| Mortgage Refinancing
Consider refinancing your mortgage if you can get a rate that is at least one
percentage point lower than your existing mortgage rate and if you plan to keep
the new mortgage for several years. When comparing mortgages, don't forget to
include the extra fees you must pay for the new mortgage. You may be able to
get some fees waived if you are able to refinance with your current mortgage
holder.
|
Reverse Mortgages
A reverse mortgage is a home loan that you don't have to pay back for as long as you
live in your home. The loan and interest is repaid only when you die, sell your home
or permanently move away. Only homeowners who are at least 62 years old are eligible.
These mortgages can help homeowners who are house-rich, but cash-poor stay in their
homes and meet their financial needs.
There are three types of Reverse Mortgages: federally insured reverse mortgages,
proprietary reverse mortgages and single-purpose reverse mortgages. As with any
mortgage it is important to be a savvy consumer and shop for the best deal.
Check the directory for the following resources that provide comprehensive and
reliable information:
- The Federal Trade Commission
- The Department of Housing and Human Development
- AARP
|
