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Choosing homeowner's insurance isn't something you should do without a certain degree of research. Choose homeowner's insurance with help from a longtime insurance salesman in this free video clip.
Choosing a homeowner's insurance agent isn't a decision you should make without a certain degree of thought. Choose a homeowner's insurance agent with help from a longtime insurance broker in this free video clip.
The U.S. Department of Housing and Urban Development administers a mortgage program designed specifically for senior citizens. The Home Equity Conversion Mortgage Program began in 1987, according to the HECM Handbook, and has expanded since. HECM is the only government-insured reverse mortgage program in the country, according to HUD. It allows homeowners to convert equity in their homes into additional income and/or credit.
The Federal Housing Administration (FHA) insures millions of home mortgages and offers a wide range of programs for low- to moderate-income households. Senior citizens on fixed and limited incomes often sit on their homes' equity when they could be using the extra funds. FHA's Home Equity Conversion Mortgage (HECM) program allows seniors to access this money.
When you buy a home you'll likely be required to provide proof of homeowners' insurance prior to closing, and it can be tempting to buy the first policy you review just to save time and avoid stress. However, you could be setting yourself up for many problems down the road if your policy doesn't offer the coverage you need.
Take inventory of your possessions so that you have a record of your belongings in the event of a fire or theft. Your inventory will change in value and content over time. Update it regularly, or it will lose its relevance.
