• Mitch Speigel – Mortgage Agent
    Your Mortgage Group Professional
    Kora Management
    License #M08003984, FSCO #10315

  • Your home is your greatest investment, your largest source of equity and your best source of retirement income.

    Many have decided to take advantage of the hot markets, available in some areas, by selling and downsizing and reaping a huge capital gain. But the market has softened and streets are lined with “For Sale” signs that don’t move as quickly. It’s time to consider other solutions for unlocking home equity.

    Most seniors don’t really want to move, especially when the lure of high price and quick sale is abating. But now there is a conundrum. How do they make use of their home equity, without leaving their home. There are several solutions:

    1. Get a small mortgage or HELOC 1. The rates and terms available are still excellent. This is a good solution if the house has no debt attached, if the owner can qualify and if the owner can afford the mortgage payments.
    2. Get an accumulating HELOC, one for which no payments need be made until the limit of the credit is reached. (See blog http://www.koramgt.com /something-new-sun/)    This is a good solution in the same way as number one. The interest payments accumulate and it could take a long time to reach that limit. When that happens, the borrower has decisions to make. Sell and repay; start paying monthly interest, or switch to something else.
    3. Get a reverse mortgage. A reverse mortgage needs little qualification, has no monthly payment requirement and can be used by someone who has present debt on the home, as long as it is less than the reverse mortgage amount available.

    In the next few weeks, I will give a case study where a combination of these is used.

    1. HELOC: Home Equity Line Of Credit

    I had a few great days of fishing and feeding the flies. Fresh bass fillets for dinner:
    Bass is a very delicate fish and should be treated lightly.
    Sprinkle with olive oil and lime juice and rub until covered Sprinkle with fish rub (See blog http://www.koramgt.com/1340-2/ ) and fry lightly in a mixture of butter and oil. Drain on paper towel, if necessary Serve with fresh lemon. Do not over-cook.