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Reverse mortgages can be attractive alternative for seniors
Using a home-equity line of credit, David Casey and his wife, Joyce, made some much-needed improvements around their house. New carpet. Updated plumbing. But the credit line's interest kept jumping, pushing their monthly payment to nearly $1,000 from $600.
A $239,000 reverse mortgage from Generation Mortgage rescued the retired couple from the adjustable-rate credit line and provided enough money to pay off the original mortgage with some left over.
Typically used to finance retirement or pay unexpected medical bills, the reverse mortgage now is helping some seniors escape tight spots created by risky mortgages and home-equity lines of credit.
Now Casey has a new roof, a new Cadillac and no mortgage debt. The 71-year-old is even going back to school to finish his bachelor's degree.
"It's nice to have a little jingle in the jeans," Casey said, referring to the money he saves each month by not shelling out a loan payment.
What mortgage shoppers should avoid
With housing prices leveling off in many parts of the country, it's a good time for qualified buyers to shop around for a new home.
But Bankrate.com Editor Elizabeth Razzi warns there are five pitfalls to avoid when trying to secure a mortgage:
Disregarding credit reports. Establishing good credit is the key to locking in a favorable mortgage rate, yet many buyers fail to check their credit reports before applying for a home loan.
Even the most fiscally responsible buyers shouldn't assume that their credit report is spotless
Properties
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Address: 10400 47th Ave Sw Seattle, WA 98146
Price: $1,400,000 Bed/Bath: 3/3 Sq Feet: 2200 School District: Seattle County: King
Address: 3035 36th Ave Sw Seattle, WA 98126
Address: 12101 1st Dr Nw Marysville
Price: $729,950 Bed/Bath: 4/3 Sq Feet: 3485 School District: Marysville County: Snohomish
