A reverse mortgage loan allows the homeowners to borrow money against their home while they still retain the title to the property. There are no monthly payments required on a reverse mortgage loan. However, once the homeowner moves out of the home or passes away, the reverse mortgage becomes due and payable. With no monthly […]
Category Archives: Loans
Understanding the Mortgage Interest Deduction When You Refinance
In 1913, the 16th amendment allowed personal income tax and one of the allowable deductions was mortgage interest paid on your principal residence. A follow up in 2017, Tax Cut and Jobs Act reduced the maximum amount of acquisition debt to $750,000 from $1,000,000. Acquisition debt is the amount of debt used to buy, build […]
Your Home’s Equity Could Be the Answer
Relatives and Mortgage Loans – The Facts
Don’t lose your ability to deduct mortgage interest from your taxes by not properly handling the mortgage loan paperwork when taking money from a relative to buy a home. Especially if you might become their heir. Home mortgage interest can only be deducted if the loan you accept is a secured debt and you sign […]
Make it Your Principal Thing
Most American believe that they will have a car payment and a house payment for the rest of their lives. But if you get a plan and a little discipline you don’t have to be in that majority. You plan should be to make additional principal contributions to your fixed-rate mortgage which will shorten the […]
The Cost of Co-Signing
You may have been approached by a family member or friend to co-sign a loan for them. Assurances are made that they will make payments. You feel obliged because you don’t want to disappoint them. It won’t cost you anything…or will it? When we change our thinking about the loan it might make more sense. […]
Things that affect your credit rating
Are you one of the people who don’t really care about your credit rating until you need it for a loan? If so, you are taking a chance on being denied future loans and/or delaying any decisions on financing. A common issue is not reviewing and correcting items recorded on your credit report. There are […]