Pay off mortgage with savings or HECM?

Q: “I will retire shortly at 65 and still owe $67,000 at 6 percent on my mortgage, which I have not been able to refinance because I can’t document enough income … the mortgage still has 10 years to go, and the payment is $744. My house is worth $250,000 and I have savings of …

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Fewer U.S. homes underwater as prices rise

Fewer U.S. homes underwater as prices rise More than 1.3 million U.S. homeowners who owed more on their mortgages than their homes were worth have regained equity this year,  Santa Ana-based data firm CoreLogic says. Increases in home values are giving homeowners not only more equity but the ability to refinance. Nationwide, home values saw the biggest annual …

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How long will you be underwater?

Are you an underwater homeowner?  It’s a trying situation to be in, and made worse by not knowing how long you will be in that position. Jack Guttentag wrote a great article on the topic, published on Inman News. Roughly 16 million owners are underwater; owing more on their mortgage than their homes are currently …

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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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