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Source: Forbes Advisor
Reverse mortgages are loans designed for people over 62 years old that are secured by their biggest asset: their home. Although it can be a useful tool for tapping into equity without paying monthly loan payments while in the home, it can also be risky if the borrower is not fully aware of what they (and their heirs) might be committing to.
That’s partly why the government has recently cited some reverse mortgage lenders for deceptive and misleading lending practices, which have led to senior homeowners losing their homes in some cases.
For instance, last month, the Consumer Financial Protection Bureau (CFPB) cited American Advisors Group (AAG) for allegedly misleading people with “inflated and deceptive home estimates to lure consumers into taking out reverse mortgages.” The CFPB, responsible for overseeing consumer financial protection laws, declined to comment on the consent order.
Source: BankRate.com
If you’ve been touring homes for sale, you might be thinking about how you might change them to better suit your style — or, if you haven’t had luck finding "the one,” you might even be considering whether you should build a home instead of buy one, and how much it would cost.
Building a home might seem cheaper than refitting an existing structure to meet your needs. In truth, the difference might not be so huge.
Source: Forbes Advisor
Scholarships are one of the best ways to pay for school without spending any of your own money. Scholarships provide free money that doesn’t have to be repaid, which makes them an attractive choice to fund college.
There are an estimated 1.7 million private scholarships, and each award has its own eligibility and standards. Despite the wide variety of opportunities, there are plenty of common misconceptions that keep students from applying. Consider these scholarship myths busted.
Source: BankRate.com
The days of race-based housing discrimination in the U.S. are legally behind us, but the legacy of policies that kept nonwhite citizens out of some neighborhoods remains pervasive.
America’s discriminatory past can still be seen today with nonwhite mortgage borrowers generally getting charged higher interest rates, and persistent “voluntary” neighborhood segregation.
These trends can be traced in part to an official government policy of the past, commonly known as redlining, which codified racist attitudes in real estate and finance, and made it more difficult for nonwhites to purchase homes.
