Posts Tagged ‘Home Equity’

I am often asked when a homeowner should put the focus of paying off their mortgage. Although the answer to this question is specific to each homeowner, my general recommendation lies within a 4-step plan that I use to advise each of my clients.

Each step is numbered based upon the priority. In other words, step one should be on track before moving on to step two, and so on. The problem is that many homeowners jump ahead before the prior step are mastered. This typically leads to living paycheck to paycheck, getting stuck in the consumer debt rut, or reaching retirement to find that you are equity rich and cash poor. By following the steps below, you can help ensure you reach retirement having achieved the long-term goals you desire.

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With the number of seniors growing at a rapid rate, reverse mortgage loans have grown in popularity. For many homeowners, this loan provides opportunities to stay in a home when financial circumstances may not otherwise allow. Not only will a reverse mortgage provide freedom from burdensome mortgage payments, it can also help to provide supplemental income to seniors with sufficient equity in their homes. Below are key points to know about reverse mortgage loans:

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