Finding money
July 22, 2020
I’m Miriam Neff-with STARTING OVER FINANCIALLY,-and I’m Valerie Neff Hogan, and we’re here to talk about money
M With many feeling financially pinched these days, adds are increasing urging folks to refinance, take money out of their home, get home equity loans, even reverse mortgages for vintage people.
V Hit the pause button. Our first plan should be to reduce spending. A home equity loan means you get cash, and must pay monthly interest and possibly principle. Remaining principle will be paid with the ultimate sale of your home.
Reverse mortgage means the title goes to the source of income. You get paid monthly and when you leave that lender owns your home. Yes, there are fees involved, some hefty.
M All of these plans cost money. These are days we discovered we no longer need things we thought were necessities.