Reverse Mortgage Line Of Credit- Best Credit System For Retirees In 2024

Reverse Mortgage Line Of Credit

Reverse mortgage line of credit is a credit card like HECM system. Using it 62 or older people can borrow money up to a credit limit against their home equity.  According to the American Association of Retired Persons,  Around 66% of reverse mortgage takers choose the HECM with Reverse Mortgage Line Of Credit.  So, in … Read more

Do You Need Collateral For A Personal Loan?- Simply Explained In 2024

Do You Need Collateral For A Personal Loan

Personal loans are mostly unsecured debt, so you don’t need collateral for a personal loan in most cases. However, some lenders might ask for it.  Personal loans can be a great alternative to credit card loans or other high-interest debt. Because personal loans are mostly low-interest loans with short processing times. However, do you need … Read more

What Are The 3 Types Of Reverse Mortgages?- Briefly Explained In 2024

What Are The 3 Types Of Reverse Mortgages

The three types of reverse mortgages are  1. FHA-insured HECM,  2. Proprietary Reverse Mortgage without FHA Insurance and  3. Single-purpose Reverse Mortgage Shopping for a reverse mortgage but have little or no idea about it?  Then this post can be a great help. Because here I am going to discuss, what are the 3 types … Read more

Is Personal Loan Interest Tax Deductible?-Easily Explained 

Is Personal Loan Interest Tax Deductible

No, personal loan interest is not tax deductible. However, if you use the loan money for your business, taxable investment, or higher educational purpose then the interest might be tax deductible.  Thinking about taking a personal loan but not sure whether personal loan interest is tax deductible or not.  Well, you are in the right … Read more

How Does Reverse Mortgage Work When You Die- Briefly Explained In 2024

How Does Reverse Mortgage Work When You Die

When the borrower and co-signer of a reverse mortgage pass away, if there is an heir then the heir has to pay the loan balance to get control of the house. In absence of heirs, the lender will sell the house to get repaid.   Reverse mortgages are a great tool for retirees to get some … Read more

What Is Underwriting In Real Estate- Explained With Examples In 2024

What Is Underwriting In Real Estate

Underwriting in real estate is the process of evaluating a property to assess whether it is worth the investment. It also determines the property’s value, its potential income, and the risks associated with the property. Planning to get a mortgage? Or looking forward to investing in real estate?  No matter what your intention is. Before … Read more

Can You Go To Jail For Not Paying Student Loans in 2024?

Can You Go To Jail For Not Paying Student Loans

No, You can not go to jail for not paying student loans. Because student loans are considered as civil debts. However, if your student loan borrower sues you in court and you disobey court order or don’t appear in court then you might end up in jail. But it’s rare.   Did you miss your student … Read more

Does Mortgage Include Property Tax?- Easily Explained

Does Mortgage Include Property Tax

Yes, property tax is included in most mortgage payments. Because it protects lenders in property foreclosure cases and saves borrowers from the hassle of paying property tax in one installment.      Owning a new home comes with a lot of responsibilities. One such responsibility is paying property tax. You may not like it. But you … Read more

Can Debt Collectors See Your Bank Account Balance?- Simply Answered In 2024

Can Debt Collectors See Your Bank Account Balance

Generally, debt collectors can not see your personal bank account balance. However, if you owe money to the same financial institution you have an account with then they might be able to see your bank account balance. Have one of your loans gone to the debt collectors? Now you might be wondering can debt collectors … Read more