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Over the past few weeks, Natalie Pace has been highlighting risks in mortgages. While those with a very low fixed rate feel secure, we're seeing signs of shenanigans in the fine print that could strip away that ultra low interest rate (which is too low for the banks to make money).
On the other side of the spectrum, some homeowners and income property investors are falling for interest-only loans and loan modifications that wipe out any opportunity for building up equity. In fact, a great number of loan mods put the homeowner severely underwater on their mortgage (where the loan is 25% or more higher than the value of their home). In these scenarios, the homeowner is taking on all of the responsibilities and expenses of ownership, with none of the equity building -- essentially being a renter, but shouldering all of the costs for the true owner -- the bank or lender.
There are also hidden risks in reverse mortgages to be aware of.
Homeownership is one of the most powerful ways to build wealth. Homeowners are worth up to 43 times renters. However, home ownership done wrong can be a devastating hit to our financial, emotional and physical well-being for more than a decade. (Over 20 million homes were foreclosed on over the last 26 years.)
All this and more in today's free podcast and videoconference with Natalie Pace. Email info@nataliepace.com with your money questions, opportunities and challenges. Wisdom and time-proven strategies are the cure. Let's win together.
Get links from today’s podcast in the description of the YouTube videoconference at YouTube.com/NataliePace. Be sure to read Natalie Pace’s blog at NataliePace.com/Blog. https://www.nataliepace.com/blog/the-mirage-of-the-interest-only-mortgage#/
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