* 36% of high-income American families (defined as having household income of at least $117,000) will have to Lower Their Standard of Living during their retirement years. (source: CNNMoney.com) Startling statistics about mortgage loans which may affect you. According to a poll that I read recently, 1 out of 3 homeowners have no idea what kind of loan they have.
Under better market conditions, that might be okay. But in the current market where it is predicted that over 2 million homeowners will lose their home due to sudden, unexpected and devastating increases in their mortgage payments, it’s imperative you know exactly what kind of loan you have, and even more importantly, when and if your loan will recast and go up.
As you know, I stress the importance of working with an advisor so that you have a support team in place and you are Not Left in the Dark when it comes to one of the biggest assets / debts you own. And while I always advise my clients on how to properly manage loans especially the one’s that will eventually re-cast.
Well, sometimes life’s unexpected events can put a thorn in any good plan. It’s important that IF your plan is NOT being followed then you let me know immediately!!! There’s nothing to be embarrassed about, life happens.
