By financen | August 13, 2018 - 5:02 pm - Posted in Debt, Mortgage

Today, one of the most believed misconceptions out there is that different debts like credit card debts, student loans, personal loans, etc. are canceled when debtor dies.

Thinking that your debts are off if the worst happens to you can prove to be devastating for your family because the financial situation you leave them in can have a critical impact on their lives.

This is due to the fact that creditors/lenders (the ones you owe money to) reserve the right to file a claim against your assets for any debt that you owe at the time of your death.

Someone who has zero assets (property or money) no dependents will be safe from the lenders as there will be nothing to take from. On the other hand, for someone who owns a property, it could possibly mean that their loved ones can lose the property to the creditors.

To make this more saddening for your family, any debts that are held jointly will mean that the other individual is now legally responsible to pay all of the outstanding debt. This consists of the largest debt that you will most likely ever counter in your life – your mortgage.

Let’s see if we can make this more clear for you with the help of an example: Mr. A earns $90,000 annually. His wife Mrs. A, who is a housewife has no earnings, and they have two young children.

The property was bought on a joint mortgage of $200,000 and it is worth $350,000. (Even if Mrs. A have no income of her own, she can still legally be party to a mortgage because her husband’s earnings cover it).

Unpredictably, Mr. A’s health goes down and he passes away. In this situation, Mrs. A has to deal with the dual misery of losing her life companion and now become the one who needs to pay off a mortgage that she no longer has the resources for.

So after losing her husband, Mrs. A now faces a situation where she runs the risk of being homeless because they are unable to cover the outstanding debt.

At this point, it must be recognized that debt is not something that can be passed onto your next of kin. The only way a person would be loaded with your debts on your death is if they jointly held the debt with you as stated in the above example.

This means that the debts stay. In reality, it can imply that your partner has a long waiting period before he/she can actually get control over your assets.

In case of your death, your legal advisor or attorney of your property will calculate the value of your assets, and if the total is more than $5000, then a process called probate must be adhered to.

The probate office will then specify the terms for how the assets will be distributed and it is vital for the executor to get a grant from the office before they can conduct the search bank or savings accounts.

Money can be withdrawn from the estate by the executor to fulfill the funeral costs. After which all the money must be used to clear any secured or unsecured debts before handing over the remaining money to the deceased’s next of kin or to the one who has been set out in the will.

For example, if you think that having $50,000 in your bank account will offer your family a chance to lead a good life after you, and all your debts plus the mortgage are $40,000, then all they will be getting is only $10,000.

Hope this post has assisted you to get closer to the reality of debt after death. So, make sure to abide by your financial plans for the betterment of your family.

By financen | April 17, 2018 - 6:24 pm - Posted in Mortgage, Reverse Mortgage

The reverse mortgage is a financial instrument available to homeowners aged 62 years old or above. It takes the form of a loan which, as the name implies, works in the opposite way to a standard mortgage. With a regular mortgage, homeowners make monthly payments to a lender. Under the terms of a reverse mortgage, retirees are able to convert some of the equity in their home into cash, and they instead receive payments.

Reverse mortgages were initially introduced as a way to help retirees on a low income take advantage of any wealth they might have accumulated in their home. For many of these people, a reverse mortgage provides a lifeline, allowing them to cover basic living expenses and healthcare costs. However, there are no restrictions on how this money can be used.

The reverse mortgage is therefore a literal lifesaver for some senior Americans, but it is an option that too many remain unaware of. Read on for more information about the reverse mortgage and to find out whether it could benefit you.

Tax-Free Advance

What’s better than receiving a cash injection? Receiving a tax-free cash injection, of course! When the homeowner first takes out a reverse mortgage, they will be given cash from the lender. This is, for all intents and purposes, an advance payment. It is usually, but not always, tax-free. This money can be particularly useful for retirees who have expenses piling up, and not having to worry about the usual tax obligation reduces a common source of stress when seeking a financial boost.

Are There Any Risks or Downsides?

With any financial instrument or investment, there is always going to be some element of risk and unpredictability. The reverse mortgage is definitely a valuable tool for many people, but it isn’t the best option for everybody.

For example, you should be aware that interest will be added to the outstanding balance of the loan every month. Also, whatever money the homeowner receives through their reverse mortgage reduces their equity in the home. Consequently, should the home owner decide to move, or if they die, the equity that they leave behind will be reduced. This can be a nasty surprise for any heirs of beneficiaries.

