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More Seniors Are Taking Loans Against Their Homes — And It’s Costing Them

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WEB Notes: This is very sad, when you are in your golden years this is something you should not have to worry about. Unfortunate circumstances in life can certainly help to bring this about. While we do not know all of the ins and outs here learn a lesson…

Get yourself out of debt, especially credit card debt. Whatever type of debt it is work to pay it down as fast as you can. Cut out unnecessary expenses and use that new found money to pay off your debt. This cannot be stressed enough. Any interest you pay is paying too much. Many of us have to finance a home, there are few ways around this, there are ways though if you sacrifice. If you do have a home loan, pay it down as fast as possible. Look at your statements that come in each month. Look at the amount of interest you are paying compared to the principal. It is enough to make you sick. You are losing that interest money, but you still have to earn it each and everyday. So you earn it to give it away for nothing. You sweat day in and day out at your job to give your money away for nothing. Think about it, that is exactly what is going on. Would you go to work to burn your paycheck? Of course not! But that is exactly what goes on when you pay interest.

If you have not yet purchased a home, look at the market. Is it a good time to buy? Is the market high compared to historical days of old? How big of a home do I really need?

Do not buy a big home just to keep up with the Jones. The Jones are in debt, they just keep a smile on their face.

Buy what makes sense for you and your family then you have less to pay down. This discussion is something if you really think through and take time with will change your life for the better.

Years ago a friend gave me an audio book by David Ramsey called, “The Total Money Makeover”. I was not in financial trouble, but I listened anyway and there is tons of advice to be had in this series. I did a search for you and found a video of it on YouTube. I am sure it is not complete so use it as a primer and go from there.

As she was getting on in years and her resources dwindled, Virginia Rayford took out a special kind of mortgage in 2008 that she hoped would help her stay in her three-bedroom Washington rowhouse for the rest of her life.

Rayford, 92, took advantage of a federally insured loan called a reverse mortgage that allows cash-strapped seniors to borrow against the equity in their houses that has built up over decades.

But the risks of the financial arrangement are stark — and today the frail widow finds herself facing foreclosure.

Source: More seniors are taking loans against their homes — and it’s costing them – The Washington Post



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4 Comments

  1. Good advice Brandon, there have been others who have helped people also keep there homes from foreclosures
    they are no longer with us, my guess is they were to successful at what they did to free people from foreclosure court
    and keeping there homes free and clear, Jerry Kane and his beautiful son Joe (age 16) Killed May 20, 2010
    Together they educated the people about the Mortgage Fraud and how to fight to keep their homes

    I will end by saying many good and honest people in our Nation have made a
    stand and many will continue to do so, as they fallow there conscious
    to do what is right, i Prey that they stay strong and fight the good fight.

  2. Great advice in your web notes! Spot on. The Dave Ramsey TMMO plan was the program that helped us turn things around 10 yrs ago. The TMMO book is a classic. But really his plan is simply common sense but as he says “common sense isn’t so common these days”.

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