Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

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Your Right of Rescission on Home Loans
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Your Right of Rescission on Home Loans

Federal law allows you to cancel certain home loan transactions within three days.

Home loans can be a significant financial commitment, and while you can't back out of a mortgage loan on a new purchase, federal law provides a cancellation option for refinance loans, as well as most reverse mortgages and home equity loans and lines of credit

With these types of home loans, borrowers have the chance to rethink their decision for three days after they close on an eligible loan – called the right of rescission. While it's still best to do your due diligence before you apply for a home loan, the right of rescission gives you the option to cancel after it closes. Find out more about how this process works and why the right of rescission was established in the first place. Read the full article on U.S. News & World Report.

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A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.


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