Tag: Home Equity
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Quitclaim Deeds and Senior Homeowners: Convenience with Caution
When someone wants to know which kind of document makes it easy to pass real estate ownership, the quitclaim deed comes to mind. Convenient? You bet. And quite often, this convenient document is the senior’s deed of choice. This is because so many seniors decide, at some point in their lives, to transfer their homeownership…
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Proactively Maximize Your Deed’s Value—Don’t Just Wait.
Inflation, whether it runs high or moves at its historically normal rate, erodes your dollars. As a deed holder, at least you do have certain ways to offset inflation. A key method? Proactively boosting your deed’s value through home improvements.
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Single and Looking (for My Very Own Deed)
Single and looking? Take heart! So many people would love to be in your position. Some never have a home that’s theirs alone. If you think most people in the current real estate market are couples, you’re right. Yet single buyers make up more than a fourth of all buyers. You could join them, and…
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Reverse Mortgage Problems: When to Stay, and When to Walk Away
Reverse mortgages are designed for senior homeowners. They’re advertised as a super power available to longtime deed holders. The idea? When you’re low on cash, tap into your many years of equity-building. Draw financial strength from your property’s value. Sounds good, and yet pitfalls await the unwary. Reverse mortgages allow borrowing to increase, and home equity…
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When Lien Holders Demand Repayment: Who Has the Most to Gain by Foreclosing?
If you own a home, you can use it as collateral and borrow money. The lenders may then place liens on your title, representing that money you have to repay. The classic example involves taking out a mortgage against the value of a home you want to buy. You must repay the home loan, or…
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Frugal But Fun: An Origami Home, Anyone?
Cost has always been a big reason to pick a compact home. Today, though, less really is more. New generations of home buyers seek out small homes for a range of reasons — like a preference for uncluttered minimalism. Or a goal of reducing their footprint on nature. Appropriately designed small homes can be easier…
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Could Your Home Equity Help You Meet Longtime Goals? Pick Your Goal and See.
Lenders love sending direct mail, suggesting that deed holders borrow against the value of their homes. And you might be wondering: Maybe accessing some cash could really let me meet personal goals. Your home’s equity — your home’s value, minus what you owe on your current mortgage — is typically the collateral for the lender.…
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What Resources Exist for Deed Holders Who Need Cash?
Ever heard the phrase house rich, cash poor? It can be frustrating to have a valuable home and empty pockets. You might be dealing with job changes, emergencies, new goals, hopes and dreams… And you need cash. Can you reach into your property value to get the cash now — without downsizing to a cheaper…
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Borrowing Against Your Equity: HELOCs, Home Equity Loans…and Interest Rates
One of the opportunities you have as a deed holder is the ability to borrow against the home equity you build over the years. But wait. How high is the interest rate you’ll have to pay? Is it worthwhile to pay that rate, in light of what the funds you borrow can do for you…
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Divorced and Looking (For a House)
If you’re newly separated or divorced, you could be shopping for a home. Letting go of the home you shared with your former partner leads to a series of steps: from the deed you shared, to a new deed. A deed to a home of your own. Here, we spot the issues for the newly…
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Still on the Fence About Selling or Buying This Summer? Consider This.
On the fence about selling your home? Or maybe you’d love to be a buyer, but wonder whether to watch and see if mortgage rates drop… And why not wait for better rates, if you have time to spare? Then again, summer is a traditionally popular time to move. Did you know most deeds change…
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Tapping Into Home Equity Puts a Lien on Your Deed. Consider the Risks.
Many deed holders have accumulated a lot of home equity over recent years. Financial gurus online often encourage homeowners to tap into it. After all, why not take advantage of a home’s rise in value to get cash and do something on your bucket list? But handy as they are, home equity loans do come…
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Could a Home Swap Turn Out to Be a Win-Win? Here’s How It Works.
Well, it’s one way to transfer property deeds between people! Yet trading homes with someone else isn’t your typical deed transaction. In a prolonged tight market, deed exchanges are drawing growing numbers of curious and creative homeowners. Here’s a bit more about the concept.
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Multigenerational Homeownership: How the Deed Is Vested
Millions of U.S. households have multiple adult generations. How do they divide up the worth of their home and the upkeep that goes into it? Who pays the mortgage, insurance, and property taxes? What happens if an owner leaves the home, or passes away? A lot comes down to good deed planning. In this discussion…
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Buying a Home While Interest Rates Are Still High? The Case for “Yes”
For too many years, the U.S. housing market has been out of reach for too many people. But giving up might not be an option. Those able to get a foothold in this market often do it to attain a viable financial future. A homeowner’s wealth goes up along with home values. So, owners accumulate…
