Long-term Disability Insurance Often Worthwhile (The Oklahoman)DEAR DAVE: My wife and I are a few months away from being debt-free, except for our house. Our combined income is about $100,000 a year. We’ve been looking into long-term disability insurance. What is non-cancelable, guaranteed, long-term disability insurance, and how much should we get?TimDEAR TIM: Ask yourself this question: If I become disabled, how much money will I need to live on? In most ...
Reverse Mortgage Activity By StateA total of 78,029 HECM reverse mortgages have been endorsed by the US Department of Housing and Urban Development (HUD) thus far in 2008 (through August). So, where are most of these loans being made? The map above provides answers: The top two states (Florida and California in green) account for nearly 1/3 (31.5%) of all [...]
Reverse Mortgages Saw 6.4% Growth In 2008The reverse mortgage industry will have to wait a while longer for its anticipated big break-out year. 2008 was devastating for most areas of mortgage banking. So, from a relative standpoint, the 6.4% rate of growth seen in the HECM reverse mortgage area can be considered a victory. Moreover, the 115,176 HECMs [...]
Reverse Mortgages Get Boost From Stimulus Package (Seattle Times)In March, the number of so-called reverse mortgages for homeowners over age 62 rose 17 percent year over year. Lenders say even well-off seniors are relying on the loans to provide monthly spending money at a time when their retirement accounts and other income may be limited.
Disappearing Disability Insurance Fails Family (CBS 5 Bay Area)Insurance is supposed to give you peace of mind when things go wrong. But there's one kind of insurance that may not be there when you need it most. If you are injured or too sick to work for a long period of time, how will you pay your bills? Many people believe the disability insurance they get at work will cover them. But we found out it may not protect you well, or at all. Parts 1 and 2.
Reverse Mortgage Self-AssessmentIf you’re a senior homeowner exploring reverse mortgages as a way to supplement your retirement income, you may be bewildered by how unfamilar and complex these mortgages are. One thing is for sure: reverse mortgages are not a good fit for everyone and making the right decision depends largely on the potential borrower doing [...]
Debt On Rise For Elderly (Herald Sun)THE reverse mortgage market has surged a massive 23 per cent to $2.5 billion in the past year, as older Australians take on increasing amounts of debt.
MORTGAGE-BACKED LOAN DEFAULTS SOAR (New York Post)Defaults and late payments on property loans sold as commercial mortgage-backed securities tripled to 1.8 percent of outstanding balances in the first quarter and may rise to the highest in almost two decades, Reis Inc. said yesterday. Almost $10...
Reverse Mortgages (HECM) Showing Little GrowthSince hitting a record high of 10,913 loans in February 2008, HECM loan activity has tailed off, no doubt reflecting falling home values and the general consumer uneasiness in the current economy. HECM is an acronym for home equity conversion mortgage, the most popular type of reverse mortgage. The charts below illustrate clearly the slowdown [...]
Home Foreclosures Way UpThe Wall Street Journal reports (9/14/06) that a number of different data sources all report that home foreclosures have risen dramatically: Online foreclosure-data servvice RealtyTrac of Irvine, CA reports 115,292 properties nationwide entering some stage of foreclosure in August - a whopping 53% increase from a year earlier. Foreclosure.com of Boca Raton, FL said August foreclosures were [...]
Is A Reverse Mortgage For You? A 7-Step Process To Find OutIf you are considering a reverse mortgage to supplement your retirement income, you have a lot to consider. Reverse mortgages are complex and have many pros and cons. Reverse mortgages are NOT for everyone! But in the right circumstances they can be great tools.
Refinancing Saves DASD $200,000 (Courier-Express)Saving money is a good idea anytime, especially in troubled economic times. At a special meeting Tuesday, the DuBois Area School Board approved the refinancing of a general obligation bond of $6.4 million.
Q&A: Cashing In With Reverse Mortgages (NPR)The recession increases the appeal of having older homeowners borrow against their home equity. The loan doesn't have to be repaid until the homeowner dies, moves or sells the home.
Want A Lower Mortgage Rate? First, Do The Math (The Charlotte Observer)Q. I'm retired, living in a condo. I have a first mortgage that is a 30-year at 5.875 percent. I pay $657 per month. My second mortgage is paid off. I've been offered a refinance at 4.5 percent, which would cost me $572 per month. I'd save about $85 per month, but it will cost me $3,919 to close on the loan. Should I do it?
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