECM is a reverse mortgage that is […]
Reverse Mortgages: Possible Answer for Struggling Seniors
Reverse Mortgages: Possible Answer for Struggling Seniors Many older Americans find themselves house rich and cash poor. They own their home, or at least have significant equity in it, yet struggle to make ends meet each month. They could sell their home, but are not inclined to move and leave their memories behind. A reverse […]
Reverse Mortgages: Pros and Cons
Reverse Mortgages: Pros and Cons If you own a home but are struggling to make ends meet, a reverse mortgage might be one way to boost your financial security. However, it’s important to investigate the pros and cons fully – and to seek out a qualified, professional financial adviser or institution to help you make […]