Homeowners in states like California and New York have seen the worst of the mortgage crisis. But, negative equity seems to be spreading inland – making more homeowners ineligible for HELOC loans. A recent report summarized on the Calculated Risk blog explains: “Going forward, the largest increases in the share of negative equity will most [...] [...more]
When deciding how to leverage the money in their homes, borrowers often have a difficult time deciding whether to take out a home equity line of credit (HELOC) or a home equity installment loan. There’s no right answer. Instead, the best answer often depends on the reason the borrower wants a second mortgage loan. BankingMyWay [...] [...more]
If you’re thinking about taking out a reverse mortgage, consider a HELOC instead. Financial experts on MSNBC suggest that home equity lines of credit are a better bet: “Reverse mortgages work by basically taking out the equity in your home — selling back what you own in the home — however, reverse mortgages in particular [...] [...more]
New statistics show that the year of denial may be coming to an end. Everyone knows that home prices have been declining, but no one wants to admit that their own properties have been affected. I’ll admit to watching homes in my neighborhood sell for less while rationalizing my own inflated value saying “Well, my [...] [...more]
