– RESCO

29 Nov 2023

Three Reasons Why You Might Consider a Reverse Mortgage When Nearing Retirement

Mortgage TipsMortgage, Retirement, Reverse Mortgage

As retirement approaches, many individuals find themselves faced with financial challenges and uncertainties. One option that is often overlooked but can be incredibly beneficial is the reverse mortgage. A reverse mortgage is a financial tool that allows homeowners aged 62 and older to convert a portion of their home equity into tax-free funds. Here are three compelling reasons why you might consider a reverse mortgage when nearing retirement: Supplement Your Retirement Income: One of the most common concerns for retirees is whether they will have enough income to maintain their desired lifestyle throughout their golden years. Social Security and retirement…

Comparing Temporary and Permanent Mortgage Buydowns

Homeowner Tips, Mortgage TipsMortgage, Mortgage Buydowns, Mortgage Options

When it comes to mortgages, a "buydown" generally refers to paying an extra fee upfront to reduce the interest rate over a specific period. There are typically two types: temporary buydowns and permanent buydowns. Permanent Buydown: With a permanent buydown, the borrower pays extra fees at the beginning of the loan to permanently reduce the interest rate over the entire life of the loan. This differs from a temporary buydown because the reduced rate remains constant for the entire loan term, potentially resulting in lower overall interest payments. Temporary Buydowns A temporary buydown is a type of mortgage financing in…

What’s Ahead For Mortgage Rates This Week – November 27, 2023

Financial ReportsFinancial Report, Jobless Claims, Mortgage Rates

There will be a very light week with the Holiday season approaching. The only notable reports to have come out for the week are the U.S. economic leading indicators, with nothing scheduled around Thanksgiving weekend. The median forecast for the leading indicators has shown that with the rest of the CPI and PPI data among other economic statistics, the economy does seem to be heading towards a soft landing as the Federal Reserve had initially targeted. The most notable changes are lending partners cutting rates with the potential for shifting economic policies and rate cuts in the future. U.S. Leading…