Choosing a reverse mortgage: fixed vs. adjustable

Choosing a reverse mortgage: fixed vs. adjustable FHA-insured reverse mortgages, called Home Equity Conversion Mortgages (HECMs), can be a life-saver for elderly homeowners short of income. While aftershocks from the financial crisis have caused the amounts that homeowners can draw under the program to be reduced, borrowers now have more options than they had before …

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Don’t overpay for title insurance

Don’t overpay for title insurance Many refinancing borrowers continue to overpay for title insurance because they don’t know enough to ask. Not everyone is eligible, however. Cutoff dates In most states, insurers set a cutoff on how old a mortgage can be to be eligible for a reissue rate. The most common cutoff is 10 …

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Low Rates, High Obstacles to Refinancing Mortgage

As interest rates have slid over the past couple of years, Gabriel Bousbib of Englewood, N.J., refinanced his 15-year mortgage not once, but twice-cutting his interest rate in two steps from about 4.6 percent to 3.375 percent. He’s one of a number of homeowners who refinanced just a year or two ago, but decided it …

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More mortgage relief from the White House – but congressional ‘ok’ doubtful

An summary update (by CAR.org) on the mortgage relief plan by the federal government, covering an article by The Mercury News: In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the …

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