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Your Home’s Equity Could Be the Answer

Posted by Mary Cox on August 31st, 2017

A home equity line of credit, HELOC, is a mortgage loan made to homeowners to be used on an as-needed basis. A lender, such as a bank, will approve a borrower for a specified amount based on the equity in their home and all the necessary paperwork is signed to authorize the loan.

The line of credit amount is available to the borrower and no interest is due until some or all the money is used. When the money is paid back, the line of credit is again available in full to the borrower.

The specifics of the repayment will depend on the HELOC lender. It may require interest only or it may require amortized payments of principal and interest.

The proceeds from a HELOC can be used to make improvements on the home or anything else such as medical…

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Mortgage Loans from Relatives

Posted by Mary Cox on February 9th, 2017

Occasionally, when dealing with close relatives who might also become heirs, signing a note and handling the paperwork properly may seem like a needless effort but it could mean the difference in being able to take a legitimate interest deduction.

Home mortgage interest is deductible only if the loan is a secured debt which involves the buyer signing an instrument like a mortgage or deed of trust that makes the ownership of the home security for the debt. That instrument must then be recorded or otherwise perfected according to state or local law and the home, in case of default, must be able to satisfy the debt.

In a family situation, a parent, grandparent or other relative may decide to loan a buyer the money to purchase a home because they have…

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Interviewing a Mover

Posted by Mary Cox on January 23rd, 2014

“I’d wish I’d know that before I made a decision.” If you’ve ever regrettably said this to yourself, having a checklist might have prevented the issue in the first place. This list of questions can provide you with things to discuss when interviewing a moving company.

Fees

• What is the charge for packing?
• Does it include boxes? If not, what do they cost and will you deliver them?
• Is there an additional charge to deliver some items to a storage unit?

Insurance

• How is a damage claim handled?
• What insurance do you provide and is there a cost?
• Does the insurance cover items packed by the owner?
• Can additional insurance be purchased?
• If items are covered by my Homeowner’s insurance, whose insurance pays first?

…

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