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Reverse mortgages could be ‘practical’ long-term care funding option

Housing Wire

Reverse mortgages were included in the assessment alongside options like Medicaid, Medicare, health savings accounts (HSAs), veterans benefits, LTC insurance and home equity loans. The loan can be paid out in monthly installments or as one lump sum, the article explained.

Mortgages 358
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More FHA borrowers are using piggyback loans that bear watching: CoreLogic

Housing Wire

The share of piggybacked Federal Housing Administration (FHA) home purchase loans rose by more than seven percentage points from June 2022 to June 2024, going from 10.8% for conventional purchase loans backed by Fannie Mae and Freddie Mac. The calculations were based on the number of purchase loans in CoreLogic public records.

Loans 476
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USA Today: If Social Security falters, reverse mortgages could be worth a look

Housing Wire

A reverse mortgage is a possibility for seniors with substantial equity in their homes, the column stated. It essentially enables you to borrow against your equity, and you aren’t required to make any payments while you’re still alive as long as you live in the house. This will reduce how much your heirs receive.

FHA loan 370
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Wells Fargo expands $10K down payment grant program

Housing Wire

The funds can only be used toward the down payment on a primary residence with the use of a fixed-rate conventional loan through Wells Fargo. Eligible buyers can combine the bank’s down payment grant with other programs, which could result in up to $15,000 for closing costs and a down payment. The bank’s Dream.

Lending 397
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2025 mortgage predictions: Your playbook for a winning year

Housing Wire

Heres your game plan: Check your credit: A score of 640 opens the door to FHA loans and down payment assistance programs. Save strategically: Even with down payment assistance, youll need some savings for earnest money and closing costs. Many sellers are offering to cover 2-3% of closing costs. Around 7.5%.

Mortgages 370
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Opinion: The not-so-surprising resurgence of home equity lending

Housing Wire

Despite rising rates, demand for home equity lines of credit (HELOCs) continues to surge with 2022 origination levels up more than 40% from a year ago, according to data from Citizens. Record levels of home equity. This too is changing as innovation in the home equity lending space has finally arrived. Customer experience.

Equity 448
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The risk of zero-down loans while the Fed talks recession

Housing Wire

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

Loans 544