Sentences with phrase «large mortgage balance»

Not only does this limit how much cash can be accessed, homeowners with larger mortgage balances may not qualify for the loans any more since you need to be able to payoff all existing mortgages when getting a reverse mortgage.

However, if you are your family's primary earner, have multiple children to send to college, or a large mortgage balance, you may need a larger death benefit to ensure your family can cover all their obligations without your income.

While this all sounds like good news, you'll be stuck with a larger mortgage balance and a fresh 30 - year term on your mortgage.

While this means more money in your pocket, it also means a larger mortgage balance and possibly a higher monthly payment, depending on the difference between the old rate and the new rate.

However, if you are your family's primary earner, have multiple children to send to college, or a large mortgage balance, you may need a larger death benefit to ensure your family can cover all their obligations without your income.

Guess that's another reason to not pay down those debts and carry a large mortgage balance!

But for borrowers who have a large mortgage balance, the proceeds can be much closer under the two options — they can even be the same.

For example, these «seniors» would typically no longer have a large mortgage balance, nor would they have auto loans or personal loan debts to worry about.

This means that there are many 62 - year - olds who will still have a large mortgage balance, as well as other debts such as auto loans and credit card balances, that loved ones could be stuck with if the unexpected were to occur.

Which type you purchase to protect you against a large mortgage balance depends on your personal situation.

Should the unexpected occur, loved ones could essentially be left with heavy financial burdens such as a large mortgage balance, unpaid car loans, credit card debt, and future college expenses.

However, if you are your family's primary earner, have multiple children to send to college, or a large mortgage balance, you may need a larger death benefit to ensure your family can cover all their obligations without your income.

Currently, borrowers who wish to access more than 60 % of their initial proceeds within the first year (such as to pay off a large mortgage balance), must pay an upfront mortgage insurance premium of 2.5 %.

Greg Rosica, a tax partner with accounting firm Ernst & Young in Tampa, agrees that some refinancings will attract more attention from the IRS, but he says the most likely targets initially will be taxpayers with large mortgage balances.