25 Ways to use a HECM
DDA Mortgage Blog
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2d ago
Payoff your forward mortgage to eliminate your monthly mortgage payment Remodel your home Maintain a line of credit for health emergencies and surprises Help cover monthly expenses and hold on to the other assets while their value continues to grow Help cover monthly expenses and avoid selling assets at depressed values, Help pay for health insurance during the early retirement years until Medicare eligibility at 65 Help pay your Medicare Part B and Part D costs Combine life tenure payments with social security and income generated by assets to replace your salary and continue a monthly rout ..read more
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Are you at Least 62? What if you could buy your next home with no monthly mortgage payments
DDA Mortgage Blog
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1w ago
Consider a FHA mortgage program known as the home equity conversion mortgage. Available to those 62 and better No monthly mortgage payment Minimal income and credit requirements No employment verification Not personally liable for the debt(including heirs) FHA-insured Homeowners remain solely on title Closing costs may be financed into Mortgage If you dream about a new home with modern design, amenities, and low maintenance, then you owe it to yourself to learn about a powerful alternative to using traditional financing or paying cash to purchase your next home. The Home Equity Conversion M ..read more
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Nearly one quarter of retirement age adults are still working
DDA Mortgage Blog
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1w ago
A myriad of positive and negative developments in the lives of older adults — including higher living costs,  inflation , longer life expectancies and higher education levels — have led to a rise in the number of  retirement-aged  adults remaining in the U.S. workforce according to new government data  analyzed  by  LendingTree . The analysis was based on  U.S. Census Bureau   Household Pulse Survey  data, according to LendingTree. Twenty-two percent of adults aged 65 and older are continuing to work, with nearly a quarter of the cohort choosing ..read more
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Loan limits for FHA, Conventional and VA Mortgages
DDA Mortgage Blog
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1w ago
For Conventional loans, limits are now at $766,550 before entering Jumbo territory. You can buy a home for $806,842 putting 5% down and still be Conventional. Now for FHA the loan limit is $498,257. you can buy a home for $516,328 putting 3.5% down now A VA mortgage can go up to $2,000,000 with no money down. 100% financing up to $2,000,000 With the cost of everything going up, it is nice to see the Government increasing the loan limits to accommodate the higher price  tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329 Ask a Mortgage ..read more
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Gallup survey shows deep discomfort among Americans about retirement
DDA Mortgage Blog
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2w ago
Only 15 percent of U.S. adults believe the nation will be able to adequately care for its  aging population , and nearly three-quarters (73%) of adults under the age of 65 are concerned that the Medicare program may not exist by the time they are able to qualify for it. This is according to  survey results  released this week by  Gallup . In conjunction with health care nonprofit  West Health , the organizations released their 2024 Survey on Aging in America report based on data compiled from both traditional mail and web-based surveys from Nov. 13, 2023 to Jan. 8 ..read more
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Like U.S. population, the workforce is aging faster
DDA Mortgage Blog
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2w ago
The share of older workers in the U.S. has grown significantly since the turn of the century, with 29.5% of workers in 2023 at least 65 years old, compared to 23% in 2000, according to a new report from the Employee Benefit Research Institute (EBRI). This occurred as labor force participation by older Americans between the ages of 55 and 64 has surpassed pre-pandemic levels, while the rate of those 65 and older did not change, the data suggested. “The movement of the Baby Boom generation out of the age groups younger than 65 has made the composition of the older workforce even older,” Cr ..read more
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DSCR loan using rental income only to qualify
DDA Mortgage Blog
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2w ago
A residential DSCR (Debt Service Coverage Ratio) loan is a type of mortgage typically used for investment properties, where the approval and terms of the loan are based on the property’s income rather than the borrower’s personal income. The DSCR is a measure of a property's ability to generate enough income to cover its debt obligations. Here's a more detailed explanation: Key Points of a Residential DSCR Loan: Debt Service Coverage Ratio (DSCR): The DSCR is calculated by dividing the property's net operating income (NOI) by its total debt service (e.g., mortgage payments, property taxes ..read more
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Older Americans are ‘splurging’ on home modifications to support aging in place
DDA Mortgage Blog
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3w ago
The data is clear: Older adults, when contemplating future living arrangements, would prefer to remain in their homes as long as feasibly possible. But for those who own homes with features or layouts that may not be conducive to aging in place, some are taking proactive measures — and spending a lot of money — to make their home suitable. This is according to a story published this month by the The Associated Press , which examines steps that some older homeowners are taking to ensure they can remain in their homes, as opposed to relocating to a dedicated care facility or another living ar ..read more
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5 years self-employed only needs 1 year return for a Conventional Mortgage
DDA Mortgage Blog
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3w ago
I learned a hard lesson on a loan last year, I had a borrower that was self-employed for the last 2 years but another company was self-employed for 3 years. I took that loan as a non-QM with a higher rate. The borrower had another broker run it and required only 1 year's return and he qualified which lost me the deal. He would not have qualified for the 2 year's returns. A hard lesson learned and always have the loan run to see if you get just one year's return. Having one Year's return makes it less complicated less documentation and fewer questions Simplification is the best route to take a ..read more
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U.S. mortgage holders post record levels of home equity: ICE
DDA Mortgage Blog
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1M ago
U.S. home prices continued to climb in March as a persistent shortage of homes for sale helped to buoy the housing market, according to the  Intercontinental Exchange  (ICE) Home Price Index. And while prospective homebuyers cope with the challenges of rising housing unaffordability, existing homeowners are reaping the benefits of historically strong price gains. Nationwide equity on mortgaged homes soared to a record $16.9 trillion in the first quarter of 2024, with $11 trillion available for leverage while maintaining a 20% equity cushion — also an all-time high. The ICE index ..read more
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