Real Estate

3 Alternatives to a Reverse Mortgage

Reverse mortgages are not the only option for retirees looking to enhance their cash flow. Alternatives, like refinancing the existing mortgage, taking out a home-equity loan, or selling the property might help some people reach their goals. Evaluating financial circumstances and retirement objectives can help homeowners determine which route is the best fit. Refinancing For homeowners that are struggling with their monthly payments, refinancing is a potential option. Refinancing may allow … [Read more...]

5 Ways to Get Out of a Reverse Mortgage

There are various options available to homeowners who decide to get out of their reverse mortgages. Aside from dying or selling the home, borrowers can exercise their right of recission, repay the loan balance, refinance with a conventional mortgage, tap into their savings, or choose another reverse mortgage. When deciding which option to choose, the length of time since the money was borrowed and the consumer's overall financial situation play an important role. Indicators that a Reverse … [Read more...]

Making Offers on Multiple Homes at Once

Making offers on multiple homes is a tactic used by some buyers when the real estate market is “hot,” and they are unable to secure an acceptance for their offer proceeding one property at a time. It is possible to make offers on multiple homes, but it could expose the buyer to legal and financial risks. Moreover, some local laws prohibit buyers from making offers on multiple homes at the same time. Legal Issues Some cities and counties prohibit buyers from submitting bids on multiple homes by … [Read more...]

What to Expect at Closing

Closing costs include fees paid to third parties that facilitate the sale of the property and can include inspections, attorneys’ fees, and brokerage fees. Closing costs are typically paid once the sale is closed but some are paid before (i.e. home inspection fees). Closing costs range from two to seven percent of the purchase price. The method used to calculate closing costs dramatically changes the closing costs imposed because buyers and sellers respectively do not share in the costs … [Read more...]

CFPB Rules Can Help You Keep a Mortgaged Property When Your Loved One Passes Away

The new guidelines from the Consumer Financial Protection Bureau (CFPB) make it easier for people to assume an existing mortgage when their loved one dies. While the 2014 rule requires loan servicers to provide certain information about the mortgage to heirs, the 2018 rule requires lenders to have procedures in place to quickly identify "successors in interest" and communicate with those who have the legal interest in the property. Entitlement to Loss Mitigation Options The CFPB rules make it … [Read more...]

Housing Affordability: There Is No Crisis

While a housing affordability crisis has taken the blame for holding back home sales in the United States, homes in America are more affordable than ever despite increased prices and rising interest rates. New data provided by First American Financial Corp. suggests that today's home buyers are actually experiencing a much more affordable housing market than their parents did four decades ago. Historically low mortgage interest rates and consistent income growth have provided Americans with more … [Read more...]

Duty to Serve Program Brings Homebuying Options to Low and Middle Income Americans

Owning a home is a source of accomplishment. Unfortunately, affordable homeownership remains a pipe dream for many low and middle-income Americans. Homeowners are often burdened by the weight of mortgage repayments. The Duty to Serve Program was established by the Federal Housing Finance Agency to make homeownership affordable through the introduction of more home buying options. Those who are either struggling to make their mortgage payments, or are falling behind ought to work directly with … [Read more...]

Will Trump’s Infrastructure Plan Make Housing in America Great Again?

Trump's proposed infrastructure plan could be a game changer for America, but challenges exist that may hinder the plan from becoming as transformative as was originally envisioned. The infrastructure plan will encourage the development of advanced technology, like broadband internet, in rural communities throughout the U.S. But higher taxes to help cover the costs of the projects, increased home building and remodeling costs due to a shortage of construction workers, and swarms of new residents … [Read more...]

Deed Restrictions Can Ruin Your Dream Home

Deed restrictions can have a big impact on purchasing or building a new home, selling an existing home, renovations, and even how a property is used. Since deed restrictions are attached to the land, they can continue to cause problems for both current and future owners of a property for many years. What is a Deed Restriction? Deed restrictions, or restrictive covenants, are provisions in a property deed that place limits on the use of the property and/or building on the property. Such … [Read more...]

Check With HOA For Defects Before Buying A Condo

Homeowners’ associations (HOAs) are valuable resources when checking for possible defects before purchasing a condo. Because the HOA is not incentivized by the possibility of a large payout or to lie, deceive or mislead a prospective buyer, consumers may be able to access more detailed and honest information than they might otherwise. Sellers are incentivized to paper over defects in the building or other issues that are currently being contested because their goal is to sell the unit and move. … [Read more...]

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