Home Seller’s Guide to Mortgage Types

A bonanza of multiple offers means many home sellers can choose whichever buyer’s bid they like best. The temptation to grab the highest price and call it a deal is naturally strong. But price isn’t the only factor that sellers should consider. Financing affects sellers, too — because if something goes wrong with the mortgage, the sale might not close. From the seller’s perspective, here are pros and cons of four types of homebuyer...

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Money Talk: Roth Gift Could Fund Down Payment

Question: My 29-year-old son recently married, and as a gift I pledged $20,000 as a down payment on a house. My daughter-in-law is beginning a career as a registered nurse and I know they will not be buying for a few years. Is there any type of account that will grow tax-free or tax-deferred for a first-time buyer? Maybe I could gift this money to them into a retirement account for the time being? Answer: You may be able to give them...

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Money Talk: Settle Home Ownership in Divorce Agreement

Question: Our daughter was divorced in 2012 from her husband of 20 years. He still lives in the house they shared and she lives elsewhere. He pays the mortgage. When she asks him to remove her name from the mortgage, he says she is harassing him. What are her legal options and steps to accomplish this? Answer: The couple’s divorce agreement should have addressed this issue. If he agreed to take sole responsibility for the mortgage,...

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Most Won’t Feel Fed Rate Increase

Washington — For anyone considering whether to buy a home or car, the Federal Reserve’s interest rate increase Wednesday shouldn’t make much difference. The rates that most people pay for mortgages, auto loans or college tuition aren’t expected to jump anytime soon. The Fed’s benchmark interest rate has limited influence on those things. Still, the Fed’s move to lift its key rate by a quarter-percentage point will raise short-term...

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Reverse Mortgage Due When Borrowers Die

As more seniors turn to reverse mortgages, their adult children might be puzzled or concerned about what will happen to that debt when their parents die. Nearly all reverse mortgages are home equity conversion mortgages, or HECMs, which are insured by the Federal Housing Administration. HECMs are subject to some rules that might not apply to non-HECMs. The first thing adult children should know about HECMs is that these reverse...

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