21
Feb
By Jim Hasek
Mortgage, ,

FHA Down Payment Requirements: Homeownership Without A Big Savings Account

Buying a home for the first time can be a challenge. One of the tools created to help people buy a home for the first time comes in the form of FHA loans. There were loans that were supported by the Federal Housing Administration (FHA). They can require a down payment that is as low as 3.5 percent.  FHA loans are significantly different from traditional mortgage loans. Those who have purchased a house before have likely heard that the average down payment is closer to 20 percent of the value. This can make it hard for someone to buy a…
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11
Feb
By Jim Hasek
Mortgage, ,

Considering A Reverse Mortgage? Understand These Important Points First

There are many individuals who end up on a fixed income once they reach a certain age; however, their expenses aren’t always fixed. Sometimes, there is a large medical expense. In other cases, someone might need money for a new car or a home repair. In the event that someone needs cash quickly, one option is called a reverse mortgage. Those who have equity built up in their home can draw upon this to help with unexpected expenses. This is a quick source of cash that many people overlook. At the same time, it is important to think about the…
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04
Feb
By Jim Hasek
Mortgage, ,

4 Things To Do Before Co-Signing A Mortgage For Your Child

It can be hard to convince a lender that a young person is ready to buy a house. There may not be a long credit history, a lack of assets might make it hard to fund a down payment, and the buyer's age can cause banks to hesitate. One of the ways for parents to help with this process is to co-sign on the mortgage. Before doing this, there are a few important steps to keep in mind. Look At Your Own Qualifications Remember that co-signers are going to go through the same vetting process as the primary borrower. This…
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16
Jan
By Jim Hasek
Mortgage, ,

How A Reverse Mortgage Can Help With Long-Term Care

Anyone who has paid attention to the TV recently has likely seen a lot of commercials for something called a reverse mortgage. For those who might not know, a reverse mortgage is exactly that. In this option, people receive monthly payments from a lender in exchange for equity in their homes. In essence, this functions as an annuity. One of the major benefits of a reverse mortgage is that it can be used to cover the costs associated with long-term care. Over the next few decades, the number of elderly individuals in the United States is projected to double. For…
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10
Dec
By Jim Hasek
Mortgage, ,

Can A Reverse Mortgage Impact Your Social Security Or Medicare Benefits?

One of the most common worries that people have is money. When it comes to those golden retirement years, many people worry about running out of money. At the same time, most people who reach their retirement years have a lot of equity in their home. Therefore, many people think about drawing on the equity in their home as a source of income. A reverse mortgage will allow someone to do exactly that. On the other hand, can receiving payments from a reverse mortgage impact the benefits that someone can receive from Social Security or Medicare? The Basics Of A…
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27
Nov
By Jim Hasek
Mortgage, ,

3 Crucial Questions To Ask Before You Co-Sign A Mortgage

A mortgage is a significant responsibility. For this reason, many people have someone co-sign with them on their mortgage. Before agreeing to co-sign on any mortgage, it is important to ask the right questions. There are several crucial questions that everyone should ask before they co-sign on someone else's mortgage. What Does It Mean To Co-Sign On A Mortgage? Before signing that piece of paper, it is important to understand the responsibilities involved. Co-signing on a mortgage is a little bit different than co-signing for a credit card. The person who is buying the home, the primary signer, lives in…
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