Month: February 17, 2012

Come Home to Coral Springs

Historically, the real estate market in Florida has gone through several cycles of boom, bust and then back again. At present, Florida’s housing market appear to show some signs of life with existing home sales picking up by 7 percent in the 4th quarter of 2011. Median home prices have stabilized and business hiring is on the uptrend. Meantime, average rates on 30-year conventional home loans continue to hover at historical lows. The proverbial light at the end of the tunnel is in sight as far as housing activity is concerned. The housing bust devastated many South Florida communities but desirable areas such as Coral Springs, FL. have been largely spared from the glut of foreclosed and abandoned homes. With a population of 5.6 million and counting, it occupies the…

Coral Springs, FL Seniors Can Use Home Equity to Improve Lifestyles

To maintain their lifestyles climate of escalating costs of living, many Coral Springs, FL seniors secure reverse mortgages on their homes to help live a quality existence during the golden years of their lives. For homeowners thinking about the reverse mortgage option, it helps to understand how the instruments work. Explaining Reverse Mortgages Similar to other mortgages, a reverse mortgage is simply a loan on a condominium, townhouse or single-family home obtained from a mortgage lender. The home equity serves as collateral for the loan. Unlike first or second mortgages, home equity loan or a home equity line of credit, which have stringent credit and income requirements, reverse mortgage borrowers do not have to meet these conditions. In addition, most of these loans require borrowers to make monthly payments to…

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