J.R. Whelan
speaker
21,375 appearances
574 recordings
1 series
first heard Oct 2017
last heard Aug 2024
J.R. Whelan’s voice in public audio — every appearance, attributed to the second.
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Appearances
From finding the best mortgage to budgeting for repairs and renovations that don't come cheap.
And just because you can afford to live in your home now, it doesn't necessarily mean you'll be able to afford to live there in the future.
Life happens, and sometimes unforeseen events can have a devastating impact on your personal finances.
We'll talk to officials from NeighborWorks America and the Consumer Financial Protection Bureau about resources available to homeowners and some pitfalls to watch out for.
That's after the break.
What if the unthinkable happens and you can no longer afford to live in the house you worked so hard to purchase?
It can seem like a dire situation, but you do have options.
Noel Melton is Vice President of National Home Ownership Programs and Lending at NeighborWorks America.
When you're speaking to people about being able to keep up with their homeownership, what are some of the biggest things that they can struggle with?
Once people are in the home, what are some of the parts of their finances that can change over the course of that time?
When it comes to someone's mortgage payments, are there options for people who are having trouble affording it?
Can you actually talk to your mortgage lender if you're having financial trouble?
For somebody who is in their home, but they feel like they're way in over their head when it comes to the mortgage payments and repairs and all the expenses that go into being a homeowner, how much of an option is going back to renting?
One of the options considered by some older Americans who are struggling financially is a reverse mortgage.
Deborah Royster is assistant director of the Office of Older Americans at the Consumer Financial Protection Bureau.
Specifics can vary, but typically a reverse mortgage works like this.
A homeowner borrows money using their home as security for the loan.
The property has to be their principal residence, and they have to keep their home in good condition.
The loan is repaid when the borrower no longer lives in the home as a result of death or moving away.
But a reverse mortgage can be expensive, and because of that, Deborah says homeowners and their families should consider all of their options.
Showing 61–80 of 21,375 · page 4 of 1069
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