If you’re like most people, you’ll need to take out a mortgage to buy a home. According to the US Census Bureau, 94% of people who bought a home in 2021 purchased it with a mortgage. When you start shopping for a mortgage, it’s easy to get overwhelmed. There are lots of different types of … Read more
Average 30- and 15-year mortgage rates climbed back toward their recent peaks, the latest in a series of up-and-down swings. The average on a conventional 30-year fixed mortgage rose to 5.92% from 5.77% the previous business day. Last month it reached 6.19%, its highest point since at least 2019, and likely much farther back. (Our … Read more
If you’re looking for flexible funding, you can tap into your home equity with a home equity line of credit (HELOC). A HELOC is a revolving line of credit that uses your home as collateral. Using a HELOC can be risky, so homeowners typically use them for major life expenses, not daily expenses. Let’s learn … Read more
Reverse mortgages are special types of loans that give older homeowners a way to turn their home equity into a source of income they can use during retirement. When they move out or die, the lender usually takes and sells the home to repay the loan. There are some benefits to reverse mortgages, but there … Read more
Key Takeaways An enhanced life estate deed transfers ownership of property after the owner’s death without the necessity for probate. The owner retains control of the property after the deed is in place and during their lifetime, unlike with standard life estate deeds. Enhanced life estate deeds were recognized by only five states as of … Read more
Definition and Example of the Fair Housing Act The Fair Housing Act is a law enacted in 1968 and has been updated several times since its inception. The law is enforced by the US Department of Housing and Urban Development (HUD). The Fair Housing Act prohibits lenders, landlords, sellers, and agents from discriminating against homebuyers … Read more
Key Takeaways Elder law is a field of law that focuses on legal issues that affect older individuals. Major areas of elder law include disability and special-needs planning, long-term care planning, estate planning and settlement, guardianship or conservatorship, and elder abuse. Elder law attorneys can be found through the NAELA. Definition and Example Elder Law … Read more
You can’t get a power of attorney to act for someone after they have died, and an existing power of attorney becomes invalid upon the death of the principal—the individual who gave you the right to take certain actions on their behalf. Someone is still going to have to take care of their affairs after … Read more
Key Takeaways Fungible investments can be bought and sold on different exchanges. Fungible trading works when you can buy/sell on one exchange, and sell/buy on another exchange, netting your share position to zero and earning a profit. Opportunities to profit from price differences are known as arbitrage, and they come and go quickly as the … Read more
HELOC Home Equity Loan Secured by your home equity Secured by your home equity Low interest rates Low interest rates Usually variable rate Variable or fixed rate Draw funds multiple times One-time payout Upfront and annual fees Upfront fees, but no annual fees Secured by Home Equity Both home equity loans and HELOCs are secured … Read more