A small house model and piles of coins at the background Some housing market trends in the Chicago area remain strong, while others falter. The real estate market in the Chicagoland area has shown some slowing through 2019, however, it has not stopped entirely. Certain areas of the market continue to see significant movement. Stability in the Market Despite concerns over a possible recession and crime in the area, the Chicago housing market remains stable. With a population of over 2.7 … [Read more...]

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...]

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...]

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...]

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...]

Due diligence can help prevent homebuyers in Illinois from losing thousands of dollars. This is a vital part of the home buying process and one that is the responsibility of the buyers. While Illinois does require sellers to disclose material defects in the homes, there are additional factors that the buyer should consider when deciding whether or not to go through with the transaction. Buying residential real estate may be one of the largest financial transactions that home buyers ever complete … [Read more...]

Reverse mortgages offer options to senior homeowners who are struggling to maintain a certain lifestyle. Although they have advantages, they're not right for every homeowner. An attorney real estate can explain the legalities of a reverse mortgage and the impact on finances and home equity. The Facts About Reverse Mortgages A reverse mortgage is a federally backed FHA loan that enables senior homeowners who are 62 years old or older to convert part of their home's equity into cash. Reverse … [Read more...]