Real Estate News

Real Estate News

The Mortgage Professor: Do reverse mortgages work for owners of expensive homes?

As a federally insured reverse mortgage program under the Federal Housing Administration, the home equity conversion mortgage program is not designed to help the wealthy. In calculating maximum draw amounts, the highest property value it will recognize is $625,500. If your house is worth $1 million or $10 million, you can't draw more than the amounts available on a home worth $625,500. Further, although higher value properties reduce the risk of loss to the FHA, the mortgage insurance premium is the same for a property worth $1 million and one worth $625,500.

Real Estate News

Real estate Q&A: Do you really want to take the HOA to court?

Q: The irrigation system in my area of our community has not worked for several months. I had new landscaping put in around the time it broke. I pay our homeowner's association dues every month, and those include the irrigation system. My water bills are sky-high from having to water the plants every day. Can I make the association fix it, and can I get reimbursed for the hike in my water bill?

Real Estate News

The Mortgage Professor: Homebuyers lose a useful mortgage option to overzealous regulation

Before the financial crisis, many mortgage contracts contained a provision stating that borrowers who paid off their loan early had to pay a penalty. Penalties were usually expressed as a percent of the outstanding balance at time of prepayment or a specified number of months of interest. In most cases, the penalties declined with the passage of time and usually disappeared entirely after five years or so. Partial prepayments of up to 20 percent of the balance usually were allowed in any one year without a penalty. Sometimes the penalty applied to a home purchase transaction as well as a refinancing, but more commonly it applied only to a refinance.

Local

New home care services for seniors coming to Lancaster County

The Lancaster County Chamber of Commerce will assist Home Helpers Homecare & Direct Link with their official Grand Opening and ribbon-cutting on Monday, August 1, 2016 at 3 pm. Lancaster County government officials and City officials will be present and will assist with the celebration. Home Helpers Homecare offers companion care, personal care, medical Care, Alzheimer and dementia care among other services.

Videos

Toucan Nation trailer

3D Systems played a crucial role in the rehabilitation of Grecia, a toucan in Costa Rica that lost the majority of its upper beak after an attack. The Rock Hill company made it a 3-D beak. Grecia's story will be featured in Animal Planet's Toucan Nation.
Credit: Animal Planet and Discovery Communications
Toucan Nation trailer 0:32

Toucan Nation trailer

Lewisville football coach Will Mitchell previews upcoming Blacksburg game 0:50

Lewisville football coach Will Mitchell previews upcoming Blacksburg game

Bond denied for Chester mother charged in newborn's death 2:40

Bond denied for Chester mother charged in newborn's death

Rock Hill church defaced with human waste 1:41

Rock Hill church defaced with human waste