The Paseo Financial Group The amount of your reverse mortgage is based on how old you are, how much your home is worth, and the interest rate that you are offered on the loan. Your borrowing power increases: * When you are older. An 80-year-old will be able to borrow more than a 62-year-old if…
Tag: Dollars and Sense
Features, April 2020
Dollars and Sense: Reverse Mortgage (Part 2 in a series of 5-articles)
Melanie Sedam One of the strengths of the home equity conversion mortgage (HECM) loan program is that there are not overly restrictive requirements, making these loans easier to qualify for than other financial products such as a mortgage refinance, home equity loan, or home equity line of credit (HELOC). You are eligible for a reverse…
Features, March 2020
Dollars and Sense: Reverse Mortgages: Part One
The Paseo Financial Group The reverse mortgage of HECM loan products can be a challenge to explain or understand, even for people who have plenty of financial experience. Over the course of five articles, we hope to put things in simpler terms. The reverse mortgage is a home equity loan that’s designed to help seniors…
Features, February 2020
Dollars and Sense: Mortgage Rates Have Dropped to Historic Lows
Melanie Sedam Mortgage rates have dropped to levels not seen since 2016 and homeowners are rushing to refinance. You can benefit even if you don’t cut your rate by a full percentage point – a rule of thumb you can safely ignore. The question is whether you will stay in your home long enough to…
Features, December 2019
Dollars and Sense: The Paseo Financial Group -taking a reverse mortgage, counseling comes first
Reverse mortgages can help you stay in your home and even add to your monthly income. All you need is to be over 62 years of age and have enough equity in your home. Before you can take a HUD backed HECM reverse mortgage, you will need to go through a counseling session. A reverse…
Features, July 2019
Dollars and Sense: What the average retiree spends a month
Melanie Sedam of ReverseMortgage62AZ.com Naturally, your spending in retirement will vary based on countless variables. Read on to learn how retirees’ spending habits tend to differ from the working population and how you can plan for your personal post-work needs. Spending By Category: With fewer dependents and no work-related costs to worry about, you may…
Features, June 2019
Dollars and Sense
What is a reverse mortgage? Melanie Sedam, ReverseMortgage62AZ.com Reverse mortgages were originally created in the 1980s to help Americans age 62 and older convert part of the equity in their home into money that could be used during retirement. Equity is the amount of money you have made as a result of the value of…
Features, May 2019
Dollars and Sense: Is the HECM refinance mortgage (reverse mortgage) controversial? Well, it shouldn’t be.
Melanie Sedam The implication is that there is something amiss or wrong with the HECM program. There is absolutely nothing wrong with HECM mortgages. In fact, they are the most heavily regulated mortgages in the country; they require HUD counseling even before an application can be submitted. There’s not another mortgage anywhere that can do…