Guard Your Home Equity With Your Life

Home ownership is the foundation of middle-class wealth. The home equity asset is created when mortgages are paid down. It represents the difference between what your house is worth and what you owe on your mortgage. African Americans are less likely to own homes than others — fewer than half of all African Americans own their homes, compared with 66 percent for others. With fewer assets, however, we often have more pressure to tap into home equity than others. >> …

Reverse Mortgage Changes Outlined

Mulling over the prospect of getting a reverse mortgage? Read on. You just might find that big changes to the program make these loans less appealing. Assistant Secretary for Housing Carol Galante says the Federal Housing Administration is taking “aggressive action” to shore up its future after the housing meltdown left it in financial straits. Projected losses for the nation’s reverse mortgage program was $2.8 billion as of last year, she said in testimony before the House Financial Services Committee …