article thumbnail

To emphasize flood insurance costs, senator cites reverse mortgage borrower

Housing Wire

With flood insurance premiums commanding ever-higher prices, a U.S. senator recently described a hardship faced by a constituent who endured challenges with higher flood insurance costs while keeping a reverse mortgage in good standing. That’s on top of what they pay for homeowners insurance.” Bill Cassidy (R-La.).

Insurance 413
article thumbnail

Lenders: Looking to simplify closings? Work with an insurance agency

Housing Wire

HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. Take insurance, for example.

Insurance 406
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Incenter Lender Services promotes Sara Parrish to COO

Housing Wire

” Incenter has businesses focused on capital markets, loan diligence, student lending, insurance, property tax, accounting and marketing.

article thumbnail

How reverse mortgages could improve financial stability for older homeowners

Housing Wire

CM : Firstly, reverse mortgages, whether government-insured or proprietary, are non-recourse loans. Also, an independent appraisal during the loan process locks in the property’s market value at the time the reverse mortgage loan is funded. Not tax advice. Consult a tax professional. †

Mortgage 397
article thumbnail

Unwrapping what to expect in your home inspection, appraisal and closing

Housing Wire

During closing, buyers sign several legal documents and pay additional fees, some of which are recurring costs like property tax. Others are one-time closing costs expenses, which may include: loan origination fees, application fee, mortgage broker fee, title insurance, appraisal fees, title search fee and other miscellaneous payments.

article thumbnail

Foreclosures are rising, but it’s not yet alarming

Housing Wire

The impact of tax and insurance liabilities There are some growing concerns stemming from inflation and the rising costs of property taxes and insurance premiums, which may be problematic for some households, particularly older Americans with fixed incomes. creating chaos in property insurance markets.

article thumbnail

How Much of My Income Should Go Towards a Mortgage Payment?

Assurance Financial

Property taxes. You pay your property taxes to local governments to fund things like schools, firehouses, police departments and other public works. They are based on your property’s value and local tax rates. This allows you to pay your taxes over time rather than paying a large sum all at once.