The first step to buying real estate is to get a mortgage pre-approved in writing; unless you are buying real estate for all cash, you will most likely need a loan. For simplicity, let's presume you are buying a primary residence single-family house, condo or a small income property where you will be the owner-occupant of one unit. These are the easiest properties to finance. They also are usually the most profitable if they are sound, well located and in an appreciating area with rising values.  more...

DEAR BOB: My father, age 78, lives in his home alone. He has become a bit senile, but he can still be very feisty. His house badly needs a new roof. But he stubbornly refuses to have one installed because he says he can't afford it. Every time there is a heavy rain, he complains about the leaks and why he can't find a roofer to patch the leaks. He is in excellent health for his age. I obtained information on reverse mortgages as well as home equity loans for him. Do you think a home equity loan would be better for his situation to pay for a new roof that will cost about $15,000?  more...