On July 5th 2008, Robert Powell of the Wall Street Journal online posted an article which quotes the Chief Executive of The Financial Industry Regulatory Authority (FINRA), Mary Schapiro, entitled Three Warnings for Hard Times: Beware of Strategies That Put Nest Egg at Risk.
I really must admit that when I first read the title I [...]
On 7/30/2008 President Bush signed HR 3221 into law which has many significant effects on homeowners. The Bill, in its final form, covered a number of subjects that Congress had been trying to resolve from the modernization of FHA, to foreclosure assistance for homeowners, to the shoring up for Fannie Mae and Freddie Mac.
The wires [...]
Reverse mortgages are used to assist seniors who want to supplement their income with mortgage payments, but instead of paying the bank, those who take out the loan actually get paid. I spoke with someone the other day who had a completely mistaken concept of what these are used for and had the mistaken idea [...]
Reverse mortgages are becoming more readily available and popular as a financing option for seniors, but how does a reverse mortgage work? These mortgages are generally used by seniors who have accumulated a substantial amount of equity in their home. Lenders require the borrower to be at least 62 years of age. Reverse mortgages are [...]