Retirement? Don't Count on Your Home
In recent years, many families — even those with savings on the small side — have been able to think about retirement with some measure of confidence. The value of their homes, in most cases, has soared.
A study released recently by Bell Investment Advisors in Oakland, California, found that 68% of surveyed 60-year-olds count their personal residence as a retirement asset. And of those 68%, one in four say their home represents half or more of their retirement savings.
The past several months, however, illustrate the risks involved in looking to your home to support your retirement. Home prices nationwide are falling, and the decline is accelerating.
You might be planning to sell your house and move to a smaller and less-expensive home as you enter retirement. What happens, though, is that retirees often end up staying where they are, or — if they do sell — buy a home of equal or greater value.
Interest rates, too, could have a big effect on plans you might have to tap the equity in your home, especially if you're thinking about a reverse mortgage. With this type of borrowing, you can receive monthly payments, a lump sum or a line of credit. The amount you can borrow is tied in large part to prevailing interest rates; the higher the rate, the less money you get from a lender.
In short, if the value of your home falls — which many Americans had come to assume would never happen — there's less equity to help finance your retirement.
Are you planning your retirement around the equity in your house? We'd love to hear your comments on this growing trend, and how you see the market trend today affecting your retirement years.
Click the "Comment" link below and leave us your thoughts on this.
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The Dangers of a Debt Consolidation Loan
For many people a debt consolidation loan implies convenience - the convenience to pay one single bill instead of 20 or 30 odd bills in a month.
It also implies hassle-free consolidation of all existing liabilities under one umbrella. What’s more, if the interest rate is supposedly lower than existing ones, what could be better than a debt consolidation loan?
The fact is: Convenience alone is no guarantee that you will incur savings.
Most of the time a debt consolidation loan will promise you a lower interest rate than your current liabilities. There is always a catch in the agreement of the debt consolidation loan. To know if the interest rate is truly lower than current rates, be sure to check interest rates on each of your existing liabilities. Then check this with the offered rate on the debt consolidation loan. If it really is lower, the next thing you need to check is if this is a promotional rate or not. Many banks will try to lure unsuspecting customers by offering a debt consolidation loan with a low interest rate. This is usually a promotional rate and ceases after the promotional period ends. Be sure to read the fine print of the agreement very carefully to check what the interest rate changes to after the promotional period. Chances are the rate will be much higher than even normal rates!
Shop around, hunt for the best deals, and do your own research. This way you will not only learn about promotional schemes on the debt consolidation loan but also find ways to negotiate and bargain your way through. Credit unions often tend to provide more attractive rates than banks.
Also, be very careful about the secured versus unsecured debt consolidation loans and don't sign over your house when agreeing to a "secured" debt consolidation loan or else you may find yourself without a house some day.
Three Mistakes New Homebuyers Make
Although the list of mistakes new homebuyers tend to make could fill up this entire page, there are three that seem to stand out among all as being the most frequent mistakes made.
The first mistake people often make is to purchase a new vehicle right before they start looking for a home. Borrowers looking to purchase a home in the near future, (within the next 6 months to a year), should wait until their home loan has closed before purchasing an automobile. You'd be shocked to learn that buying a new car can lower your FICO score by 40 to 100 points!
Second, many buyers wait until their lease is getting ready to expire before they begin their home search. By working with your mortgage consultant well in advance of a move, buyers will be much better informed about the mortgage process and the steps they need to take to secure the best financing.
Third, be careful about letting too many companies pull your credit, since inquiries generally remain on your credit report for two years from the date reported. It's also a good idea for home buyers who are planning to purchase a home in the near future to discuss their plans with a mortgage consultant who can provide a free credit analysis and help them prepare for homeownership.
The "Mistake List" could go on and on, but these three stand out, and we see these mistakes made more often than any other. So if you're going to soon be in the market for a new home, keep these mistakes in mind, and don't let making these mistakes cost you that new home you're hoping for.
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