Dean Rizzi

What is a Reverse Mortgage?
August 10, 2011 · · 3 Comments

A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance living expenses, home improvements, in home health care, or other needs.

With a reverse mortgage, the payment stream is “reversed.” That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage.

A reverse mortgage is a sophisticated financial planning tool that enables seniors to stay in their home or “age in place” and maintain or improve their standard of living without taking on a monthly mortgage payment. The process of obtaining a reverse mortgage involves a number of different steps.

The first most widely available reverse mortgage in the United States was the federally insured Home Equity Conversion Mortgage (HECM), which was authorized in 1987.

A reverse mortgage is different from a home equity loan or line of credit, which many banks and thrifts offer. With a home equity loan or line of credit, an applicant must meet certain income and credit requirements, begin monthly repayments immediately, and the home can have an existing first mortgage on it. In addition, there is no restriction on the age of borrowers.     Read more

PruCalVoices

Market Analysis – Taking stock of what’s right with the United States
October 15, 2008 · · 2 Comments

“Taking stock of what’s right with the United States” is an article that Dean Rizzi forwarded to us all.  It is a fascinating article in that it outlines and takes note of 10 positive and great things about our country.  With the current wall street market in a tizzy and the election mud slinging dominating the air waves not to mention the economic and housing crisis, it is easy to lose sight and forget that we live in a great country. Because this is an election year….a brighter and more positive direction for our country would be nice as well.  Read more

Nicole Machado

The Great Depression, take two?… NOT A GOOD THING…
October 4, 2008 · · 1 Comment

I usually don’t partake in discussions that revolve around politics, however, after last nights debate and the passing of the “bailout” I feel obligated to do so! Read more