If you are considering taking out a reverse mortgage, you need to make sure that you have fully understood all the terms and conditions beforehand. Many reverse mortgages come with some significant upfront fees, so you need to be prepared for those.

Is it Right for Me?

Retirees who are in need of some extra cash can benefit greatly from a reverse mortgage. For these people it can provide a lifeline by allowing them to cover their living expenses more easily. Many older Americans have complex healthcare needs and ballooning living expenses. If you think that a reverse mortgage could help you, have a look at those offered by American Advisors Group to get an idea of what a typical reverse mortgage looks like.

A reverse mortgage is a very useful financial instrument for many American retirees. Securing loans can be a stressful experience, especially for the older generation. The reverse mortgage can provide a less stressful option for many borrowers. Just make sure to check that there isn’t a more appropriate form of loan for you.

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By financen | March 20, 2018 - 6:10 pm - Posted in Mortgage, Reverse Mortgage

As you get older and grow more responsible, your priorities begin to shift. You get to a certain age where the thought of getting a reverse mortgage suddenly begins to appeal. There are many reasons why this should be so. One of them is the thought of using this special type of mortgage to get quick cash. This may be one of the only arrangements currently available to you that can yield this desirable result.

What is the Main Appeal of Receiving a Reverse Mortgage?

There are a number of features included in a reverse mortgage arrangement that give it a very direct appeal. The entire idea behind this arrangement is to give help to seniors – that is, people who are62 and older. This help can take many forms, including giving the necessary assistance to enable seniors to tap into home equity in order to help cover the cost of retiring from their work.

How Can a Reverse Mortgage Loan Come in Handy?

A reverse mortgage loan can give you a high level of leeway when it comes to increasing the extent of your financial independence. For example, you can use a reverse mortgage to cover the cost of medical care for various situations. If you don’t think you can retire without covering a number of monthly payments, such as your car, you can use your reverse mortgage loan to cover this particular cost.

You can also use it to protect your investment portfolio during slow times in the stock market. You can even use it to delay having to receive your Social Security until later. By doing so, you can increase the size of your monthly benefits when you elect to receive them.

There is No Telling How Much Money You Can Receive

One of the most appealing features of a reverse mortgage loan is that there is no set limit to the amount of money that you may be able to receive. The amount will depend on a number of factors, such as your age, the present market value of your home, the current balance of your mortgage, and the rates that are current in the reverse mortgage industry. You may be in for quite a bargain.

There is No Reason to Worry About Getting a Reverse Mortgage

Not every person shares your sanguine attitude when it comes to getting a new type of mortgage. There are also a great many people who have the wrong idea about getting a reverse mortgage. A quick discussion with an industry expert such as American Advisors Group ought to be enough to quell the fears of even the most cautious and battle shy skeptic. There is absolutely nothing to fear from getting a reverse mortgage.

The Time for You to Learn More About Reverse Mortgages is Now

It’s up to you to decide who to trust in this sensitive and highly personal matter. However, facts are facts. More and more people are getting in touch with companies who offer reverse mortgages as an option. It’s your prerogative to learn more about the special new AAG Reverse arrangement and what it can do for you. There is no better time than the present to get personally acquainted with this amazing new deal.

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By financen | June 28, 2017 - 4:17 pm - Posted in Mortgage

Once upon a time, mortgages that required zero or tiny down payments were all the rage, but they began to lose favor after the housing bust. Now, they are making a big comeback. According to a news article published on The Real Deal, several major lenders are currently offering mortgages with one-percent down payment, while a top 10 retail home loan provider, Movement Mortgage, has introduced a new home financing option that requires absolutely no down payment.

Movement Mortgage’s Nothing-Down Mortgage

Movement Mortgage’s new zero-down mortgage program offers a non-repayable grant of three percent or less to first-time home buyers. This enables them to qualify for a conventional mortgage with a loan-to-value ratio of 97 percent, which essentially means nothing from the applicants and three percent from the lender. For instance, in the purchase of a $300,000 home, a borrower does not have to invest anything from his or her personal funds, whereas Movement will contribute $9,000. The terms of the mortgage also allow a home seller to contribute towards a buyer’s closing costs.


