Credit Card Balance Transfers & a Illinois Reverse Mortgage - Z Reverse Mortgage
How to manage overall credit card debt can be a big challenge and you may be flooded with offers claiming that an effective way could be transferring your credit card balance. But before deciding on something like this it is always advisable to have a look at the pros and cons of such a step.
How to manage overall credit card debt can be a big challenge and you may be flooded with offers claiming that an effective way could be transferring your credit card balance. But before deciding on something like this it is always advisable to have a look at the pros and cons of such a step.
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ZRevese<strong>Mortgage</strong>.com
How to manage overall credit card debt can be a big<br />
challenge and you may be flooded with offers claiming<br />
that an effective way could be transferring your credit<br />
card balance. But before deciding on something like<br />
this it is always advisable to have a look at the pros and<br />
cons of such a step.<br />
Undoubtedly transferring credit card balances is a<br />
good option to save money. This can be better<br />
explained with help of an example. If someone has to<br />
pay 15% interest rate on a $20,000 card, it could<br />
amount to $3,000 a year.<br />
ZRevese<strong>Mortgage</strong>.com
One option can be to transfer the balance to a card with a zero percent<br />
interest rate or even another card with a lower interest rate can help in savings<br />
if the current rate is higher. If someone has multiple credit card balances than<br />
transferring it is a good idea because this way one can be able to pay off credit<br />
card debt more quickly.<br />
ZRevese<strong>Mortgage</strong>.com
A very popular option to pay off a lot of<br />
credit card debt is a reverse mortgage. Also<br />
known as the Home Equity Conversion<br />
<strong>Mortgage</strong> (HECM) which is a governmentinsured<br />
loan. The <strong>Reverse</strong> <strong>Mortgage</strong> helps<br />
the senior citizens get a portion of their<br />
home’s equity to obtain funds which are tax<br />
free and will not involve any monthly<br />
mortgage payments.<br />
References<br />
useful article on balance transfer by Lynnette Khalfani-Cox, 6/12/13,<br />
http://www.aarp.org/money/credit-loans-debt/info-06-2013/tips-on-creditcard-balance-transfers.html<br />
ZRevese<strong>Mortgage</strong>.com
References<br />
It is always better to consult the financial advisor and concerned government<br />
agencies for any effect on taxes or government benefits if you opt for a<br />
reverse mortgage.<br />
Some exemptions are only applicable if you are seeking a reverse mortgage<br />
on the home which is your primary residence and you continue to pay<br />
required property taxes, homeowners insurance and maintain the home<br />
according to Federal Housing Administration requirements.<br />
ZRevese<strong>Mortgage</strong>.com
ZRevese<strong>Mortgage</strong>.com
ZRevese<strong>Mortgage</strong>.com
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