Home-equity loans are also known as second mortgages. These allow homeowners to borrow money through the process of leveraging equity in their homes. Home equity loans have been around since approximately 1996, since the tax changes that year of obliterated the deductions for interest on consumer purchases. Under the guise of a home equity loan, homeowners are eligible to borrow…
June 2013
The Background Of A Reverse Mortgage A reverse mortgage is only available to older homeowners who are interested in converting the equity in the house into a steady income. One of the largest benefits of working with a reverse mortgage is that homeowners are eligible to stay in the house for the duration of the mortgage. This appeals to many…
An FHA loan is insured by the Federal housing administration for the purposes of a mortgage. These loans originated after the Great Depression, when defaults and foreclosures were commonplace in the housing market. Today, the U.S. government insures the loans for lenders approved by the FHA for the purposes of reducing risk if a borrower were to default on the…