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If you're 62 or older and short on cash, you might be considering a reverse mortgage. But before you jump in and sign the paperwork, it's important you understand how a reverse mortgage works. When I was young and just out of college, my parents took out a reverse mortgage on their home. My dad had suffered a debilitating stroke and my mom suffered from congestive heart … [Read more...]
Is paying off your mortgage early a good idea or a mistake? The other night we went to our neighbor's house for dinner and while the kids played video games in the living room the adults hung out in the kitchen drinking craft beer and chatting. My buddy Pete started talking about his family's finances and he asked me straight out, "Should I pay off my mortgage early?" I … [Read more...]
If you’re currently paying a mortgage on your home, odds are you’re paying your property taxes and homeowner’s insurance through a mortgage escrow account. But what is a escrow account and is it really necessary? A mortgage escrow account is kind of like a forced savings account. When you make your monthly mortgage payment, you’re not only paying for the principal and … [Read more...]
To be a responsible borrower, you need to be ready to meet your commitments even before you apply for a loan, and you need to have a definite plan from the start! Two things you should do before you get started include: You should pick a mortgage lender. You should actually have enough money to pay the principal and interest on the borrowed money. In other words, … [Read more...]
