Anyone who has paid attention to the TV recently has likely seen a lot of commercials for something called a reverse mortgage. For those who might not know, a reverse mortgage is exactly that. In this option, people receive monthly payments from a lender in exchange for equity in their homes. In essence, this functions as an annuity. One of the major benefits of a reverse mortgage is that it can be used to cover the costs associated with long-term care. Over the next few decades, the number of elderly individuals in the United States is projected to double. For this reason, long-term care is projected to become a major expense. How Can A Reverse Mortgage Pay For Long-Term Care? Long-term … [Continue Reading...]
For those who are interested in learning more about real estate, property management companies are an important topic of discussion. Some people might not ever consider hiring a property management company. Other people wouldn't ever invest in real estate without a property management company to help them out along the way. This can be a hard decision for people to make. In order to figure out if hiring a management company is the right decision, it is important to think about what they do. What Is Property Management? It is the job of a management company to both maintain the quality of the residence while also keeping the occupants happy. Typically, the owner of the property will hire a … [Continue Reading...]
When someone is looking to purchase a house, they need to think about how long they want their mortgage to last. While a bank can structure a mortgage to last for any number of years, the most common lengths are 15 and 30 years. While a 30-year mortgage is typically more affordable, a 15-year mortgage is cheaper overall. When someone is trying to decide how long they want their mortgage to last, there are a few important tips to keep in mind. The Benefits Of A 15-Year Mortgage There are a few important benefits that everyone should know about a 15-year mortgage. Some of the biggest benefits include: With a 15-year mortgage, people are going to pay off their home more quickly. This … [Continue Reading...]
Last week’s economic reports included readings on public and private sector jobs, the national unemployment rate and weekly readings on mortgage rates and new unemployment claims. ADP: Private-Sector Job Growth Eases in December Private-sector jobs increased by 202,000 jobs in December and exceeded expectations. November’s original reading of 60,000 new private-sector jobs was revised to 124,000 jobs. Three and six-month average private-sector job growth rates were 159,000 and 151,000 jobs, but these growth rates fell short of 2018’s average monthly job growth rate of 218,000 jobs added. Analysts said that private-sector job growth has settled into a more modest but steady … [Continue Reading...]
For many, owning property is seen as a rite of passage. At the same time, for most people, accomplishing this dream is largely dependent on the approval of a mortgage. For this reason, it is important for people to think carefully when deciding who to ask for a mortgage. Some cities have a higher mortgage approval rate than others. Identifying Problems With A Mortgage Application Before applying for a mortgage, it is important to think about the most common reasons why someone might be rejected. First, if someone has a debt to income ratio that is too high, they are more likely to be turned down for a mortgage. It is understandable that if someone already has too much debt, they are unlikely … [Continue Reading...]
Nobody enters into a mortgage assuming they are going to fall short on their payments; however, life happens and borrowers might need a way out. In serious situations, lenders may elect to foreclose on homeowners who are unable to make their mortgage payments. Fortunately, there might be another way out. This is called a short sale. A short sale can be used to help homeowners who are struggling cater to those who are looking to buy a home. At the same time, there are risks to both parties. Therefore, there are a few important points to keep in mind. What Is The Structure Of A Short Sale? If someone owes more on their mortgage than the property would otherwise sell for, this is called a short … [Continue Reading...]
