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FHA-Backed HECM Reverse Mortgages 101

Imagine being mortgage-free or having access to tax-free money that can be used to cover any one of life’s major expenses? For eligible American homeowners aged 62 years or older, this can be a reality thanks to Home Equity Conversion Mortgages (HECM’s). Backed by the Federal Housing Administration (FHA), these reverse mortgage programs enable seniors to take out some of the equity in their homes and even choose how they withdraw the money.

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Problems That Could Arise if Buyers Move in Before Closing

Usually, buyers move into a home they purchased only after escrow closes, but there are times when buyers get possession of the home before closing. While not very common, buyers who ask to move into the home before closing might have a variety of reasons to do so.

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INFOGRAPHIC: C.A.R.’s January Sales Report

The real estate market in California started off strong this year with higher sales from December. Sales increases in January were likely the result of an increase in interest rates since the Presidential election, prompting buyers to get into the market before rates climb even higher.

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What Buyers Should Know About Saving on Prepaid Interest

It’s often recommended for buyers to close at the end of the month – or at least as close to it – in order to avoid being stuck with having to pay more prepaid interest when the deal closes. This is often a good strategy to save money, but it needs to be fully understood in order to find out how much money truly is saved at the end of the day.

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Common Reasons Why Pending Sales Never Make it to Closing

Whether you’re on the buying or selling end of a real estate transaction, making it all the way to offer acceptance is a huge, rewarding step. Unfortunately, the deal isn’t quite done yet: you still have to make it to final closing. While the majority of deals go though with little or no issues, there are still the odd transactions that fizzle out before the closing date.

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Is it Time For a Price Reduction on Your Listing?

Your home has been on the market for a few weeks now with no offers coming in, despite all the showings that have been booked. What could be the problem?

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INFOGRAPHIC: Tips for Filing a Disaster Claim on Your Insurance

You pay for your homeowner’s insurance, but at no time do you ever want to have to file a claim as a result of a major disaster. If you find yourself in this position, make sure you keep the following tips in mind when putting in a claim with you insurance provider.

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Minimum Property Standards For FHA Home Loan Approval

For homebuyers who are struggling to come up with a minimum 5% down payment that conventional mortgages require, an FHA-backed home loan can sometimes be the best route to take. The criteria is also not as strict as conventional mortgage programs, which means stellar credit isn’t always mandatory to be accepted.

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What You Should Know About Down Payment Gifts

Coming up with a sizeable down payment these days can be pretty tough, especially when you consider the soaring home prices that buyers have been facing lately. Conventional mortgages require at least 5% down, but a minimum of 20% is needed in order to avoid having to pay the extra costs associated with private mortgage insurance (PMI).

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