A reverse mortgage is a loan. Unlike forward mortgages, which are used in buying a home, you don’t need to make any loan payments when it comes to the reverse mortgage. The loan becomes due if a borrower dies, sells their home, or moves permanently. The government requires lenders to structure a transaction, so the […]
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Home Equity – What Is It and What Can You Do With It?
The majority of homeowners do not own their homes. They do not have the amount of capital required to buy their homes in cash, and they, therefore, seek mortgages from certified mortgage lenders. They are co-owners with the lenders for as long as the mortgage is outstanding and not paid-in-full. Home equity is the difference […]
Continue ReadingNew Survey Reveals Top Barriers To Homeownership
The 2019 Consumer Financial Literacy Survey reveals the most significant obstacles faced by prospective homeowners, underscoring the need for homebuyer counseling and education. As Financial Literacy Month is recognized throughout the nation in April, Advantage Credit Counseling Service and the National Foundation for Credit Counseling® (NFCC®) are working together to spotlight the results of the […]
Continue ReadingIt’s All About Property Taxes And Reassessment
As many as 60 percent of properties across the country are over-assessed, according to the National Taxpayers Union, a nonprofit group that promotes lower taxes. Many people don’t fully understand what a reassessment is and what it could mean for your property taxes. What is a reassessment? – Let’s start with the definition of Reassessment […]
Continue ReadingHow to Build a Strong Financial House with Housing Counseling
For most Americans, buying a home is the largest purchase they will make in their lifetime. But it’s not enough to know what neighborhood, style of house, or square footage you want. Consumers also need to have their financial affairs in order prior to considering homeownership. A consumer’s financial history and credit rating are two […]
Continue ReadingHow Credit Counseling Can Help You Get A Mortgage
We get asked this question almost every day “Can you get a mortgage if you’ve done credit counseling and are on a Debt Management Program (DMP)?” The short and sweet answer is “YES”! There are a few things that you need to consider though. Consumer credit counseling can get individuals with poor credit scores on […]
Continue ReadingThe Pros and Cons of Renting Versus Buying
The never-ending debate over whether it’s best to rent or buy a property has been on-going for decades and seems to never lose any steam. Everyone has an opinion and even the experts can’t hold back their two cents, but no one can give a definitive answer as to which is best. Each option has […]
Continue ReadingHousing Counseling is Helpful in All Stages of Homeownership
The process of homeownership is a complicated one. Searching for a home, choosing a home, deciding to buy it, and maintaining it can be very difficult. Many individuals strive to understand the choices. Purchasing a home without any experience is scary. Many studies have demonstrated that housing counseling and education for homeowners and potential home […]
Continue ReadingHow To Avoid Foreclosing On Your Home
Foreclosure is when you are unable to keep up with making your monthly mortgage payments on your home. This situation then allows the lender to seize your property, evict you, and then sell the home and keep the proceeds from the sale. This is all stipulated in the mortgage note that you signed. Facing foreclosure […]
Continue ReadingForeclosure Prevention
Owning a home or condo can be a rewarding experience in the life of many people. While home ownership can be an emotionally rewarding experience for an individual or family, it can sometimes be difficult to manage some of the financial matters associated with home ownership. Since many people use mortgages to purchase a new […]
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