If you’re one of many people who are skeptical of reverse mortgages, you’re not alone. Even though the first reverse mortgages were approved in 1961, they didn’t gain popularity until the late 1980s. Rumors abounded about how this was a risky financial decision, but we know now that a reverse mortgage can be a helpful solution for the right homeowner.
Let’s debunk the top 4 myths about reverse mortgages.
Myth No. 1: As soon as I sign the papers, the bank owns my home. The deed remains with you. The home is still yours, as long as you continue to pay your property taxes and homeowner’s insurance.
Myth No. 2: If you die, your family has no rights to the home. Your heirs have the option to make arrangements to repay the loan and buy the home if they wish to keep it in the family.
Myth No. 3: I can’t sell my home. You are allowed to change your mind and sell your home whenever you want if you would like to relocate.
Myth No. 4: I won’t qualify because I still have an existing mortgage on the house. If you have built up equity in your home, you may still qualify. The proceeds of the reverse mortgage must first be used to pay off the remaining balance. One very common reason to get a reverse mortgage is to pay off an existing mortgage without dealing with monthly mortgage payments.
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If you’d like to chat about mortgage options, please call me at 617-965-1236. If you’re planning to buy this year, let’s talk soon. I look forward to speaking with you.
Ready to buy a new home or refinance the one you own? Please get in touch and I’ll be happy to answer your questions and help guide you through the process. I look forward to speaking with you.
Fall Is Here!
Leaves are falling and sweater weather is finally here!
Here are some fall facts to get you in the mood for our coziest season.
- What’s It Called?
We Americans typically refer to this time of year as “fall,” while the British use the word “autumn.” Both terms date back to the 16th century but before that it was called “harvest” because of the harvest moon.
- Changing Colors, Sort Of.
The yellow and orange colors you see already exist in leaves but are overwhelmed by the abundance of green from chlorophyll. Chlorophyll starts to decrease as the sun weakens when the days grow shorter.
- Pumpkin Spice Tastes Nothing Like Pumpkin.
There isn’t even any real pumpkin in it. It’s really a mix of cinnamon, cloves, ginger, and nutmeg. Think of it more as a fall vibe than a pumpkin flavor.
Home Improver: Keeping Your Pets a Secret to Guests
There’s nothing worse than entering someone’s home and knowing exactly which pets they own before you even see them. Pet odor is not the first thing you want your guests to notice the second they walk through the door.
So what can you do to control pet odors so your guests are actually surprised when your pet pops in to say hello?
- Sweep & Vacuum Hair and Dander. This may seem obvious and it may be something you do often, but to truly control odor, you have to find all the hiding spots for pet hair. This includes under couch cushions, below and inside drapery, under blankets and beds.
- Use Baking Soda. Nothing neutralizes pet odor like baking soda. Use it in your carpet, on area rugs, and in your dog and cat beds. Let it sit for a few minutes before vacuuming.
- Buy Nature’s Miracle. Have a puppy, kitten, or elderly pet. Accidents happen. Nature’s Miracle has a full line of pet products that remove, neutralize, and clean up messes and odors. No, they didn’t pay us to promote them, but we have the experience of using them and they are really effective.