Your home mortgage is probably your single largest monthly expenditure.
Most people look at that payment as a fact of life -- you need a place
to live, after all. Have you ever considered, however, paying off your
home loan? Most home mortgage plans allow for prepayment, and there are
many good reasons to do so.
President Obama has recently shown how distressed homeowners have been
taking advantage of the administration's refinance programs but that
more needs to be done. He has announced figures that demonstrate how, in
many troubled housing markets, struggling homeowners are successfully
pursuing government-backed refinance programs.
On Tuesday, the Consumer Financial Protection Bureau (CFPB) plans to
announce that it may soon be imposing a new set of rules upon the
heavily criticized mortgage service sector. The rules are an attempt to
promote culpability and transparency in an industry where such things
are in short supply.
Reverse mortgages are loans that allow seniors older than the age of 62 to access part of the equity in their homes. Whlle they can be a good idea for some, they're far less safe
than they sound for many senior citizens, including baby
boomers aged 62 to 64.