| Mortgage Refinancing
Consider refinancing your mortgage if you can get a rate that is at least one
percentage point lower than your existing mortgage rate and if you plan to keep
the new mortgage for several years. When comparing mortgages, don't forget to
include the extra fees you must pay for the new mortgage. You may be able to
get some fees waived if you are able to refinance with your current mortgage
holder.
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Reverse Mortgages
A reverse mortgage is a special type of home loan for homeowners over the age of 62 that lets you convert the equity in your home into cash. The homeowner does not have to pay back the loan and interest for as long as you live in the home. The loan and interest is repaid only when the homeowner dies, sells their home or permanently
moves out of their home. These mortgages can help homeowners who are house-rich, but cash-poor stay in their homes and meet their financial needs.
There are three types of Reverse Mortgages: federally insured reverse mortgages,
proprietary reverse mortgages and single-purpose reverse mortgages. As with any
mortgage it is important to be a savvy consumer and shop for the best deal.
Check the directory for the following resources that provide comprehensive and
reliable information:
- The Federal Trade Commission
- The Department of Housing and Human Development
- AARP
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