Should I sign up for a bi weekly mortgage payoff plan
A reader asks about paying $250 to a program that withdrawals bi weekly to speed mortgage payoff. The advisor says save $250 and instead pay 13 monthly payments yearly by adding one twelfth of the monthly payment toward principal. The result matches the benefit without fees and ensures on time payments.
MENTIONED IN THIS ARTICLE
Equitable
Robert Bruss
Tribune Media Services
Reverse mortgages help tap equity for retirement
Margaret Gregory of San Diego, 83, now adds 500 a month from her condo equity after a reverse mortgage. Experts urge careful cost comparison, noting TAPR, origination and insurance fees, and the nonrecourse feature. The federal Home Equity Conversion Mortgage Demonstration program, backed by FHA, began July last year with 50 approved lenders.
MENTIONED IN THIS ARTICLE
Margaret Gregory
San Diego
Gregory
Mature Outlook Magazine
Federal Housing Administration
FHA
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