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I sometimes wonder... am I not worth loving

Many consumers use financing to enable them to purchase homes. Lenders offer buyers mortgages with specific terms such as the period of the loan and the interest added to the balance. Before proceeding with any contracts, it's important to understand the process so you can protect yourself from potential fraud.

Learning about Mortgages

The financial realm can be confusing and overloaded with information. Before moving forward, consumers will benefit from learning about the borrowing and lending process. It's also helpful to understand what's standard and what would be unusual for lending companies. For example, standard protocol involves submitting tax and banking documents to verify income. If a lender presents alternatives to avoid providing this information, this could be an indication of a potentially fraudulent transaction.

The old adage about being wary of offers that sound too good to be true is extremely applicable when it comes to mortgages. Any time that terms sound extremely easy or advantageous, it's possible that you are exploring an offer that you should ignore. Many companies target consumers with bad credit, offering them lending packages with unbelievably low rates for long periods. Frequently, these offers have hidden terms such as a balloon payment or a very high interest rate that will come into effect at a future time. A reasonable offer would involve standard interest rates for a specified period of time.

Every lender has individual loan products, so shopping around is an absolute necessity. Speak with several different banks to learn about packages that you might utilize for financing. You will likely find a variety of mortgages available with different terms. Fees and penalties often lurk in the fine print. For example, in some situations, you might want to prepay your loan amount to finish it early. Some lenders will administer a prepayment penalty when borrowers do this. You may also discover other fees built into a package, which could surprise you when the lender applies them.

After settling on a specific lender and financing package, get the terms in writing for your records. The terms should include a comprehensive estimation of all points and fees associated with the financing. This information will enable you to assess the annual percentage rate of the loan so you know exactly how much the purchase will cost you in the end.

Executing the Contract

When it's time to sign papers, proceed carefully. Mortgages require many different documents, each signed by all parties. Before signing anything, always review every word to ensure accuracy. If you find any incorrect information, have it corrected immediately. Signing a document with false information could be a serious issue. If you find any blank spaces or incomplete fields, resolve this immediately. Either add the missing information or strike through the blank to show that it is inapplicable. Signing a document with blank spaces could enable someone to add information after execution.

Building equity in real estate is an effective way to build a positive future. However, financing to purchase real estate is a major undertaking that involves a lengthy commitment. Never move forward into this type of contract without thoroughly exploring all options and reviewing all terms. With the right approach, you can feel confident about your decision, and you can enjoy the benefits of homeownership for many years.

Meet Frankie, this handsome senior was surrendered to the Hempstead Town Animal Shelter in March of 2017. People seem to think that if they drop their older dog off at the shelter, they will get adopted and have a great life with someone else; that just isn’t the case--and it's heartbreaking. It is a sad fact that senior pets are often the last to be adopted from shelters. Another heartbroken forgotten soul waits, you can see the sadness in his eyes.

Frankie hasn’t had an easy life, and adding to the loss of the only home he has ever known he has now been waiting over a year behind shelter walls for his second chance. All this sweet boy wants is a loving home and family where he can spend the rest of his Golden Years enjoying all that life has to offer.

We met Frankie on one of our visits to the shelter and he is a fantastic dog! He is not extremely active, but still has lots of spunk for his age. He walks fabulous on a leash, and knows all his basic commands. He loves treats, and once he is relaxed he is very affectionate. One of his shelter buddies mentioned that he loves nothing better than curling up on his bed with a bone.

Frankie would love a home where he can kick off his leash, relax his paws, and snuggle in to a warm cozy bed while watching your favorite TV show or just a quiet moment gazing at the stars.

Frankie needs a savvy, experienced owner who will keep him away from situations that make him uncomfortable. Frankie is dog selective, and would do best in a household with older teens at the youngest. A meet and greet with the entire family including any possible dog siblings is required at the shelter. Additionally, a fenced in yard is a MUST for this boy.

Senior dogs like Frankie may bear a few scars, both physical and emotional, but he doesn’t let his past keep him down, no matter how dark it may have been. All dogs have a way of forgiving, forgetting and living in the present. If you give your love to a senior like Frankie you can be sure he will devote the rest of his life to loving you back! When you adopt a senior pet, you’re not only welcoming a lifetime of love into your home, you’re also saving a precious life.

None of us know how much time we have left on this earth, and it's just so heartbreaking to think that Frankie will live out the rest of his life at a shelter. He really deserves better than this!

In the end, what is left are your actions, the memories you leave behind, how you made others feel, and what you want to leave behind is people to remember you with love. Frankie still has a lot of love to give. A senior dog’s affection is timeless, their devotion is ageless, and their love is forever. Sometimes, you will never know the true value of a moment until it has become a memory.

Frankie needs his special human NOW! Won’t you please open your hearts and give him the chance he deserves?

Frankie The Invisible Boy In The Shelter, The Forgotten Ones - The Longest Residents In Long Island Shelters

Serious inquiries only
(516) 785-5220 ext. 4636

Hempstead Animal Shelter
3320 Beltagh Ave
Wantagh, NY

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The way that a reverse mortgage works is simple: Homeowners 62 years or older, take out a loan from their bank based on the amount of equity they have in their house. The home's equity is based on how much it is worth, minus any outstanding loans. When borrowers take out an HECM, they cease all loan payments to the bank, and can continue to live in their house until they, and their spouse, if they have one, pass away. All that is required of homeowners is that they continue to pay property taxes and homeowners insurance, while maintaining basic upkeep of the house. So how do you know if an HECM is good for you? Here are three things to consider before making your choice.

Do You Need The Money?

A reverse mortgage is designed to help elderly retirees make financial ends meet. Since the annual social security benefit is less than $20,000, many people need a way to supplement their income. If your income is not allowing you to pay for your bills each month, an HECM can help you with that. Homeowners also see an increase in income as the result of an HECM, since they no longer have to pay their house's note to the bank. In some cases, people will set up an HECM with an available line of credit against their home equity, but not actually borrow anything. Simply stopping the payments to the bank was enough to right their financial ship.

Do You Have Heirs/Do They Need Your House?

One major result of an HECM is that the bank often ends up with the house. If you have heirs, but they are doing well financially, not inheriting your house would not have a huge negative impact on them. If your heirs have a sentimental attachment to the house, as many do, they will have the opportunity to pay off any existing debt after your passing, in order to keep the property. If you do not have any heirs, there is little reason to not utilize the equity of your home.

You Can't Take It With You

Any competent financial adviser will tell clients that a "you only live once," approach to finances will not end well. However, these clients are generally early in their careers, with 30-40 years to go before retirement. For someone who is already retired, and may have a decade or two left to live, "YOLO" can be pretty good advice. If you want to visit your family around the country, travel to exotic locales, or simply enjoy a higher standard of living for your last few years, a reverse mortgage can give you the financial freedom to do so.

In conclusion, a reverse mortgage has its time and place. It is up to you to decide if your situation makes an HECM a good fit for you.