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 ReadingHow to Deal with the Financial Effects of a Natural Disaster
Natural disasters can cause an enormous amount of devastation and damage, but the effects can actually be more far-reaching than many imagine. When a natural disaster strikes, debt and/or your personal finances are probably the LAST things on your mind. But these two topics are going to come to light pretty quickly after something bad […]
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 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 Reading5 Other Ways Credit Counseling Can Help
If you don’t have a lot of credit card debt, you might think that a credit counseling service may be of no use to you. However, that is most definitely not the case. In addition to helping those with credit card debt, credit counseling can help those who have student loan debt or have just […]
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