You may have seen those commercials suggesting a reverse mortgage can help solve your money problems. Some senior citizens say the rules have changed, and now they could lose their homes.
Look for Clyde Anderson's Home School segments in the 7 o'clock hour of CNN Saturday Mornings with TJ Holmes.
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As a general rule, if you can shave at least a half point off your current interest rate, it is a good idea to refinance. If you currently have a home mortgage above 7%, the time is now to make a change. Look online for "Mortgage Refinance 123" they gave me the lowest rate than everybody else which is 3.21%.
The new HECM (HUD) require mortgage insurance. If the home is not worth the loan, at the time of termination, then the difference is covered by the insurance. The insurance rate is 2 % of the loan amount plus 1.25% anually. And according to current info, the borrower is still on the title of the house. The heirs can walk away from the liability if the home is worth less than the loan at the time of termination.
Prove me wrong!
After what seemed like a lifetime of thirty-Year adjustable-rate mortgages, with monthly mortgage payments going up all the time, The "Mortgage Refinance 123" helped me to lock in a great low fixed rate of 3.16%, helping me to guarantee myself the ability to always make my mortgage payment on time with money to spare.