RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Dos and Don'ts If You're Eyeing A Home Equity Loan

November 2, 2015 12:54 am

With interest rates still hovering at historic lows and the economy and job picture improving across the nation, many property owners are eyeing home equity loans to underwrite a variety of products and purchases. So we're tapping the folks at Take Charge America, a nonprofit financial planning and resource site (takechargeamerica.org) for some common-sense, home equity dos and don’ts:

DON’T use home equity to purchase unnecessary luxuries.

DO use home equity for improvements or additions that add value to your home. It may also be appropriate to use home equity to purchase income-producing property or an investment that’s expected to generate a higher return than the cost of the loan.

DON’T tap home equity if you plan to sell in the near future.

DO consider home equity to cover expenses from unexpected events. If you do not have emergency savings, your home equity can provide financial relief related to unexpected events, such as an injury preventing you from working.

DON’T take out excessive equity. Since a home equity loan or line of credit decreases the amount of equity you have in your home, if you have taken out too much equity and the real estate market drops, you can end up losing all the equity in your home. Further, if you have negative equity, the lender may demand immediate payment of the loan.

DO consider home equity for use in retirement. Retired homeowners who have paid off their mortgage can sell their home and cash out the equity by downsizing. Further, homeowners 62 and older have the option of reverse mortgages, which basically means the bank will give your equity back to you while you’re still living in it. The homeowner does not need to repay the mortgage for as long as he/she lives in that house.

Published with permission from RISMedia.


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8 Tips for a Spooky—but Safe—Halloween

October 30, 2015 12:51 am

Each Halloween, safety should be a top priority for parents of trick-or-treaters. “Parents should educate kids on the true phantoms of the night while trick-or-treating," says Dr. Steven Frick, spokesperson for the American Academy of Orthopaedic Surgeons (AAOS). “They aren't ghosts and goblins. Instead, they'll need to watch out for aggressive neighborhood dogs, vehicles on the road, poorly lit houses and uneven terrain and be prepared for what to do during these situations."

Specifically, the AAOS suggests the following:

• Walk on sidewalks and never cut across yards or driveways. Obey all traffic signals and remain in designated crosswalks when crossing the street.

• Costumes should be flame-resistant and fit properly. The child's vision should be unobstructed by masks, face paint or hats. Costumes that are too long may cause kids to trip and fall, so trim or hem them as necessary.

• Bright-colored costumes make it easier for children to be seen at dusk or in the dark. Add reflective tape to costumes and treat bags to provide additional visibility.

• Wear sturdy, comfortable, slip-resistant shoes to avoid falls.

• Trick-or-treaters should only approach houses that are well-lit.

• Both children and parents should carry flashlights to see and be seen. Do not point your flashlight above chest level to avoid obstructing the vision of other trick-or-treaters.

• Be aware of neighborhood dogs when trick-or-treating, and remember that pets can impose a threat when you approach their homes.

• Carry a cell phone while trick-or-treating in case of an emergency.

Source: AAOS

Published with permission from RISMedia.


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