Seniors who accumulate a nest egg during their working years that they then use to maintain their lifestyle during retirement risk running out of money if they live too long. With life expectancies increasing, that quandary is being labeled a "retirement funds crisis." Seniors who own homes, however, have a valuable option. They can use a reverse mortgage to reduce the risk of outliving their money. The proviso is that they need to unlearn what they thought they knew about shopping for a mortgage.
The Federal Housing Administration is the government agency that sets standards for building construction, but for homeowners or home buyers it can be a lot more. FHA-approved loans can help borrowers overcome obstacles standing between them and homeownership, and give homeowners options to keep mortgage payments manageable.
After six years in Washington, D.C., as a top housing official in the Obama administration, Carol J. Galante has returned home to the Bay Area. Now on faculty at the University of California, Berkeley, her new charge is the formation of a housing center to serve as laboratory and catalyst for innovations in housing affordability in California and the rest of the nation.
Priced at just under $4 million, the English manor-style house with its exemplary country gardens on a wooded half-acre will undoubtedly sell itself in the runaway real estate market here in the Bay Area.
Interest rates on fixed-rate mortgages have moved higher three weeks in a row, with Freddie Mac's latest survey showing lenders offering well-qualified borrowers conventional 30-year loans at an average of 3.85 percent, up from 3.8 percent last week.
Q: Lenders made bad loans during the years prior to the financial crisis because the loans could be sold as securities to unwary investors. ... Would most mortgage borrowers be better off if there were no secondary market in which to sell their mortgages?