News

Another reason not to be a couch-potato…

We all know the effects that a sedentary lifestyle has on our bodies: increased risk of heart disease, diabetes, etc.  Recent studies are also showing that inactive lifestyles are leading to increased rates of Alzheimer’s.  Other factors include obesity (more common among the couch-potato group) and smoking. There also seems to be a symbiotic relationship...Read More

Good news for many FHA borrowers who want to refinance.

New guidelines have lowered the fees on many of these federal loans. The changes drop the cost of refinancing for millions of homeowners. Not all mortgages are eligible, but if yours is, the savings could be substantial. To read more about the new program, click here. If you think your loan fits the bill, or...Read More

Market snapshot: Promising signs in new housing report

Pending home sales in January bounced to a level not seen since the last days of the homebuyer tax credit in spring 2010. Called the Pending Home Sales Index, the report, which is based on pending contracts for home purchases, rose 2% from December nationwide. Even better, the jump in the South region was the...Read More

Reverse Mortgages: the low cost option for Alabama seniors?

There have been some very beneficial developments in the reverse mortgage industry in the last 18 months or so.  In late 2010, the “Saver” program was introduced.  The Saver is so named due to eliminating, or “saving”, the borrower the upfront Mortgage Insurance Premium (MIP) fee paid to FHA.  The MIP is the largest component...Read More

What’s the difference between APR and the interest rate?

It’s one of the most common questions we get about loans. The answer is simple, but it’s not always easy to grasp. Essentially, APR is the effective rate of interest once you’ve added to the loan amount certain closing costs. So while the interest rate “is what it is,” APR is variable based on the...Read More

Good news for the reverse mortgage population

Anyone who works closely with reverse mortgage borrowers will realize how indispensable Social Security and Medicare are to this group.  Since 1975 when Congress added Cost of Living Adjustments to Social Security benefits, these “COLA” increases have averaged 4.2% annually.  Up until 2010, there were increases every year.  During the difficult economic time from 1979...Read More

Conusumer outlook on housing on the upswing.

If the national mood is any indication, 2012 should be a better year for the housing market. That’s according to a new survey by Fannie Mae, conducted during the first three weeks of December. While in November, respondents said they expected their homes’ values to increase by only .2 percent, in December they predicted .8...Read More

Do the elderly lose their mental edge?

The short answer is “yes”, but “no”. One of the concerns in dealing with senior homeowners who are getting a reverse mortgage is whether they can accurately assess this decision.  Disregarding those with dementia or Alzheimer’s, some will still worry that most seniors, by virtue of being “elderly”, may not fully know what they are...Read More

Dementia & Humor

From time to time one of our reverse mortgage borrowers is seeking a reverse mortgage to help support a spouse who has dementia or Alzheimer’s.  These reverse mortgage funds are often used to hire home health care which enables the healthy spouse to get out of the house, buy groceries, run errands, and so forth. ...Read More

Music Helps Hearing

A study at Northwestern University in Chicago revealed that people who are in the music field benefit from better hearing as they age.  This does not apply to rock performers and other musicians whose music is played with loud amplification.  Apparently, those of us who do not spend a significant portion of our time in...Read More
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