Home Equity Loans & Line Of Credit

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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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