Mortgages

A mortgage is a device used to create a lien on real estate by contract. The mortgage is an instrument that the borrower (called the mortgagor) uses to pledge real property to the lender (called the mortgagee) as security for a debt, also called hypothecation.

 Reverse Mortgages
This mortgage tool allows people to live off the equity of their home. Participants receive a monthly payment based on the equity they've put into their home. Loans are backed by the federal government and only given to people age 62 and older. The loan is not satisfied until the home is sold.
Mortgage rates generally rise and fall along with Wall Street securities and generally reflect the overall direction of interest rates. By keeping an eye on mortgage market trends and key economic indicators, a borrower has a better chance of obtaining interest rate savings.