The most popular mortgage loan evolved into what is the 30-year amortized loan, which has become one of the primary reasons for increasing the level of homeownership in the United States. Amortizing means some of the principal of the loan amount is paid off each month, allowing homeowners to build equity and avoid a large […]
Should I pay my mortgage off before I retire?
Your financial professionals can help you decide if you want your mortgage loan paid off at retirement or if any of these other ideas work for you. (Photo: Pexels). At first thought, it would seem to make sense – why not have your house free and clear and have no house payments in retirement? If […]
Financing options when interest rates rise
The 30-year mortgage has been the mainstay of American homebuying for decades. The 30-year mortgage came about as a result of the housing crisis of the 1920s. Back then, a typical mortgage was three to five years with a variable rate, and payments only covered the interest. Often, large down payments were required. The most […]
The new reverse mortgage – Part 2
Colorado is one of the fastest aging states in the country and Boulder County is also rapidly aging. Reverse mortgages are becoming more popular as baby boomers retire and want to maintain their standard of living. The reverse mortgage is a financial tool, which has helped many over 62 years old. In my previous article, […]
The new reverse mortgage Part 1
When it comes to buying a home, you’re never too old. (Photo: Pexels). The Aging at Altitude Expo was held at the Boulder Jewish Community Center on April 23. One of the sessions at the conference explained reverse mortgages as a financial tool for those who are 62 years of age and over. The […]
Coronavirus Financial Relief with a Reverse Mortgage – Part 2
The COVID-19 pandemic has taken a global toll on the markets and the retirement accounts of many seniors. Seniors who are homeowners, however, can access to cash for living expenses through a reverse mortgage. The reverse mortgage is a financial tool that has helped many seniors who are over 62 years old. In my previous […]
Coronavirus Financial Relief With a Reverse Mortgage – Part 1
If you are over 62 years of age, you could be a candidate for a reverse mortgage. (Photo: Joe Hepburn, Unsplash). The economic effect of the coronavirus pandemic been global. Retirees have seen their retirement nest eggs shrink over the last couple of months. Yet, as we have seen in the past, markets usually […]