SAVING THROUGH YOUR MORTGAGE ESCROW If you own your own home, odds are you financed the purchase of the real estate with a mortgage. Usually, the lender requires the buyer/borrower to escrow funds to assure the payment of real estate taxes and hazard insurance. This escrow is funded as part of the monthly mortgage payments —… Continue reading
Category: Real Estate
Governor Rauner signs Reverse Mortgage Act
On August 10, 2015, Governor Rauner signed the Reverse Mortgage Act, which provides increased consumer protections for Illinois borrowers involved in reverse mortgage loans. Some of the new protections include increased and more understandable disclosures to potential borrowers, a three day “cooling off” period whereby a potential borrower could rescind the deal, and granting the… Continue reading
FHA Under Pressure to Bring Back Individual “Spot Loans” for Condominium Units
There is finally some good news for condominium unit owners who’ve been frustrated by the FHA’s prohibition on “spot loans” in developments that haven’t obtained certification. Pressure from real estate advocacy groups is causing the FHA to seriously consider relaxing the ban and bring back spot loans. Ken Harney, a nationally renowned author and expert… Continue reading