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Family First Mortgage

First Family Mortgage Can Save You Money

Conrad Thompson with First Family Mortgage can save you money. Call 425-0105 in the Huntsville, AL area.

Forget millennials, homebuyers over 55 are a growing slice of first-time house owners

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You're never too old for the American Dream.

Take Rupert and Pat Haller. Since 1974, these high school sweethearts planned to buy a quiet, spacious home, a far cry from the fourth-floor walk-up apartment in Jersey City where they spent most of their lives.

They finally closed on their first home in September, a ranch-style house in Toms River, New Jersey.

"It's really what we strived to do,' said Rupert, 65. "After 45 years of marriage, we're both retired, we have a house, and we spend every moment together. I'm very blessed.'

The Hallers represent a tiny but growing sliver of first-time homebuyers in this year's housing market. The share of homebuyers 55 and older has more than doubled in the last 15 years to 38 percent. And senior first-timers accounted for 9 percent of that share - the highest level since data was first collected in 2003, according to the 2018 Homebuyer Profile report from the National Association of Realtors given to USA TODAY exclusively.

Divvy, an interesting new fractional home ownership startup, just raised a Series A round led by Andreessen Horowitz

Tech startups have found all kinds of ways to lend money to those hampered by either too little or not very good credit.

The approach of a nearly two-year-old, 15-person San Francisco-based startup called Divvy Homes is among the more creative we’ve seen, even while we question (for now) whether it’s good over the long term for potential customers.

How it works: In Cleveland, Memphis, and Atlanta, where Zillow estimates median home prices are $52,000, $82,000, and $242,000, respectively, Divvy will enable a person or family to select a home they’d like to someday own, then to buy that home with Divvy’s help. The family chips in at least two percent for a down payment. Divvy pays for the rest, then it collects a monthly amount that includes both market-rate rent and an equity payment.

It does this until the newly installed residents have amassed a 10 percent stake in the home. The reason, says the company: By partnering with Divvy, tenants — some of whom have credit scores as low as 550, which is considered “ very poor ” by the consumer credit ratings agency Experian — can build their credit scores and eventually land a mortgage insured by the Federal Housing Administration, which requires a credit score of at least 580.

Can a family member leave another family member a house with a 1st mortgage still on it in their will?

my mom has a home that she is still paying her first mortgage on, she says that if she passes away she wants to leave me the house in her will so that I would keep it in the family. Would the bank allow that to happen?

The bank would need to be paid off in full before you get the house. You cannot take over another person's mortgage.