If you’ve ever discussed reverse mortgages with friends or family, you’ve probably heard some version of “the bank takes your house” or “it’s only for people who are broke”. I hear myths like this constantly, and most of them are out of date or simply not accurate. Reverse mortgages have changed a lot over the years and can be very beneficial for seniors who are sitting on significant home equity and who want to stay in their homes. With that said, reverse mortgages may not be the right choice for everyone.
My goal with this post is to help clear up the most common misconceptions I run into and put reverse mortgages in context with other mortgage options available for people who are 62 and older. As always, I like to provide as much information as possible to help you make informed decisions about your finances. [Read more…]
Escalation clauses come up in almost every competitive Seattle-area offer conversation, but most buyers have never seen how one is actually structured. Here’s how they work, what they protect you from, and where they can work against you.
Not all qualifying income comes from a paycheck. If you’re retired, receiving Social Security or disability benefits, collecting alimony or child support, or drawing income from investments or a trust, that income can often be used to qualify for a mortgage — but each type comes with its own documentation rules and quirks.
