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Guide (Page 9)

What is an Interest Only Mortgage?

An Interest Only Mortgage is one where the repayments are made up entirely of the interest on the loan. When the mortgage term is complete, the capital originally borrowed is still outstanding. To cover the balance, borrowers are advised to make regular contributions into an investment policy alongside their mortgage repayments. This can be arranged by the mortgage provider, most commonly in the... ❯❯❯

Who Could Benefit From A Reverse Mortgage?

What is a "Reverse Mortgage?" Also known as a Home Equity Conversion Mortgage (HECM)a reverse mortgage,is a popular way older homeowners (62+) can convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payments. Before explaining a reverse mortgage, let's review the features of a Standard Mortgage: With a... ❯❯❯

Home Equity Loan Considerations

In other words, the benefit of the loan must outlast the loan period. Taking a loan for financing that elusive vacation is a strict no-no. Moreover, home equity loans must also never be taken for day-to-day expenditures. This option should be saved for emergency needs only. When applying for a home loan, all credentials of the lender must be keenly checked. The local consumer protection agency... ❯❯❯