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Further
Reading ...
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Do You Act Like a Professional? - Betty Ann Wilkins
What does it take to be considered a Professional? Webster's dictionary defines a professional as engaging in an occupation for money. Does this mean that by just engaging in a profession you are a professional? Of course not. To be considered a...
Business Plan Basics - William Cate
Business Plan Basics By William Cate Few business plans are well written. It's why reviewers rarely read beyond the first page of the Executive Summary. It's why Venture Capital Firms can review over ten thousand business plans and fund only one. ...
"Expert Advice" - Holly Cotter
Dear Holly, There are so many opportunities out there. How do I find the right one? -- Gloria A. ^^^^^^ Dear Gloria, First of all, relax. There is no one "right" opportunity. There are several good opportunities, and your challenge will be...
The Landlording Follies - Lothar
You are the landlord of a small apartment building that you are offering for sale. You find a buyer and a sale is arranged. The tenants learn of the sale and ask if they will be forced to move. How do you answer? You explain that it...
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Home Equity Loan – With a Reverse Mortgage, Your Home Pays You!
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Written By:
Charles Essmeier
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The home equity loan has become quite popular in the last five years, and Americans have tapped into the equity of their homes in record numbers. The reasons vary, although home improvement and debt consolidation are the most common reasons for borrowing against a home’s equity.
In the last fifteen years or so, a new twist has arrived in the home equity market –- the reverse mortgage. Like a traditional home equity loan or line of credit, a reverse mortgage allows you to borrow against the equity in your home. Unlike those other options, you don’t have to make payments in order to pay it back. The repayment takes place when you die, when you move, or when you sell your home. You must be at least 62 years of age to qualify, but unlike other loans, you do not have to have any appreciable income in order to get a reverse mortgage.
There are a number of advantages of a reverse mortgage over a traditional home equity loan:
Your options of receiving the money from the loan include a monthly payout, although you may also elect to receive a - continued below ...
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lump sum or a credit line. A monthly payout would effectively provide you with a regular “income” during the remainder of your time in your home.
The loan isn’t due until you move, sell the home, or die. There is no repayment schedule, as with regular installment loans. At the time of your death or when you sell the house, the loan must be repaid with interest.
The amount you have to repay cannot exceed the value of your home. With this feature, you are protected should your home decline in value. The lender cannot force you to pay more than the value of the home.
Due to the age restrictions on reverse mortgages, they are not for everyone. But if you qualify, it could provide an excellent opportunity to have an income during your retirement years.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/
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| _Additional Resources ... |
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Can I Get A Witness? - Kenny Love
"Can I Get a Witness?" Recently, via email, I was chased, shoved to the ground, then handcuffed (at least, it felt that way) in an effort to "entice" me to join a mass associate hird party mail-out. The "mail-out," was supposedly "piggy-backing"...
MAKING MONEY WITH A HOME BUSINESS THAT MAKES SENSE!! - Reginald Steward
If you are like most people you have seen all kinds of moneymaking opportunities. Some were credible and some incredible!! In order to find a homebased business that will help you earn a part time or full time income you will have to eliminate the...
Do you want to get fired? - Richard Lowe
When you think of reasons why someone would get fired, what comes to mind? Theft of company property? Having a bad attitude? Unable to work with others? Extortion? I'll bet that these and many other things pop into your head, but none of them...
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