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Reverse Mortgages

Should you use a reverse mortgage? First, you have to make sure you qualify. Reverse mortgages are only for those who are 62 and older, who own a home with significant equity, and those who expect to live in their home for many years. A reverse mortgage must be paid back to the lender when you no longer plan to use your home as your primary residence. This can occur upon death, when you decide to sell the home, or if you have to move out longer than 12 months. At that time, the loan balance or market value of … Continue reading →

Paying off your Mortgage Early

Have you ever considered whether you should try and pay off your mortgage early? Many people have. But, a mortgage is different kind of debt than most… so it is good to evaluate all the advantages and disadvantages before you make that leap. The first consideration is other debt. In almost every case, before you ever consider making extra payments on your mortgage you should first focus on all your other debt. In almost every instance, whether it be a credit card, student loan or car, that debt is costing you more to keep in interest than a mortgage. What … Continue reading →

Are You Considering a Reverse Mortgage?

Many people who are retired and own their own home may be thinking of using a reverse mortgage to pay for their living expenses. Reverse mortgages are fairly new. In a reverse mortgage you can cash out the equity in your house while you still live there. Some banks open this as a revolving line of credit that you can write checks on. Others will deliver an amount to you each month. In order to qualify for a reverse mortgage you must be at least 62 years old. It may seem like a good way to get a little bit … Continue reading →

Divorce and Credit

A divorce can affect your credit in many ways. Whether you are divorced, planning to get divorced, or want to protect yourself “just in case,” there a few things to consider. For some, if all the bills have been in one spouse’s name and not the other, you may find you don’t have a credit history. This can hurt one’s ability to get loans after a divorce. This is one reason why it is important to keep some credit accounts in each spouse’s name. It can protect your finances against a variety of ills… divorce, spousal death, disability, etc. Some … Continue reading →

Week in Review for July 29th to August 4th

Do you even know what a delinquency is? Dig deeper into the words and meanings of the credit world in regards to your credit score in Delinquencies and Credit Issues. What exactly happens when your bill goes past due? How does the late payment show up and your credit report? In this week blog entry, Collection Activities, you can learn some valuable information to help you maintain a clean credit report. As more of our population enters their senior years, reverse mortgages are a major buzz word. What exactly are they and do you qualify? Learn more in Miriam’s article, … Continue reading →