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Reverse Mortgage Myths Busted

A reverse mortgage is officially known as a Home Equity Conversion Mortgage (HECM). A tool that taps into a home’s equity while providing retirement income for homeowners aged 62 years or older with no monthly payments, reverse mortgages are being increasingly common. While most reverse mortgages are federally insured and are a great financial decision for many homeowners, there are still many myths surrounding them that can make it difficult to decide if they are the best choice. 

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President Trump pushes for lower interest rates

In spite of intense pressure from President Trump, the Federal Reserve did not change its key interest rates when it met last. Instead, the Fed reiterated its stance that it probably not hike rates in the near future. The reasons for their decision included low inflation and a strong economy. 

Does a Lower Interest Rate Make Sense?

Trump stated that he wanted the economy to continue to strengthen so he urged the Federal Reserve to lower rates in hopes that it would spur greater growth. Some experts, such as Kathy Bostjancic, an economist at Oxford Economics, projects that slashing the interest rate by one percentage point in 2019 will help the economy grow by about one-half of a percentage point in 2020. In order to be fully beneficial, though, businesses would need to be able to find enough qualified workers so they can make more goods and provide more services. Already, however, companies are having a hard time doing that because, at 3.8 percent, the nation’s unemployment rate is the lowest it’s been in close to 50 years. 

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Cash-Out Mortgage Refinancing: Does it Make Sense for You?

In general, when interest rates are on the rise, homeowners don’t refinance their mortgages. This makes sense because many people choose to refinance in order to reduce their monthly payments. When refinances are initiated during periods of rising interest rates, though, the reasoning behind them is often quite different. 

Why Refinance When Interest Rates are High? 

In most cases, when a homeowner decides to refinance their mortgage when the interest rates are high or rising, the action is fueled by the desire to “cash out.” This means that the new mortgage is larger than the balance due on the old one with the excess money being used to fund other, discretionary purchases. 

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Should You Refinance Your Mortgage Now?

By now, nearly everyone has heard about the Federal Reserve Bank’s surprise move to keep interest rates steady at their last meeting. In fact, the Feds even went so far as to indicate that they likely wouldn’t raise interest rates again in 2019. This is good news for those who were in the market to purchase a home but who were concerned about the effects of the incremental interest rate hikes would have on their bottom line. 

What About Refinancing? 

What might not be as clear is whether the Feds’ “patient approach” to the possibility of future interest rate increases means that it’s a good time for current holders of a mortgage to refinance. While keeping in mind that it’s possible that interest rates might start to fall — which would make refinancing even more attractive — there are other considerations you should think about as well. 

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Celebrate the Spring Home Buying Season with Lower Interest Rates

In March, the Federal Reserve Bank surprised everyone by not raising interest rates. In fact, the agency stated that it would likely not raise interest rates again in 2019. This announcement came quickly on the heels of their policy generated just six weeks ago. At that time, the agency indicated that they would take a patient stance about the market when it came to deciding about future hikes in the interest rate. 

Sparking Home Buying Interest

While the most popular home buying season of the year — spring — is already underway, the announcement by the Federal Reserve Bank to hold off on any interest rate increases for the rest of the year will provide it with a much-needed boost. Even though interest rates in 2018 continued to be low compared to other years, the fact that they kept increasing made some people reconsider whether buying a home was in their best financial interest. That misgiving is now no longer an issue which should prompt a renewed flurry of mortgages throughout 2019 and starting with the spring. 

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