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The Mortgage Professor: Purchasing a house with a home equity conversion mortgage: How to do it right

One of the biggest upsides to purchasing a house with a home equity conversion mortgage is that doing so does not impose a monthly payment burden on the borrower. The disadvantage is that this type of reverse mortgage, offered through the Federal Housing Administration, will cover only about 50-60 percent of the house price, depending on the borrower's age. That means the purchaser will need to find the remaining required cash elsewhere. The most common source is asset liquidation.

Business

Why LA's construction industry relies on immigrants

LOS ANGELES – Eddie Ybarra and Francisco Martinez, both in their 40s, work side by side building the walls of two of the newest condo buildings in downtown Los Angeles. They drive pickup trucks to work, park in adjacent lots and both take their lunch break around 10 a.m. That's about all they share.

Business

NC House backs off proposed ban on development impact fees

A bill that proposed to strip North Carolina counties and municipalities of their authority to impose impact and other regulatory fees on new construction was scaled back by a House committee on Thursday. Local officials say doing away with fees on development will shift the burden of growth on existing taxpayers.

Business

Virtual reality expected to shake up future of real estate

MINNEAPOLIS – Nearly a year before Jack Sazama will actually set foot in his new digs at the Spectrum apartments near the University of Minnesota, the freshman strapped on a set of cheap plastic goggles, strolled through his new apartment in virtual reality and then signed a lease.

Videos

New hotel nears completion in downtown Raleigh

Construction nears completion on a Residence Inn by Marriott hotel Thursday, January 19, 2016 in downtown Raleigh. More than 1,000 hotel rooms are slated to open in Wake County in 2017, the most hotel rooms county wide in a single year since 1999.
Travis Long tlong@newsobserver.com
New hotel nears completion in downtown Raleigh 0:41

New hotel nears completion in downtown Raleigh

Tir Na nOg says goodbye 1:41

Tir Na nOg says goodbye

Wendell Falls project back on track 0:42

Wendell Falls project back on track

Rookie firefighter bustin' moves while directing traffic 0:48

Rookie firefighter bustin' moves while directing traffic

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