Portland Oregon Older American asks: "should I wait to sell my home until the values come back?"
That is a great question and one that most older American's not only in Portland Oregon, but all over the nation are asking. To answer your question let me ask you one: are you planning on buying another home with the proceeds of your current home?
If the answer to that is yes then I would say you need to talk to your local Portland Oregon Realtor now because there is no better time to buy since there are so many bargains out there. Remember that you will sell your home for less than you think it is worth, but you are also buying one for less than it's previous value as well. Keep in mind that many of the costs associated with buying and selling a home are tied to the appraised value or the sale contract price. Real Estate Sales commissions, Title Insurance, Origination fees, Mortgage Insurance Fees are all examples of costs that are associated with the sale and purchase of Real Estate.
Guess what, as soon as the value of your home goes up so does the value of the home that you want to purchase. My question to you is why would you want to wait?
The same pricipal is true for those of you thinking about getting a Reverse Mortgage. If you wait for the value in your home to go up you may very well be facing higher interest rates which means that you won't qualify for any more money that you would today because a large percent will not go in your pocket but to interest. If you plan on setting up an emergency line of credit then I have even better news for you. You can lock in the current value of your home to protect it against any further losses that Portland Oregon and the rest of the nation have experienced, and the portion of your line of credit that you haven't used gains in value. Yes that's right it grows over time. Check out my webistie calculator and look at the amortization schedule and you will see it for yourself. As always, I am available (NO PRESSURE), to answer any of your Reverse Mortgage questions. Unlike a Home Equity Line Of Credit, your home can provide you with anEmergency Line of Credit that will not be frozen by the bank even if your home looses value and even better yet when you do use it you will not have to make a payment!
Isn't it time you stop taking money out of what's left of your portfolio account and let your Portland Oregon home get you through the economic plague that we are all faced with? If you are looking to downsize or upsize please do that before you get a Reverse Mortgage and consult with your trusted Real Estate advisors.
It pays to get your advice from those that work in the Portland Oregon market everyday and not rely on the negative nay sayers. Take action and educate yourself with the facts. Call your Real Estate agent, your accountant and your Reverse Mortgage Specialist and find out what your options are. It's time to start sleeping better at night!!
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