Individuals who own their homes with a considerable amount of equity should consider looking into proprietary jumbo reverse mortgages. These can be helpful tools that may allow seniors to either pay down an existing mortgage or fund their retirement. These tools are particularly helpful in areas of the country that have high property values, such as California and New York. In these states, jumbo reverse mortgages may provide seniors with up to $4 million in potential loan proceeds. These … [Read more...]
Should I Pay Off My Mortgage Or Invest the Money?
To understand what to do with a windfall or extra disposable income when it comes to paying down a mortgage or investing the money, we need to discuss and understand the concept of opportunity cost. What Is Opportunity Cost? The concept of opportunity cost takes into consideration the total financial impact of the use of funds when applied in different ways, to be able to compare the effectiveness of how it is best to use them. The opportunity cost considers the risks involved, the potential … [Read more...]
The Long-Term Toll Of College Costs
Taking out enormous student loans to get a college degree may be a terrible idea for some. The burden of paying off this debt can make it far more challenging to do other important things like buying a home. Here are some common problems that come from taking out large student loans: Not Worth It: The college degree may not help you land a high-paying job. Even high-paying jobs like being a dentist have extremely high educational costs as well. Aspiring dentists borrow, on average, over … [Read more...]
Millions Now Qualify For Home Refinancing To Save Money
To refinance or not to refinance, that is the question. How do you know when it is an appropriate time to refinance? Many factors influence this decision, besides just the cost of the mortgage loan. Here is a checklist to follow when considering a refinancing opportunity. Check Your Credit Score Refinancing is similar to getting the original home loan. The lenders will run a credit check and verify your current income. Your total debt level and your credit history are both important. If you have … [Read more...]
