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See what's happening with home values in more than 400 metropolitan areas with HSH's Home Value Tracker, just updated though the second quarter of 2022.

Rising home prices and higher mortgage rates mean the Income You Need to Buy a Median-Priced Home shot higher again in the second quarter of 2022.

Reverse Mortgages and Long-Term Costs

Q: I would like to get a reverse mortgage on my home (nothing owed on it) at a fixed rate for 15 years. Amount would be approximately $70,000. I am a 73 year old widow. Including interest, I would like to know how much my sons would have to pay off. I live in New York state. Thank you.

A: The value of your home and where your home is will determine how much you can borrow. Assuming you have $70,000 worth of available equity, and assuming an interest rate of 5%, the total amount to be repaid would be $99,640. You will need to complete a HUD-sponsored counseling program before you can get your Home Equity Conversion Mortgage (HECM), and you'll want to talk to a few mortgage lenders about interest rates and costs. There is word that HUD is considering making changes to their program in order to help lower the up-front costs, too.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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Q: How are mortgage interest rates determined?
AUG 18, 2022
A:

Mortgage rates fluctuate from day to day, depending on a number of factors related to the economy and to choices made by investors. While some mortgage money comes from deposits held by banks and credit unions, most of the funds for borrowers come from investors in capital markets.

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Q: Will today's stock market influence tomorrow's mortgage rates?
AUG 16, 2022
A:

Mortgage rates are influenced by a variety of factors, rather than moving in lockstep with any one economic indicator. The stock market rises and falls for a wide variety of reasons, including global, economic and political issues, but as a broad rule of thumb, a rising stock market indicates optimism among investors about the economy.

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Q: Should I pay private mortgage insurance out of pocket or finance the cost?
AUG 12, 2022
A:

For the most part, this is a discussion about time. You should compare the total costs of the difference in the two interest rates over your given time horizon.

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