02 Sep 2020
By Kevin Gahagan

Keep The Dream Of Owning A Home Alive

Mortgage

Keep The Dream Of Owning A Home AliveFor many people, owning a home is their dream. The COVID-19 pandemic has impacted the entire country and has left many people wondering if they can still afford to own a home. While this might put some things on hold, there are steps that everyone can take to keep the dream of owning a home alive.

Get Pre-Approved For A Mortgage

The first step that you should complete if you would like to own a home is to get pre-approved for a mortgage. The pre-approval process will give you a firm idea of what you can afford. Then, you can start to narrow your search and find homes that are within your price range.

Furthermore, when you do make an offer, sellers will know that you are serious about buying the home because you have already been pre-approved. Reach out to a lender and get pre-approved for a mortgage.

Connect With A Top Agent Virtually

Most people are used to going to home showing in person; however, there are ways to do this virtually. A trusted agent is going to have access to all of the listings in the local area and can help you understand what the process is regarding buying a home. You can connect with an agent either by phone or by video to learn what it is like to navigate the real estate market. While today’s market might be different from most markets, there are still opportunities to get a great deal on a home.

Do Research On Options For Assistance

Buying home is one of the most important ways to stimulate the economy. As a result, there are lots of options that have been put into place to help people buy homes in a responsible manner. This could include loan programs, payment assistance programs, and loan options that do not require a large down payment. This can help you afford a dream home without having to necessarily put down 20 percent.

Do Not Put Your Dreams On Hold

While the climate might be a bit different right now, this does not mean that people have to put their dreams of owning a home on hold. This simply means that everyone has to do their due diligence and find the home that is right for them.

01 Sep 2020
By Kevin Gahagan

The Top 3 Reasons To Invest In A Reverse Mortgage

Mortgage

The Top 3 Reasons To Invest In A Reverse MortgageFor seniors who have equity built up in their home, they might have heard about something called a reverse mortgage. There are plenty of TV commercials for reverse mortgages; however, there is still a lot of confusion regarding what they are.

Simply put, many seniors have already paid off their homes completely. With a reverse mortgage, people can access the equity they have in their home and use this as a quick source of cash. Then, they can pay back this loan when they can without giving up ownership of their home. Who should use this tool? There are a few reasons to note.

A Quick Source Of Cash Without Great Credit

For those who don’t have a strong credit score but need a quick source of cash, a reverse mortgage might be a great option. Many people stop paying attention to their credit score in their later years, thinking they will not need to take out a loan again; however, life can throw surprises at people and a reverse mortgage can help people access cash quickly without having to apply for a formal loan.

A Flexible Source Of Money

There are many people who think that a reverse mortgage can only be used for housing expenses. This is not the case. In reality, people can use a reverse mortgage to pay for just about anything. One of the most common uses of a reverse mortgage is to cover medical bills. Medical bills are among the most common unexpected expenses and if a medical bill comes up, then a reverse mortgage can be used to pay it off.

A Loan With Flexible Repayment Terms

Finally, a reverse mortgage is a loan that provides flexible repayment terms. With a reverse mortgage, there is no need to pay the loan off in full until the home is sold, the owners move out, or the owners pass away. In this case, when the home is sold, some of the money is used to pay back the reverse mortgage.

Consider A Reverse Mortgage

For some people, a reverse mortgage can be an effective financial tool. It is critical for everyone to evaluate all of their financial options and choose the one that is right for them.