What Is an Adjustable-Rate Mortgage?
Adjustable-rate mortgages have their own set of pros and cons. Learn what they are before you sign on the dotted line. Unlike a fixed-rate mortgage where the interest rate remains the same for the life of the loan, an adjustable-rate mortgage (ARM) has an interest rate that can increase or decrease several times during the mortgage term. ARM’s are riskier for the borrower, especially if interest rates take a significant uptick, but they are the right in many instances. Learn more about adjustable-rate mortgages and compare them to conventional fixed-rate mortgages before you start shopping for your dream home so that you go into the process with everything you need to know.
HUD Approved Condos: Can You Still Qualify for a Reverse Mortgage?
Learn if a condo is eligible for a reverse mortgage and how to find out if your condo complex is HUD approved. There are so many things you need to think about when buying a home that it can make your head spin. However, if you’re nearing retirement and thinking about buying a home, that adds a whole new dimension to the home buying process and another whole list of things you need to think about as well. One of the things you can add to your list is buying a home with a reverse mortgage in mind. And if you are considering a condo as your next home, and a reverse mortgage is something you will at some point consider, you will also need to know whether or not your preferred condo is on the list of HUD approved condos. Yes, we realize this is probably all a bit confusing that’s why we are going to go over it in quite a bit of detail.