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FIND YOUR DREAM HOME OR APARTMENT
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This is just another Ponzi scheme design by the banks to get the last bit of wealth you may have . Warning stay away !
Took out an equity loan after the house was paid, economy tanked and now regret it. (job loss). You can't just rent out a room unless you have the proper zoning. I think apartment living may be the future, no tax increases, no lawn , no new roof etc, etc. and most of all, no interest. Find the cheapest apartment you can find and save like crazy. That's the conclusion I have come to.
Both my wife and I are semi retired and do not have children and our home is free and clear. We have been discussing a home equity line of credit. One of our local banks is offering a 3% line with no closing costs up to a maximum 85% loan to of appraised value with no early pay off penalty.
Due to the fact we have no children and would have no problem wit the small monthly payment we are seriously thinking of opening up a line of credit to use for future enjoyments, mainly travel.
Because it would be an open line of credit interest is only charged if and when we tap into it. Also as we repay on principal the amount would be added back into the amount available to us.
Any loan amount remaining at the end of 10 years could be paid off or rolled over into a fixed term loan.
The line we are thinking of would less than 40% of the appraised value of our home.
So many times I've seen parents who have a home that is free and clear figure on leaving their home to their kids when they pass. Their kids have their own lives, live in another area or state and wind up with the burden of selling an empty home. Now the taxes, upkeep,insurance and utilites must be paid whille the home is on the market. Which in a down market can take a long time and wind up being a big expense.
Bank of America, don't you mean b*stards/backstabbers of America? They bought out Country Wide, what a joke. Pretty sad that the government is bailing out the banks for the unrecoverable loss on foreclosures and short sales, but do nothing for the people that are truly trying to make their house payments, modify their loans, and trying to stay in their homes that are totally upside down in them, becuase of ARM loans which started this whole mess in the first place. THE GOVERNMENT (Obama) NEEDS TO PULL THEIR HEADS OUT OF THEIR @SSESS. Holy crap, I didn't vote for him ,but at least Clinton had us out of debt.
Article suks...the title does not represent the info in the article. Is says w/o selling your home. Three out of the 9 topics talk about selling your home.
C'mon... you guys/gals cn do better than this!
- Jobs relocation (back to USA) - if not - impose an import tax (VAT)
- Military relocation (back to USA) and downsize
- To start, Boston to D.C., convert all public transportation vehicles to compressed natural gas to tap into the Marcellus Shale gas resources. Private commercial vehicles will follow, then individual owners. Half a barrel of imported crude goes to the heavy transportation industry. The added infrastructure required will create good paying jobs and boost the economy.
- Reduce deficit - a debtor nation is NOT an option
- To accomplish #1 - #4 (above), prepare to vote in 2012 for the person who truly understands how to turn our country around.
PS: I've been unemployed for 5 months and I have three degrees and 27 years of work experience. I've not yet had a poor person offer me a job. Get it?
Getting a mortgage is based on FIXED ( salary, social security, etc) income ONLY. I am aware of several people with total assets in excess of $3 million with $1million in equities that were refused loans of $100,000 because their SS did not cover the monthly payments. The politicians need to fix this if the every want to get out of the house crisis.