Other Lenders Offering Zero-Down Mortgages

Besides Movement, there are several lenders that you can get a zero-down mortgage from. Navy Federal, the biggest credit union in the country, has been offering nothing-down home loans to its members for years, with amounts reaching as high as $1 million. The Department of Veteran Affairs and the NASA Federal Credit Union are two other government-backed lenders that provide mortgages requiring no down payment. If you do not qualify for zero-down mortgages from government agencies, you can turn to major lenders that offer a one-percent down option, such as Quicken Loans and United Wholesale Mortgage.

Considerations When Getting a Zero-Down Home Loan

While a nothing-down mortgage enables you to move into your new home quickly, it has its disadvantages. Since lenders have to take a greater risk with zero-down financing, they require you to have an excellent credit score, and they also charge significantly higher interest rates. In the event that real estate values fall, you may owe more than the value of your home. If you are not prepared to take the risks that come with a zero-down home loan, you may want to consider other options, such as borrowing from your family members or taking out a reverse mortgage if you have full equity in another home.

A low or zero-down mortgage can be a tempting financing option, but it is also a risky one. Learn more about it and see if it suits your financial situation before you apply for it.

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By financen | December 2, 2014 - 5:37 pm - Posted in Mortgage

Brokers are professionals who act as middle men between two or more people. Mortgage brokers are professionals who can help you get a better rate on your home loan. Though you might think that brokers only work with those currently shopping for a loan, they can also work with those who have an existing loan. Brokers may also help you reduce your debt and get your debt issues under control.

Get Fast Approval for a Home Loan

When it comes to mortgage rates Burlington brokers look at current market factors and the rates charged by lenders. Your credit history often determines the interest rate that you pay on your home loan. The more payments you make on time and the lower your ratio of debt to credit is, the lower of an interest rate you’ll receive. Brokers actually help you shop around to ensure that you get the best rate. Instead of going to multiple banks and lenders, filling out multiple applications and waiting for a response, you’ll know quickly which lenders will loan money to you. You can also get pre-approved for a loan, which lets you shop for a home before you have the money.


Transfer Your Existing Loan

Do you have a high interest rate on your current home loan? You might think that you’re stuck paying off that loan for the next ten years or longer, but you can get a better rate on your loan. Brokers can help you shop around for a lender willing to take over your current loan. This shouldn’t add any additional time to your loan, but you will have the chance to save thousands over the long term. Brokers work with more than 50 different lenders and can help find the best interest rate for you.

Consolidate Your Debt

If you feel like you are constantly swimming upstream and that you will never get your head above water, it’s time to get in touch with the Kupina Mortgage Team or a similar broker. There are different types of debt consolidation programs that can reduce the total amount that you owe and bring down the amount that you must pay every month. Talking to a broker is the best way to find out more about the debt consolidation and mortgage programs that are open to you and how you can apply.

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By financen | October 2, 2014 - 2:18 pm - Posted in Mortgage, Mortgage lender

Naturally, if you are shopping for a home loan, you will want to find a good mortgage broker, but there are a variety of services that mortgage brokers in Saskatoon can provide you.

  • Consolidate your debts

 One overlooked service is debt consolidation. Loans are available to pay off all of your debts, leaving you with a single payment each month. Debt becomes manageable, and only one payment needs to be paid. In addition, the payment will be less than the total of your monthly payments you are currently making for your credit cards and other miscellaneous loans.

  • Refinancing

If you have equity in your home, you may want to refinance your mortgage. This can result in lower monthly payments as well as cashing out some of the equity, so you can use it for whatever you desire. Another purpose of refinancing is to convert your current adjustable rate mortgage into a fixed rate mortgage. If you believe interest rates will be higher in the future, this is a smart move for your personal finances. A mortgage company can advise you about whether this type of refinancing is right for you.

  • Builder finance loans

A good mortgage company is diverse and will offer lending services to construction companies. These services will extend to projects that are in process to allow you the cash advance you need for your company. In addition, you will not be chard front end or back end fees for these loans.

There are several examples of mortgage Saskatoon brokers that have the services outlined above. One example of this is the Sky Financial Corporation.

