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2 Creative Mortgage Tools You May Not Have Considered

Many consumers are missing out on genuine opportunities, as they aren't aware of the benefits of these 2 lesser-discussed mortgage products: Reverse Mortgages and FHA 203K Loans.

While these mortgage types may have had somewhat of a bad rap, they actually can be highly beneficial for a variety of clients with different backgrounds, when taken on with a bit of knowledge and care.  Here is what you should consider.

Reverse Mortgages

Reverse mortgages are beneficial typically to homeowners who have substantial equity in the home and are without other primary sources of income.  Aging homeowners typically find this type of mortgage suitable to their situation.  Here are some of the reasons why you may want to look into a reverse mortgage:

• Seniors over the age of 62 have the ability to use a reverse mortgage to access the equity of their current residence AND to purchase a new home (in most US states)
• Older adults, particularly in their 80s and 90s, are taking advantage of the market and are liquidating their primary residence in order to seek out senior living communities, making a reverse mortgage a great option for these homeowners

The Cost of Waiting to Buy (Infographic)

Did you wait to buy a place? According to our friends and collaborators at Keeping Current Matters, here is the impact it had on your monthly payment:

As you can see, waiting a year had a relatively significant impact on the affordability of your home.  Mortgage interest rates accompanied by a rise in the in the average price of a home have been shown to add approximately $200+ to your monthly payment, only a year down the road.

In July we told you that Waiting to buy Could Be Costly.
In August we told you to Buy Now Not Later.
In September we told you Waiting for Interest Rates to Come Down Could be Costly.