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As you approach retirement, you may be looking for ways to supplement your income. One option you may have heard of is a reverse mortgage. But what exactly is a reverse mortgage, and how does it work? A reverse mortgage is a loan that allows homeowners who are at least 62 years of age to convert part of the equity in their homes into cash. Unlike a traditional mortgage, a reverse mortgage does not require the borrower to make payments. Instead, the loan is repaid when the borrower sells the home, moves out, or passes away.y.
203k loans, also known as FHA 203k loans, are a type of home renovation loan that can help borrowers finance the purchase of a home and the cost of renovations in one loan. These loans are backed by the Federal Housing Administration (FHA) and are designed to help homebuyers and homeowners who want to make significant repairs or renovations to their homes.
The Department of Housing and Urban Development (HUD) will reduce its annual mortgage insurance premium from 0.85% to 0.55% for most new borrowers, resulting in an average annual saving of $800 for homeowners. The reduction will take effect on March 20.