It's really important to make sure that
you do keep up with your monthly payments to the best of your ability.
Not exact matches
Do not worry about paying the points if you can afford to
keep up with monthly payments.
By picking
up a part - time job, working as a consultant or
doing contract work, you'll be in a better position to
keep up with your
monthly payments.
Private lenders
do offer a range of repayment terms, from five years on
up to 25 years; so there is an ability to
keep monthly payments low
with longer terms.
So if you have less than that, or if you have more but can
keep up with monthly payments, you're probably
doing better than your neighbors.
In cases where you
do not qualify for deferment, and can not
keep pace
with your
monthly loan
payments, the government may also grant you forbearance, which would allow you to halt
payments or reduce the size of your
monthly payment for
up to a year.
Because this is a secured loan, it's especially important to
keep up with your
monthly payments so you don't you run the risk of losing your assets, which in this case would be your home.
Pre-foreclosures are typically assumed to be a better bet in terms of home condition, but don't forget that a homeowner is in pre-foreclosure because the owners could not
keep up with their
monthly mortgage
payments.
With a HECM LOC, you do not have to make monthly principal or interest payments, only keep up - to - date on real estate taxes, homeowner insurance, and properly maintain the home as you would with any mortg
With a HECM LOC, you
do not have to make
monthly principal or interest
payments, only
keep up - to - date on real estate taxes, homeowner insurance, and properly maintain the home as you would
with any mortg
with any mortgage.