How to Compare Mortgages and Get the Best Deal
April 19, 2011 by Jesse Spivakovsky · Leave a Comment
In today’s real estate market, everyone is looking for ways to make their dollar work even harder for them. Whether you’re a first time home buyer or an existing homeowner, being smart about your mortgage means looking for the best possible deal for your unique needs. Fortunately, lenders and banks now make it possible for you to compare mortgages to find the perfect plan. Here’s how it works.
Figuring Out Which Mortgage is Right for You
With a shorter term mortgage, you’ll may save thousands of dollars overall in interest payments, but you need to be prepared for a substantially higher monthly payment. Many people are comfortable with a longer term mortgage, but you’ll pay more in interest over time. Continue reading…
Reverse Mortgage Information Shows How Heirs are Affected by a Reverse Mortgage
April 14, 2011 by Jesse Spivakovsky · Leave a Comment
Whenever making a big financial decision, it is good to consider what will happen in the long run. Many reverse mortgage borrowers worry about how their actions now will affect their heirs in the future. This perception has fueled a lot of fear and bad press associated with reverse mortgage information. This article will explore the three main options available to reverse mortgage heirs.
What is a Reverse Mortgage?
In order to be eligible for a reverse mortgage, the borrower(s) must be at least 62 years of age and own their home. If they meet these requirements and use the home as a primary residence, they will have the opportunity to convert a portion of their equity into usable cash. Continue reading…
Louisiana Homeowners Use a Reverse Mortgages to Overcome Hardships
April 9, 2011 by Jesse Spivakovsky · Leave a Comment
The spirited city of New Orleans took a big hit in recent years with a category five hurricane destroying most of the city and an oil spill threatening its beaches and waterways. This dilemma begs the question: What are senior homeowners doing to survive these natural and economic disasters?
Despite Decreased Home Values, Louisiana Residents Still Seem Optimistic
According to a recent study, Louisiana home prices and values have dropped by more than $15,000 statewide and more than $45,000 in the city of New Orleans alone since 2008. Even though home values have dropped dramatically, residents are still optimistic because the decrease has actually made senior nursing homes among the most affordable in the country. Continue reading…
California Aims to Keep Reverse Mortgage Users on Track
April 4, 2011 by Jesse Spivakovsky · Leave a Comment
New government research shows that more than 30,000 U.S. homeowners are in default on their reverse mortgages and are at risk of losing their homes. Homeowners cannot afford to pay their property taxes and insurance which is causing an overwhelming amount of homeowners to be at risk of losing their homes. To help with this potential foreclosure disaster, organizations have teamed up with the government to help reverse mortgage defaults from increasing.
Non-Profit Organizations Counsel California Reverse Mortgage Holders
From now until April, a non-profit housing counseling organization called CreditAbility is working with the government to provide free counseling to California reverse mortgage borrowers who are at risk of going into default. Continue reading…
Time for a Financial Health Check
April 2, 2011 by Jesse Spivakovsky · Leave a Comment
There is never a better time than today to review your finances. When evaluating your finances, consider things such as your home loan repayments and credit card spending, which can help to reduce the strain on the family’s finances.
Generally speaking, you should aim to pay off the most expensive debt, such as credit cards, as soon as possible.
If you are not ahead of required repayments on your home loan then using your home loan to pay off the most expensive debt may not be an option. You may wish to consider applying for a low rate personal loan to consolidate your debts with one regular monthly repayment. However if you take this approach you should avoid the temptation of using your credit cards again until you have paid off the personal loan. Continue reading…