Reverse Mortgages Are Popular with Some Seniors

Reverse mortgages are increasingly popular among older home owners, who often have much of their net worth tied up in their homes.

Brad Stroh, co-founder and co-CEO of Bills.com offers this advice for anyone contemplating a reverse mortgage:

•How much equity is there in the property? If the home still is mortgaged, the home owner will have to use proceeds from the reverse mortgage to pay off the loan.

•Know your borrowing eligibility. The Federal Housing Authority regulates how much home owners can borrow with a reverse mortgage. The amount varies with the home’s value and the borrower’s age. Get a ballpark figure with a calculator such as AARP's.

•Determine the costs. Closing costs on reverse mortgages are more expensive than regular mortgages. The fees are subtracted from the proceeds.

•The U.S. Department of Housing and Urban Development provides information free of charge to potential reverse mortgage applicants who need help finding a lender or understanding if they qualify. “Counselors” who offer this service for a fee may be scammers.

REALTOR® Magazine Online

300 Million of Us

U.S. Population to Hit 300 Million on Tuesday

The population of the United States is expected to reach 300 million on Tuesday at 7:46 a.m. Eastern Time.

Population hit 200 million in 1967. Here’s a quick look at how the U.S. has changed in 39 years, in terms of new home prices, population density, and household growth.

From 1967 to 2006

U.S. Households went from 59 to 113 million

The Price of a new home rose from $24,600 to $290,600

The Home ownership rate was 63.6 and now is 68.9

People per square mile rose from 57 to 84


Source: Associated Press (10/14/2006)

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FOR YOU BILLY JOEL FANS

Billy Joel, the iconic singer from Long Island, is selling his 14,000 square foot home for 37.5 million dollars. The home in Centre Island, a hamlet on Oyster Bay Harbor, also has a guest cottage and a pool house. Joel has another home in Sag Harbor, along with homes in Greenwich Village and Miami.


The Piano Man’s spread includes a 14,000-square-foot brick, gabled house with 1,550 feet of frontage on Oyster Bay Harbor. Among the amenities is a domed-roof indoor pool room where Joel had the pool filled in to create the perfect acoustical home for a grand piano. Also on the grounds are a guest cottage and a pool house.

Billy Joel is ‘movin’ out’ - Newsday.com.