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Mortgage Payoff Article

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DEAR BENNY: I was at the closing table for my condo purchase only to discover that there was a penalty for early payoff. I called the bank immediately and they told me to "take it or leave it." A great idea came immediately in my mind, and I went through ...

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Sidestep penalty for early mortgage payoff

At 72 years old, I'm in good health. I play tennis three times a week and go to the gym. I owe $138,000 on my town house. I have a five-year fixed-rate mortgage with a monthly payment of $845. I also pay $385 monthly in homeowners association ...

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Try a Reverse Mortgage or Pay Off Loan?

Answer: Based on what you told me, you are primarily paying back principal on the home loan at this time. So, it would make sense to leave your investment dollars alone in order to try to recoup any losses you may have incurred in this volatile ...

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Pay off mortgage, invest payment

Most financial experts agree that reducing debt whenever and wherever possible is a good thing. But paying off your mortgage as you grow older may not always be in your best interest. The idea of no monthly mortgage payment and outright ownership of your ...

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Does it pay off to pay off your mortgage?

Outside of bankruptcy, it may be possible to negotiate with your second mortgage lender to allow you to pay off the mortgage for a reduced amount, sometimes even as low as 10 cents on the dollar. All of these methods will hurt your credit. Q. I am a senior ...

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Gary M. Singer: Giving up on second mortgage could be disastrous

I plan to pay off my home completely. This will eliminate a major debt. How much will this improve my credit score? A: How did you end up with a credit score of 600? Was it because you paid your mortgage late? My guess is no. So if you eliminate your ...

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THE DEBT ADVISER: Raise your credit score

She also held an open house. The homeowner had taken a reverse mortgage and was selling to move into an assisted-living facility. "The house needed to be priced right to sell quickly and to pay off the reverse mortgage while still leaving the ...

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Reverse loan is covered in New Milford with a profit to spare

I plan to pay off my home completely. This will eliminate a major debt. How much will this improve my credit score? Dear Patricia: How did you end up with a credit score of 600? Was it because you paid your mortgage late? My guess is no. So if you ...

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Can I raise my credit score by paying off my mortgage?

A retired Rotorua woman who won the Big Wednesday first division prize package worth $3.4 million would use some of the winnings to help pay a person to mow her lawns, pay off the mortgage and upgrade her car. The woman, who wanted to remain anonymous ...

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