A vacation home sounds delightful, doesn’t it? If you can’t afford one, you may be able to at least afford a part of one – by purchasing a timeshare.
You’ll have plenty of company if you do. The American Resort Development Association (ARDA) reports that timeshare sales have risen for eight consecutive years, reaching $9.6
Home Equity Loans & Line Of Credit
When you decide to revamp your home, the goal is usually to suit your lifestyle and create an ambiance more to your own taste. In a world of financial uncertainties, however, it is crucial to consider the effect on the resale value of your property. Home improvement projects that enhance sought-after features can make your
You would love to embark on a home improvement project that will spruce up your property and improve its resale value at the same time, but you only have $1,000 in the budget. What sort of projects can give you the best return on your investment (ROI)? We have five options below for your consideration.
Are you starting home improvement projects to celebrate spring – or to recover from this year’s wicked heating bill? Are you looking to sell your home soon, and investigating home improvements to improve the sale price? In any case, you want your home upgrades to result in savings and/or increased value. But which improvements are
As you approach retirement, you may find yourself in need of cash to deal with certain expenses. Perhaps you have decided to address a long-delayed home remodeling, you want to travel, or you just need extra living expenses for a given period.
There are several ways for you to use the equity in your home
A reverse mortgage is an increasingly popular way for older Americans to acquire funds based on the equity in their homes. You must be at least 62 years old, use the home as your primary residence, and have at least 50% equity in it to qualify for a reverse mortgage. You are also required to
You may have heard of reverse mortgages through Fred Thompson’s ubiquitous daytime television ads, but you may not know much about them or how they work. So let us take over for Fred and explain them in detail.
In essence, the reverse mortgage is a variation of a home equity loan that is used to
Your home equity is the amount of your home that you own – in other words, the market value of your home minus the amount of principal that you owe on your loan. For many Americans, it’s one of their largest financial assets.
If you need money for various projects and expenses, your home equity
Are you having trouble getting a date? Could be your rap, your looks, or your excessive debt.
According to a recent survey by Finder.com, 72% of respondents say they would re-think a relationship with a partner in significant debt. (That’s similar to the percentage in last year’s Finder.com survey, so don’t expect debt to
The Pool Is Shrinking A home equity loan or line of credit (HELOC) can be a useful financial management tool – but only if you have the available equity to take advantage of it. Do you know how much you could borrow against your home if you had to?
Black Knight’s October 2018 Mortgage Monitor
You’ve accumulated a decent amount of equity in your home. Why not put your equity to use with a home equity loan or a home equity line of credit (HELOC)?
Both allow you to borrow against the equity in your home. A home equity loan is a lump sum option with a fixed interest rate
A reverse mortgage allows you to convert the equity in your home to cash that you can use for other purposes. Essentially, you’re selling your home back to a lender in increments.
It’s a popular method for seniors to supplement living expenses. Repayments don’t begin until the owner permanently moves out of the home, passes
By Eric Olsen, Executive Director, HELPS
Nonprofit Law Firm
I just got off the phone with a senior couple who have a timeshare they can’t afford and don’t use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television
Reverse mortgages can be a useful tool for seniors attempting to convert the equity in their home into cash for living expenses or other retirement purposes. The loan is usually paid out over time instead of as a lump sum.
There are no repayments as long as the senior taking out the loan
A construction lien, otherwise known as a mechanic’s lien, is a claim that is made against a property by a contractor, subcontractor, or other professional party involved in a construction project. These liens exist to protect construction professionals from non-payment for materials or services rendered.
If you are withholding payment to a contractor for a
Homeowners may see less of a tax break this year, thanks to the Tax Cuts and Jobs Act (TCJA). Beginning with homes purchased after December 16, 2017, you can only deduct the interest incurred on $750,000 of mortgage debt on qualifying residences (primary homes and one second residence). Under prior law, the limit was $1
You want to buy a home and have the income to support a decent monthly payment – but you can’t save up enough money for a significant down payment. With home prices and interest rates rising, you’re afraid that you’ll be priced out of the market before you can save up a full down payment.
Are you ready to tackle a home improvement project this year? If so, you have plenty of company. According to the latest LightStream Home Improvement Survey, 58% of Americans are ready to pour money into home improvement projects in 2018. The percentage of homeowners planning projects is close to 2017’s 59% value, but homeowners are
Should I stay or should I go? With apologies to The Clash, that’s the question many homeowners are asking themselves. Does it make more sense to renovate your current home, or should you look for a home that is a better fit for your current needs?
Data from the National Association of Realtors (NAR) suggests
If you are happy with your current home, why wouldn’t you want to live in it for the rest of your life? Many seniors and soon-to-be seniors have taken this approach and plan to “age in place” in their current domicile instead of moving into a smaller home or an assisted living/retirement community.
Living in
Why would you loan money to someone without fully assessing the likelihood of being paid back? Lenders do make such loans on occasion – student loans, for example.
Property Assessed Clean Energy (PACE) loans are another example of loans that don’t take credit history into account. PACE loans have one other aspect in common with
Are you planning to renovate your home in 2017? There’s a better than 50/50 chance that you are, if a recent poll by LightStream is accurate. The January 2017 LightStream Home Improvement survey found that 59% of homeowners plan to spend money on renovations during this year, with 42% of the planned renovations costing $5,000
Property Assessed Clean Energy (PACE) loans are in the midst of controversy. Are they an effective way to incorporate more green energy into homes, or are they planting the seeds of the next housing crisis? Both statements may apply.
PACE loans are designed to finance home projects involving renewable energy and energy efficiency. While the
The housing market has shown signs of strength recently, but momentum remains elusive. Will this be the year that housing breaks out? Expert opinions vary, but most see a moderating market that will continue to pose a challenge for new homebuyers.
Mortgage rates – Most estimates for mortgage rates suggest the post-election trend of sharply
You have agreed to terms with the seller for your new home, and are now preparing to enter the closing phase. Unfortunately, closing on a house is considerably more complicated than buying a new appliance, or even a car.
The closing process typically takes 30-45 days and requires several preliminary steps before the actual closing
With U.S. mortgage rates increasing, homeowners with variable loans will be the most affected at first. The rises will have a ripple effect across the sector, however, because experts expect more increases from the Federal Reserve.
News from the mortgage sector is that average rates for a 30-year fixed-rate mortgage have now reached 4.38 percent
A study shows that several people are unaware or unprepared for the reset that will be applied to home equity lines of credit (HELOC) in coming years. Of the 800 homeowners questioned, 43 percent will be affected by the change, with 23 percent admitting that they have no financial plans for handling the reset.
Conducting
When you consider which home remodeling projects to tackle and which ones to shelve, it is wise to think about the payback potential. Which projects will increase the value of your home enough to recoup your investment potentially? Remodeling Magazine may be able to help you decide. They recently completed their 2015 lists of remodeling
Ah, summertime. The weather warms up, the flowers bloom, and the flocks of home improvement scammers return for their annual summertime gathering.
Like other unwanted pests, shady home improvement contractors tend to show up in the spring and summertime offering services ranging from driveway sealing to chimney repair to roof replacement to a complete home
APR and APY – are they new texting acronyms? IDK, you say – or rather, you text? (For the benefit of the textually-challenged, IDK means “I don’t know.”) If you think they are texting acronyms, or just “DK” what they are, it’s time to learn.
APR and APY are financial acronyms, short for Annual Percentage