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A Guide to Reverse Mortgages
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In recent years, questions about reverse mortgages, and whether or not they are a practical way to supplement retirement income, have become more frequent. What is a reverse mortgage? There are three kinds of reverse mortgages. For example, money from a single purpose reverse mortgage could only be used to cover property expenses, including repairs, energy efficient improvements, taxes and ...
 
Can You Get One of the New Subprime Mortgages?
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Wells Fargo hit the news recently with the announcement it had dropped its minimum credit score for FHA-insured mortgages from 640 to 600 (the maximum is 850) — into subprime territory. “In recent months, a handful of lenders have said that they’re willing to go as low as 580,” writes The Wall Street Journal. Borrowers with FICO scores of 720 and higher still get the best rates, though. Are ...
 
More Seniors Are Doing Reverse Mortgages. Is This a Good Idea?
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A reverse mortgage is a type of loan that lets you borrow some of your home’s equity. Better to sell the house and downsize, move in with a family member, take on a roommate or explore whether one of your adult children might be willing to purchase the family house through an installment sale, Keating added.
 
Mortgage lenders' confidence returns as small-deposit loans reach 2008 level
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Data shows 11,000 mortgages worth 85% of property's value were approved in February, the most since April 2008 The number of mortgages granted to homebuyers with a deposit of less than 15% reached a six-year high in February, according to the UK's largest chartered surveyor, in a further sign of lenders' confidence in the housing market. Data from e.surv, which undertakes valuations for more ...
 
Help to Buy will not drive up house prices, says minister
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Treasury minister Danny Alexander launches scheme saying 95% mortgages will not create housing price bubble Help to Buy: what you need to know People who think there is a housing bubble "need to get out more", a Treasury minister has said, as he defended the Help to Buy scheme on its launch day. Danny Alexander, the chief secretary to the Treasury, dismissed concerns that the scheme offering 95 ...
 
Help to Buy 'will not drive up house prices'
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Treasury minister Danny Alexander launches scheme saying 95% mortgages will not create housing price bubble Help to Buy: what you need to know People who think there is a housing bubble "need to get out more", a Treasury minister has said, as he defended the Help to Buy scheme on its launch day. Danny Alexander, the chief secretary to the Treasury, dismissed concerns that the scheme offering 95 ...
 
A Settlement on Soured Mortgages May Raise Questions on What Is Enough
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A $950 million settlement that involves Bank of America indicates that, in some cases, the banks could have been made to pay more than they have.
 
Mortgage rates slip amid tepid housing market
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— Average U.S. rates on fixed mortgages fell last week week for the second straight week as the spring home-buying season begins.
 
Ginnie Mae To Big Banks: Show Us Your Mortgages. But Can They?
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The Government National Mortgage Association (Ginnie Mae) recently discovered that Bank of America (NYSE: BAC ) is missing key documents relating to mortgages the bank services for it, Kate Berry reported ...
 
How to help children on to the housing ladder
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We explain benefits and drawbacks of options ranging from special mortgages to outright gifts