Phil Gordon, the Mayor of Phoenix, Arizona states that the housing bailout legislation is a great start but falls short to stop the mortgage meltdown being experienced today. Today Mayor Gordon will meet in Washington, D.C with House Speaker Nancy Pelosi and other lawmakers to fight for additional funding for the first time home buyers. He states that the new housing bailout will help those with troubled mortgages but does not help the first time home buyers; something Mayor Gordon wants changed.
According to Gordon, “We got hit particularly hard because most of our foreclosures are as a result of the sub-prime. While people have been losing jobs here, (it’s) nowhere near the rate of the rest of the country.” Gordon goes on to say the speculators are to blame for a lot of the mortgage meltdown by adding, “The fundamentals of Arizona are strong. People are still coming here, jobs are still growing. But there were so many speculators who bought homes to make a profit on.” Gordon believes mortgages should not be a vehicle to profit but should be meant to raise a family. This is a sentiment that is shared with many families and potential home owners that are hoping for a break for the first time home buyer.
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A big dilemma of many people that are in the market to buy a home is whether to purchase a new or a used home. Of course, there are pros and cons to each decision so the most important thing is to become informed of what those are and then make an informed decision as to which would be the best option for you to pursue. In the end, you want to make sure that you have made the best choice for your situation and also for your options down the road.
You will probably look at both new and used homes when you are going through the process of buying a home. Each will probably have their high point and low point but you may also be thinking about how this decision will affect you down the road. You might be wondering how it will affect the resale value if you ever want to resell your home if you have purchased a new home versus a used home. You might also be wondering if you will still qualify for reverse mortgages whether you pursue a used home or a new home. The answer to that question is you will probably still qualify for this reverse type of mortgage regardless of you buying a new or old home because the decision is based more on how much money you owe on your home and also on your financial standing. The best thing to do with that decision would be to speak with reverse mortgage lenders.
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This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on June 1, 1992. The length of the article is 1009 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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What is reverse Mortgage, What is its benefits and Eligibility?
For figuring out a general idea on what any reverse mortgage loan payment amount may be or even for help in determining how much you can borrow, a reverse mortgage calculator can be a great tool. This article will show you where to find a calculator and how it can benefit you.
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I can think of others who claim to have the best interest of our seniors at heart who should take up a position to support law enforcement’s effort to protect seniors but who should also profess the benefits of the reverse mortgage … …
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They know, that a meeting with the reverse mortgage counselor is compulsory, but they may not know, what actually are the benefits. Is the meeting just another. …
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The Wall Street Journal recently ran an article about the benefits of having a younger family member provide a “reverse mortgage” to a par. …
Link:
The Private Reverse Mortgage : Washington Estate Planning Law Blog
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With the current social crisis, many are afraid of how long the benefits will actually be the last. Add to this a genuine concern for the fact that they saved. …
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What's the Deal With Reverse Mortgage? | Mortgage Bankers Association
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Are the benefits of them better or worse than they were before? …
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How Are Reverse Mortgages Affected By The Current Credit Crisis In …
