Simply put, a reverse mortgage is a loan that enables homeowners who are age 62 or older to convert a portion of their home’s equity to the lender in return for cash. When choosing a reverse mortgage, the borrower will be given the option to receive cash value of the equity in the form of a lump sum or in monthly distributions. The loan is then repaid to the lender when the borrower or their heirs sell...
High-interest debt is the worst and can add up fast. In fact, one in five Americans allocate anywhere from 50%-100% of their income towards debt repayment, according to Northwestern Mutual's 2018 Planning and Progress Study. For the millions of homeowners still paying off student loans, credit cards, auto loans and other non-cancelable debts, a cash-out refinance or home equity loan are both strong options...
Protect your investment from the effects of weather and time with a home equity loan Your home is one of your most important financial investments. While every day regular maintenance is key to keeping it looking its best—preventative maintenance will help it maintain its value over the long-haul, especially if you live in an area prone to extreme weather conditions. In recent years, extreme events...
An appraisal is an unbiased professional opinion of a home’s value conducted by a licensed appraiser that provides a detailed assessment of a property’s value. When an appraisal is used to obtain what’s called an “opinion of value” of a property for loan purposes, federal regulations require the lender or its agent to adhere to certain requirements in connection with an appraisal order. The...
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