Private Mortgage Insurance and How Does It Work

Private mortgage insurance is a type of insurance that protects lenders from losses if a borrower defaults on their home loan. In most cases, borrowers must purchase PMI when they make a down payment of less than 20% on their home. PMI can be an expensive add-on to your mortgage payments, so it’s important to...
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What is the downside to a reverse mortgage?

A reverse mortgage is a type of loan that allows homeowners to borrow against the equity in their home. The loan must not be repaid until the homeowner dies, sells the home, or moves out. While a reverse mortgage can be a useful financial tool for some homeowners, it’s important to know the potential drawbacks...
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