jimmyjhonson
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Does credit house takes out a loan against your property. Home equity loan is the way in which the borrower's equity used in their home as collateral for credit Home equity loan in the amount of home and apartment owners are able to get extra money for a variety of purposes.
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Thu Apr 21, 2011 1:59 pm |
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teena.robert
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A Home Equity Loan allows a homeowner to borrow money by tapping into their equity, which is the current market value of a home minus the outstanding mortgage balance. A Home Equity Loan can be either a fixed rate or adjustable rate second mortgage, and can be attained as a lump sum payment or used as a revolving line of credit called a HELOC or Home Equity Line Of Credit. Home Equity Loans are an increasingly popular tool for homeowners.
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Thu Apr 28, 2011 3:16 am |
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Mitsy1212
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| Re: For homeowners 62 and older, a reverse mortgage is an op |
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quote:
Originally posted by reversemortgageinfo
The main difference between a home equity loan and a reverse mortgage, is that you have to be 62 or older to qualify for a reverse mortgage. You can recieve just a partial payment, a lump sum, line of credit or fixed monthly income with a reverse mortgage. And generally, you can get more money with a reverse mortgage. It eliminates your monthly mortgage payment and you don't have to pay it back until you permanently leave the home.
I'm not nearly to that age BUT I cannot imagine why anyone would do this unless they don't care about having no equity in their old age. Upon death, or entering a nursing home, you would not even own your own home! If you have children, they wouldn't inherit the home upon your death--the reverse mortgage company would! NOT a good idea any way I see it.
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Fri Jun 03, 2011 6:00 pm |
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coaster
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For way too many people, their home is their main store of their net worth. If they're in desperate need of the income, it's an option.
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Sat Jun 04, 2011 5:09 am |
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Mitsy1212
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I'm sure that's true, but when you see Robert Wagner on TV trying to peddle plans like this, it makes it sound like if you're over 65, then you should be doing this no matter what your financial situation might be. To me, unless you are truly destitute, it's like selling your first born to the highest bidder. For most people, I cannot fathom doing a reverse mortgage. Most people work their entire life to get their houses & cars paid off. And then to basically use up all the equity in your house so your estate is worth nothing? Still doesn't make a lot of sense to me - unless, like I said, you are destitute.
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Mon Jun 06, 2011 3:46 pm |
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johnmathews
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| Home Equity Loan |
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Borrowers must exercise caution while considering availing for Home Equity Loan. As they have to put their home as collateral therefore they need to take an amount which they are confident of repaying. Secondly, as the lending market is very competitive with each lender offering different interest rates therefore they need to select the best plan. There are many financial institutions like banks and credit organizations which offer Home Equity Loan and hence finding the best loan as per the requirements is very easy. All it needs is some smart work!
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Mon Jun 13, 2011 7:27 am |
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teena.robert
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A home equity loan is basically a second loan (after your mortgage) that you take out on your house. But where the first loan (your mortgage) goes toward the purchase of your home, the second loan (the home equity loan) is a lump of cash the bank gives you to spend as you please.
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Thu Jun 16, 2011 4:44 pm |
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reversemortgageinfo
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| A reverse mortgage can be better than a home equity loan |
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The main differences is that a reverse mortgage loan can only be taken out if the youngest borrower is 62 or older, your home is your primary residence and you have some equity built up in your home. Also, a reverse mortgage can be received as a lump sum, fixed monthly payment or line of credit. The biggest difference is that a reverse mortgage does not have to be paid back right away. You can generally get more with a reverse mortgage as well.
Stephanie Jameson
Reverse Mortgage Information
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National Reverse Mortgage
New York Reverse Mortgage
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Sun Jun 19, 2011 8:41 pm |
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chrisgayle
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Before signing off new paperwork, borrower must take care to review all the loan terms on second mortgages. Otherwise, it is dangerous. Some customers may not even realize that a HELOC loan is secured with the equity in the home.
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Wed Jun 22, 2011 9:21 am |
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realestatesacram
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Thanks for sharing. As per my knowledge, home equity loans allow a homeowner to borrow money by pledging the house as collateral. A Home equity loan can help you make home improvements, consolidate higher-interest rate debt, or pay for education or other necessary expenses.
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Tue Jun 28, 2011 2:33 pm |
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scot184
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An appraisal has nothing to do with your own creditworthiness. You could be the most sound borrower in the world, but if the collateral isn't worth what you want it to be worth, then you don't get the loan from the bank. Even a billionaire would face this issue if he/she wanted a mortgage and the appraisal fell short.
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Fri Jul 15, 2011 11:58 pm |
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teena.robert
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A Home equity loan is a form of credit for which your home is pledged as collateral. Generally, home equity loans offer a fixed interest rate and a fixed monthly payment. A standard home equity loan (also called a second mortgage) is paid off over an extended period of time.
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Sat Jul 16, 2011 1:34 pm |
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robmejia
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I guess you're right in refusing them to take photos of your room. I think that's over the top as well. I never knew this kind of background check is also done.
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Wed Dec 21, 2011 1:55 am |
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