The Paseo Financial Group There are three major fees that borrowers must pay. Most are similar to those paid on a forward mortgage. These are the upfront fees that you will need to pay: Origination fee paid to the lender. This is government regulated and ranges from a minimum of $2,500 to a maximum of $6,000,…
Tag: Dollars and Sense
Features, May 2020
Dollars and Sense: Reverse Mortgages (Part Three)
The Paseo Financial Group The amount of your reverse mortgage is based on how old you are, how much your home is worth, and the interest rate that you are offered on the loan. Your borrowing power increases: * When you are older. An 80-year-old will be able to borrow more than a 62-year-old, if…
Features, September 2019
Dollars and Sense: The Paseo Group
Melanie Sedam, Reverse Mortgage A recent survey, using public records, was conducted by a major Title Company here in Arizona looking to find out how many homeowners in the 55+ communities owned their home free and clear i.e. had no current mortgage payment. The results were startlingly low. Here are the results: Sun City West…
Features, July 2019
Dollars and Sense: What the average retiree spends in a month
Melanie Sedam of ReverseMortgage62AZ.com Naturally, your spending in retirement will vary based on countless variables. Read on to learn how retirees’ spending habits tend to differ from the working population and how you can plan for your personal post-work needs. Spending By Category: With fewer dependents and no work-related costs to worry about, you may…
Features, June 2019
Dollars and Sense: The New Reverse Mortgage – retire with confidence
Melanie Sedam, ReverseMortgage62AZ.com What is a Reverse Mortgage? Reverse mortgages were originally created in the 1980s to help Americans age 62 and older convert part of the equity in their home into money that could be used during retirement. Recent changes to the program have made it a more effective way for eligible homeowners to…
Features, May 2019
Dollars and Sense
The Paseo Financial Group: is the HECM refinance mortgage controversial? It shouldn’t be Melanie Sedam The implication is that there is something amiss or wrong with the HECM program. There is absolutely nothing wrong with HECM mortgages. In fact, they are the most heavily regulated mortgages in the country, they require HUD counseling even before…