Female Boomers who own a home have a distinct advantage over rent, when it comes to long-term financial security. That's a research by the Joint Center for Housing Studies. The report provides timeless insight you can use to market to counsel female client. For instance, homeownership expands by providing a pool of equity they can tap in a pinch. Also, trade down to a less costly house or sell a home and use the assisted living. The report says that the 7.7 million Boomer living in rental housing face a future of questionable economy. But you may also want to advise clients that staying put isn't the best option either, especially if maintaining a house make the equity-rich and cash-poor.
Discussing clients' inability to pay the mortgage is always a situation, especially with those from a generation that pride on fiscal responsibility and may consider it a source of sham be able to meet their financial obligations. Nonetheless, man and Seniors may find themselves having to contemplate a short sale (pre-foreclosure) in which the sales price falls short of mortgage debt (also known as upside down loans).The lender accommodation in the hopes of mitigating an impending loss outlining the options for homeowners in such a financial bind to mention the possibility of federal tax implications.
On the positive side, a short sale saves the lender the cost of foreclosrue and another REO property on the books and the foreclosure on his or her credit report. Typically, before a short sale, the seller must have a ready buyer and all the prepared paper work ready to present to the lender.
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