I attended a RealtyTrac webinar earlier today and the host projected that up to 5 Million home owners could face foreclosure between now and 2014. This figure is shocking, but not surprising. Most economists project the true unemployment rate at 13-14% including everyone who has stopped looking for work or is under employed. The report showed slides how foreclosures mirror the unemployment rate. To throw one more devastating blow to a weak housing market, millions of loans with teaser rates or ARM are about to reset too much higher rates ( average increase of $1000 per month).
Economic conditions would be out of your control like a inflation in a certain area but as you know the more popular the area the higher cost of living so you dont make as much here.
Although this served to help her survive as a child, it really got in the way of her being a successful City Garden agent. This interaction with Mary brought it to a head.
When the time comes to pay back your reverse mortgage – you have to move out of the home. The debt may be large in amount and you may have little equity left in the house. However, no matter how much money you owe, it can never be more than the value of the home. Since you don’t need to make any monthly repayments, there is no need for you to qualify for any type of income. The major benefit of this process is that even if you do not have any income, you can still qualify for it. Also, your credit history is of no concern. The only requirements are that you are at least 62 years old, and that there is enough equity in the home.
The weather is crummy and I want to get away I leave, its that simple I dont loose money! I EARN it my rent money keeps coming each month and loans keep amortizing! The job does itself even while I lay on the beach.
Perhaps most importantly, falling home values will further decrease their use of mortgage equity withdrawal loans. In 2006, mortgage equity withdrawal accounted for 2% of GDP growth. Construction added 1% to last years GDP growth, so the importance of these factors are to the health of the US economy are enormous.
Not forcing people to register to use a home search feature is important. Many people will click out in an instant when the site asks them to create a user name and password. They don’t want to be contacted by anyone and assume that by registering, an agent will call them immediately. So if you are a real estate agent and want to improve the quality of visitors experiences while on your website, make sure you have the best IDX search available.