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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Avoid Reverse Mortgages: Just Say No
Posted on 01/07/2007 05:59 AM | Link | Post Comment
Cold Sales Give Renters a Break from The Washington Post reports,
Vacancies, Prices Affected as Owners Lease What They Can't Unload
As home sellers grew more frustrated with the slow local real estate market in recent months, they abandoned their for-sale signs and put their homes up for rent. That has increased choices and cooled prices for tenants in one of the tightest and most expensive parts of the country.
"This is the first sign that the cooling housing market is having an impact on the rental market," said Gregory H. Leisch, chief executive of Delta Associates ...
As competition for tenants intensified, apartment rents did not rise as sharply in the past three months of 2006 as they had earlier in the year, the report said.
I find it hard to believe that home sales decline and vacancies rise at the same time. Something has to give and I predict it will be rentals firming before housing sales.
Making Your House Pay in Retirement from the Wall St. Journal
A reverse mortgage can help ease your finances after you retire, or it could cost you and your heirs a lot of money. Long weighed down by high fees and complexities, these loans are now coming in for a cost-saving makeover.
Roughly 90% of all reverse mortgages are insured by the government through a so-called Home Equity Conversion Mortgage, or HECM and they make a fortune on this product at the detriment of retirees. The set up fees and commissions run about $12,000 and based on actuary tables the monthly payments are just too skimpy.
"Urban vs. rural geography plays a big factor in the equation. Rules for federally insured reverse mortgages limit how much of a home's value a homeowner can tap. The current limit in urban areas is $362,790, while most rural areas top out at $200,160. The federal government is considering a single national limit, though nothing has been proposed yet."
Housing Bubble and Real Estate Market Tracker
on Jan 5th, 2007 in Market Overview by Judy Weil
Vacancies, Prices Affected as Owners Lease What They Can't Unload
As home sellers grew more frustrated with the slow local real estate market in recent months, they abandoned their for-sale signs and put their homes up for rent. That has increased choices and cooled prices for tenants in one of the tightest and most expensive parts of the country.
"This is the first sign that the cooling housing market is having an impact on the rental market," said Gregory H. Leisch, chief executive of Delta Associates ...
As competition for tenants intensified, apartment rents did not rise as sharply in the past three months of 2006 as they had earlier in the year, the report said.
I find it hard to believe that home sales decline and vacancies rise at the same time. Something has to give and I predict it will be rentals firming before housing sales.
Making Your House Pay in Retirement from the Wall St. Journal
A reverse mortgage can help ease your finances after you retire, or it could cost you and your heirs a lot of money. Long weighed down by high fees and complexities, these loans are now coming in for a cost-saving makeover.
Roughly 90% of all reverse mortgages are insured by the government through a so-called Home Equity Conversion Mortgage, or HECM and they make a fortune on this product at the detriment of retirees. The set up fees and commissions run about $12,000 and based on actuary tables the monthly payments are just too skimpy.
"Urban vs. rural geography plays a big factor in the equation. Rules for federally insured reverse mortgages limit how much of a home's value a homeowner can tap. The current limit in urban areas is $362,790, while most rural areas top out at $200,160. The federal government is considering a single national limit, though nothing has been proposed yet."
Housing Bubble and Real Estate Market Tracker
on Jan 5th, 2007 in Market Overview by Judy Weil
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1 Comments:
Dear Larry, this WSJ article is flawed and misleading. Leaves out important facts and information. You can read industry letters to the author at www.seniorserviceselling.com
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