NEW YORK ( MainStreet ) — One of the greatest things about reverse mortgages, as everyone surely knows, is that you need no steady income to qualify. Why would you, since there are no monthly payments?
After the Fed’s announcement Wednesday that it would end its historic $3 trillion bond-buying program, mortgage rates predictably began to rise. You might consider instead a 15-year loan, which has a lower rate and higher monthly payments but will have you owning your house outright much sooner. “Think about you particular situation not just now, but five, ten, twenty years from now,” said …