Retirees may find they don't qualify to refinance their mortgages

This post A Slap in the Face to Millions of Boomers appeared first on Daily Reckoning. Earlier this week, we talked about Social Security and Medicare taxes … including how much of your income they eat up. But just as a reminder: Social Security alone takes 12.4% of every American’s income up to a total limit of $15,921.60 in 2018. That’s a lot of money.

The Canada Mortgage and Housing Corp. was created by the federal government nearly 70 years ago with a mandate to help smooth the way toward home ownership for millions Canadians who might not otherwise achieve their dream. As a tool of social policy the CMHC has done a pretty good job, but when it comes to market discipline, maybe not so much. In fact critics say that by pursuing its social policy goals so zealously it has distorted the country’s real estate market, helping to push up prices to record levels.

Although home prices are rising in many markets, lenders still want borrowers to have high credit scores and big down payments.WASHINGTON — With home prices rising in many markets around the country, might mortgage lenders start loosening up their hyper-strict underwriting rules and extend loans to buyers who now find themselves on the sidelines?

The Federal Housing Finance Agency and the Federal Housing Administration say many lenders' underwriting restrictions go beyond what the agencies themselves require.WASHINGTON — Two federal agencies with far-reaching influence over the mortgage market are working on a problem that could affect the ability of many consumers to obtain a home loan: How to encourage private lenders to ease up on their underwriting restrictions that go beyond what the agencies themselves require for mortgage approvals.

Fees matter. We’ve known for years that even a slight difference in investment costs can amount to big money over a long period. Yet retirement savers are being funneled into high-fee accounts at an alarming rate, new research shows.

Fees matter. We’ve known for years that even a slight difference in investment costs can amount to big money over a long period. Yet retirement savers are being funneled into high-fee accounts at an alarming rate, new research shows.