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Reverse Mortgages to Buy a Home – Without down payment

428 Comments · Mortgage

Reverse Mortgages have been popular for a number of years as a way for people over 62 to tap the equity in their homes without selling them.

Qualified Seniors in the USA use this program to either get a lump sum, or a monthly payment amount.

Others have used the Reverse Mortgage to consolidate their debt or/and refinance a Mortgage.

The advantage is that there are no requirements to make monthly payments, you just pay the interest.

Under the Housing and Economic Recovery Act of 2008, Seniors can now use a Reverse Mortgage, referred to as a Home Equity Conversion Mortgage (HECM), to actually finance the purchase of a new home, as of Jan. 1, 2009.

This new option works exactly like a traditional Reverse Mortgage, with two major advantages. Even it’s getting more and more difficult to qualify for traditional Financing.

The first advantage is that there are no income requirements or limitations, and there is no minimum credit score (normal required credit score is 620).

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How do you find a good mortgage specialist?

71 Comments · Mortgage

Today’s economy continues to frighten many homeowners into taking a serious look at their mortgages.

Many homes are no longer worth what they were when they were purchased and owners are deciding what options they may have.

How do you know if you are getting ripped off?

There are scammers all over and many have absolutely no problem with taking your hard earned money from you in the guise of helping homeowner’s save not only their homes but also repair their credit scores.

These scammers prey on the economic instability people continue to face as we go forward into the new decade.

Things to be aware of when looking for a loan modification specialists:

The honest loan modification companies will not ask for money before they provide a service to you. They don’t ask you to pay a fee to visit with your mortgage lender or your creditors to help you out.

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Tax deductions for homeowners who got their mortgage refinancing

No Comments · Mortgage

A lot of homeowners have refinanced their mortgage in the past year and now need to do their taxes.

Did you know that the costs and fees related to refinancing a mortgage are tax deductible?

Were you aware that you could get tax deductions for any points you may have pre paid for?

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