Reverse Mortgage: What is a reverse mortgage?

A reverse mortgage is a special type of home equity loan that is available to senior citizens of 62 year and above. Unlike the conventional mortgage loans where you are given a loan upfront and you start and continue to pay monthly instalments over the loan period, the reverse is in the case for reverse mortgage. In the case of reverse mortgage, you don’t need to pay b the home. Instead of you paying back the loan, it is your lender that pays you based on your payment option while the interest accrues on the loan. However, reverse mortgage is Continue ReadingReverse Mortgage: What is a reverse mortgage?

VA Loans: Eligibility Requirements and Essential Features

What are VA Loans? VA Loans are government backed mortgage loans made available through approved lenders to United States veterans, service members and their spouses. Approved lenders could be banks, savings and loans or mortgage companies. You should understand that gov Instead, what the government does is to provide guaranty to the approved lenders through the U.S. Department of Veterans Affairs.  The essence of this guaranty is to protect the lenders from loss in case the borrowers are unable to pay back their VA Loans. This reduces the lenders’ risks and therefore makes the interest rates on VA loans to Continue ReadingVA Loans: Eligibility Requirements and Essential Features

How to pay for college tuition fee with ease

The thought of how to pay for college tuition fee is one of the problems many students are facing. It is generally said that education is the best legacy any parent can leave for his children. Unfortunately, many parents cannot afford to pay for their children’s school fees any longer. Many parents could not even earn enough income that will sustain the family. Some are over-burdened with debts as they are still struggling to pay back their loans. You shouldn’t be surprised that some parents are yet to pay off their student loans. No wonder the US student loan debts Continue ReadingHow to pay for college tuition fee with ease