Retiring Soon? Learn How a Reverse Mortgage Can Add to Your Retirement Security

If you're nearing retirement, you're likely starting to think about your savings and retirement plan and how you can ensure a financially secure retirement. With your peak income-earning years largely behind you, you'll need to work with what you have in order to ensure a livable retirement income. That's where a reverse mortgage may be a sensible option. How does a reverse mortgage work, and how can it help you to have a more financially secure retirement? Here's what you need to know. A Reverse Mortgage Is Tax-Free And Saves Your Social Security Benefits Social Security benefits offer a basic…
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The Pros and Cons of A Fixed Rate Second Mortgage vs. Opening a Home Equity Line of Credit

When it comes to a mortgage and the financial stability of your home, there's no such thing as too much you can know in the case of keeping your biggest investment safe. If you're looking at paying off debt and are considering using the equity in your home, here are a few things you'll need to know about refinancing your mortgage and home equity lines of credit. Fixed Second Mortgage vs. HELOC Refinancing your mortgage to access equity (without changing the existing first mortgage)comes in two basic flavors: a fixed rate mortgage or a Home Equity Line of Credit (HELOC).…
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The FHA Mortgage Minimum Credit Score Has Been Reduced. Here’s What You Need to Know…

Credit is of considerable concern when it comes to buying a home, but if you're on the market for a new place in the next few months there may be some timely news that applies to you. If you haven't heard about the changes to the Federal Housing Administration's (FHA) credit score minimum, here's some information on the recent reduction and how it may impact your home purchase. Information On The FHA Started in 1934, the FHA is the organization responsible for insuring the loans that are available to homebuyers in the United States. These loans are not provided directly…
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If There’s One Mistake That You Make With Your Mortgage…Don’t Make This One

There is so much to know when it comes to home ownership that even wading into all of the information can seem overwhelming, but if there's one thing you need when the time comes to purchasing a home, it's to be prepared. Here are a few ways that you can ensure you're ready for what a mortgage entails so that buying your dream home will be a positive experience you won't regret. Consider All Of Your Options Instead of accepting the mortgage that your bank is offering you, it's very important to do some research and determine what some of…
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How to Calculate Your True Cost of Living and Determine How Much Mortgage You Can Afford

A monthly mortgage can seem like enough of a financial responsibility on its own, but there are many factors involved in home ownership that affect its fiscal feasibility. If you're in the market for a house and are wondering how your income will stack up against the rest of your expenses, here's how to determine a home cost that's reasonable for you. Determine Your Down Payment Before you start with anything else, you'll want to determine the amount of money you can put down so you can estimate your monthly payments. The traditional amount for a down payment is 20%…
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HARP Refinancing Ends in 2016: Here’s How to Take Advantage Before It’s Gone

Many homeowners are struggling to keep up with their mortgage payments on a monthly basis, and it can often seem like there are limited options for remedying the situation. If you haven't heard of HARP refinancing and you're a homeowner who's looking for a lower interest rate, this may be the right solution to your payment woes. Instead of letting the opportunity blow by, here's all you need to know before this option ends in 2016. The Details On HARP Refinancing Known as HARP, the Home Affordable Refinance Program was created in 2009 following the economic crash that was brought…
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