Sam in Reverse

Legendary Actor and AAG Spokesperson, Peter Graves, Speaks Out for Reverse Mortgages -- IRVINE, Calif., Jan. 28 /PRNewswire/ --

Mortgage rates dip 4th straight week: Freddie Mac | Reuters

Mortgage rates improved a few basis points yesterday. Lenders were somewhat subdued in passing along interest rate improvements though. This is a function of a few reasons. First, mortgage-backed securities prices have held to a tight range over the course of the week. The second reason is a bit more obvious, the FOMC meeting ended today at 2:15pm. This was a major market event, so it makes sense that lenders would be defensive ahead of a scheduled event that had the potential to move interest rates in either direction. Before getting to the impact of the FOMC on mortgage rates, allow me to recap the day's economic data releases. Early this morning, the Mortgage Bankers’ Association released their weekly applications index. The MBA survey covers over 50 percent of all US residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a look into consumer demand for mortgage loans. A rising trend of mortgage applications

The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. The tax credit applies only to homes priced at $800,000 or less. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly. For homes pu

From The Washington Post Reverse mortgages are for seniors who don't have enough spendable income to meet their needs but do have equity in their homes, which they don't mind depleting for their own use rather than leaving it for their heirs. For reasons not clear to me, reverse mortgages are being bad-mouthed by an unlikely source: consumer groups that are supposed to represent the interest of consumers in general, and seniors in particular. Continue

Check out the current mortgage rates http://www.mortgagenewsdaily.com/mortgage_rates/

A worthwhile article on CNN http://money.cnn.com/2010/01/07/real_estate/last_chance_refinance/index.htm