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By financen | September 20, 2013 - 7:06 pm - Posted in Mortgage


If you are like most average people, then you have placed hundreds of thousands of dollars, not to mention the expense of time, effort and love into your home. When you have made the choice to invest in something this committed, then you owe it to yourself to provide every bit of protection for that investment that you possibly can. For the investment of real estate, the best protection is often mortgage insurance. However, the mortgage protection insurance cost is many times too much for the average home owner with a mortgage to bear. This is where a little judicious use of research comes in quite handy.

The service that is found at can go a long way in saving you a great deal of money on your mortgage protection program. When it comes to insurance, the best way to beat the market is to know everything about the market at once. Having a website that allows you to place all of the mortgage insurance companies side by side is undoubtedly one of the best tools for research that you have in your fight to get the lowest price for mortgage insurance that you possibly can. When companies are placed side-by-side, they cannot fool you with comparisons that do not apply to your situation. You can also check out many companies that you would otherwise have no knowledge of without the comparison website.

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By financen | August 27, 2013 - 3:39 pm - Posted in Mortgage

Mortgage rates are hard to understand. After shopping around, you will realize that the quoted rates are not the same as the one advertise. There are some major factors that will determine the mortgage rate. Remember that this vary from one customer to another.



  • Credit score: Borrowers don’t realize that credit score is something that could affect their interest rate and it is hard to predict how much it is. Lender groups often give those with good credit scores the best rates. Even if you have a low credit score, you can still get mortgage. It is essential to monitor your credit score.
  • Location: The place where you live can affect the interest rate. Many people may not be aware but rates vary where you are in world. Although there is no written rule, it can be concludes that place with high cost of living will incur high interest rate. States with high interest rates include New York and California. Sample of low cost areas are Texas, Idaho and Wyoming.
  • Points: This is the reason why the interest rates on the ad are not the same when in the actual loan. This is due to the fact that it doesn’t include points. Points are prepaid interest that can lower down the interest rate. Every point can lower down the mortgage by one eight.

Mortgage Rates

Mortgage Rates

  • Down payment: When buying a property on a loan, this is very important factor to consider. The size of the down payment could affect the interest rate. For lenders, small down payment is seen as risky so it will be charged a high interest rate. Remember that putting less than 20% down will mean buying mortgage insurance. It will give the lender a protection in case of default. The annual charge of the insurance is about half percent of the loan. The rates of loan with insurance may vary.
  • Lender: As we all know lenders are different from each other. The interest rate will vary depending on which lender you apply. They offer various programs and structure their loans in various ways. Your friend might get a lower rate but not the best deal for you. For this reason, you might want to compare deals. When shopping around for a loan, you are looking at the best deal and the lowest mortgage rates in San Francisco. This is due to the fees and the closing cost that are embedded on the loan.

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By financen | November 27, 2012 - 3:33 pm - Posted in Mortgage, Reverse Mortgage

Many seniors today have heard about a reverse mortgage, but they do not fully understand how this type of home mortgage works. This is a type of mortgage that allows a homeowner to take equity out of his home and that does not require mortgage payments for many years. There are many benefits associated with a reverse mortgage that seniors can enjoy. Learn more by visiting or reading the information below.

  • No Payments:

One of the most attractive features of a reverse mortgage is that there are no monthly payments associated with this loan. The loan repayment is due in a lump sum many years down the road. Upon closing, you can receive cash equity out of your house, and this can be used for any purposes that you need. Whether you currently own your home free and clear or have a traditional mortgage in place that you are struggling to pay off with a fixed senior’s income, refinancing your home with a reverse mortgage will yield no monthly mortgage payments.

  • Live on Equity:

Seniors often live on a fixed income, and any additional cash that can be used to supplement their income is beneficial. Many seniors are sitting on a nest egg in the form of equity in their home, but they don’t want to sell their home. A reverse mortgage allows you to pull equity out of your home without having to sell your home. Through this mortgage, you can supplement your income and remain in your home. This can improve your quality of life and ease financial concerns.

  • Paying Off the Mortgage:

There are various reverse mortgage programs available. Some can remain in place for only 5 years, but others may have a term of 10 or 20 years or longer. You can sell your home at any time to pay off your mortgage, or you can sell it when the mortgage is due. A home will generally increase in value from year to year, so there often will be additional equity in the home at the time the mortgage is due.

Once you understand how a reverse mortgage works and the many benefits that this type of loan can provide, you may consider talking to a lender or mortgage broker about how this loan may help you specifically. With Canada mortgage rates so low, now is a great time to apply for a mortgage and ease your financial concerns with a reverse mortgage.

