What if You Can No Longer Live in Your Home? You Have Options
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What is the main topic discussed in this episode?
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Welcome to a special edition of Your Money Briefing. It's Sunday, May 19th. I'm J.R. Whelan for The Wall Street Journal. This is the fourth and final installment of our series, Buying a Home and Keeping It, Over the past three weeks, we've explored how buying a home and sustaining homeownership is no easy task. From finding the best mortgage to budgeting for repairs and renovations that don't come cheap.
Oh my God, when I went into it, I would definitely say I didn't know what exactly I was getting myself into.
What options exist if you can no longer afford to live in your home?
And so we're like, oh my goodness, is this a good decision or not?
That in-over-our-heads feeling can't always be fended off.
How does NeighborWorks America help homeowners at risk of losing their homes?
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.
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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.
What common financial challenges do homeowners face after purchase?
Noel Melton is Vice President of National Home Ownership Programs and Lending at NeighborWorks America.
we put people in contact with someone who can help them navigate through the home buying and home ownership process and really have someone who they can trust and is really helping them understand how to seek out the resources they need, the understanding and education they need to make home ownership affordable and real. We often are serving people who are low and moderate income or communities of color. But our organizations, our network, NeighborWorks America serves anybody who comes through the door looking for support and insight.
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?
We will often connect people with down payment assistance resources. homebuyer education so they can understand their path, affordable loan products, and being able to connect them to different loan products that are available to them. So we're really trying to find ways to make homeownership affordable and sustainable for them. And ideally, people start their home buying process with a certified housing counselor. And if they have any problems with meeting their mortgage payments, You know, they're able to seek help from someone who is there at the start of the journey.
What mortgage relief options can homeowners pursue when payments become unaffordable?
Once people are in the home, what are some of the parts of their finances that can change over the course of that time?
Well, individuals have a range of different things that they can go through, income fluctuations and what's going on with their home and where it's located, insurance rate goes up, things like that. Property taxes are going to be a very localized thing, right? It's not going to be across the board the same way. So again, this is where it really helps to find and connect with somebody who's local in your area who can help you navigate and understand the differences because that might be different in one area of Florida, obviously, compared to North Carolina.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:51
2
What options exist if you can no longer afford to live in your home?
0:51–0:58
3
How does NeighborWorks America help homeowners at risk of losing their homes?
0:58–2:18
4
What common financial challenges do homeowners face after purchase?
2:18–3:45
5
What mortgage relief options can homeowners pursue when payments become unaffordable?
3:45–5:12
6
How should homeowners approach talking with lenders and counselors?
5:12–7:34
7
Is going back to renting a practical choice for homeowners who feel overwhelmed?
7:34–8:48
8
What is a reverse mortgage and what are the costs and risks involved?
8:48–13:16
Speakers
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