Great Resources:

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By financen | February 16, 2012 - 9:35 am - Posted in Mortgage

It may not be true for everyone, but for most people a second mortgage is a bad idea. Finance companies also call them home equity loans and home equity lines of credit. They do have benefits if used properly, but there is a lot of downside to them as well.

Unlike traditional home loans and first time buyers Mortgages, a second mortgage is a loan taken out on a home that already has a mortgage.

This is easier to do today than in the past because customer-hungry loan companies are devising new ways to create business. Therefore, the companies have been allowing second mortgages that take the total of both loans up to 125 percent of the value of the home. That is where the first problem begins.

When the total of your mortgages is more than the value of your house, you are ‘under water’ in the home. In other words, if you have to sell it, you will not get enough money out of it to pay your home loans off. For most people, this means living there for many more years if they can afford to, or if not, suffering a foreclosure.

Another problem is that it is harder to get any other kind of loan such as an auto loan. This, among other things, is because the loan may max you out on your available credit. Your debt-to-income ratio may be too high, meaning you do not have enough income to qualify for more credit until you pay the mortgages down. First time buyer mortgages are also hard to get if you have too much debt.

  • Who Owns Your Mortgaged Home?

Until you pay it in full, the provider of your first home loan owns the house. If you fail to pay the provider, it can foreclose on it and take it back. When you get a home equity loan, that provider now has a loan on the house as well and it can take the house from you too.

However, to do that, the loan company would have to pay off your first loan. If you owe too much money for the company to do that, it may decide to sue you instead.

  • How a Second Mortgage Makes Life Tougher

Obviously, a home equity line of credit is one more monthly payment you have to make. While you think you can easily make it now, a time may come when it becomes a burden. By then, it may be too late. The problem worsens with the next issue – not having the ability to refinance your house.

If you are thinking you can just refinance your house to get out of the problem, you are probably wrong. It may be three or more years after you take out the second mortgage before you can refinance. That allows time to build enough equity again to get a new loan.

Of course, as with all credit, interest is a big issue. It is even more money out of your pocket that you could be using for other things such as retirement funds. Additionally, every loan has fees and those take awhile to overcome, even with a low interest rate.

Second mortgages are not all bad, as long as you know what you are up against. It may be better to take one out and pay off credit cards rather than to pay high interest rates. If you do, just be sure you do not acquire the same debt again, or you will double your trouble.

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By financen | November 7, 2011 - 6:59 am - Posted in Mortgage

While making a financial decision regarding your financial matters, you will always find it very challenging. So it is always safe to take a help of professional firm or a financing company however taking a help from these professional firms would cost you to you breath. So in order to do all this without taking any help, you have to use mortgage refinance calculators. The mortgage refinance calculators would make your life simpler by giving you the accurate figures to look at before you make your mind to take second mortgage on your house.

There are lots of various mortgage refinance calculators available in the market which has similar features. The important role of a mortgage refinance calculator is to adjust the settings according to your need. Since you are spending the money to purchase it and the property belongs to you, even the decision is going to be yours and it sounds fair enough that you expect it to work the way you want.

You can find the mortgage refinance calculators online on different websites at an affordable price with variety of options and find out where you stand. The ways of calculation in these calculators are very simple, all you need to do is insert the mortgage rates and other necessary information and the calculators will show you the exact figure that you were looking for. The results will tell you to do what you were thinking, and it will also tell you the cost that you have to bear with different companies.

The homeowners are really happy when they come to know that the mortgage refinance calculators are free of cost. You have to bear the entire capital of the whole process when you start working with a specific financing company in accordance with their facilities, however you should always opt for the best and the one which satisfies your needs therefore you should not depend only on just few calculators as there is ample amount of information available on the internet.

Well in day to day life people are so busy that they don’t even have time to meet their relatives, however you would be very glad to know that how quickly and with convenience you would be able to find the cost of your another mortgage that you have planned to take out. It has become very easy and simpler to get the mortgage refinance calculators to use, and especially when you are getting them at your home. This gives you an opportunity to save time to decide which calculator you want to choose, you should take precaution to find out the perfect calculator so that you can be safe and happy again.

If you want to know vastly about Mortgage Refinance then go through the article:

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