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With more than 40 percent of Americans between the ages of 55 and 64 having no retirement savings, reverse mortgages continue to be an option for seniors looking for creative ways to generate retirement income. Unlike millennials, nearly 75 percent of senior Americans own their home. A recent Chicago Tribune article takes a careful look at the pros and cons associated with selecting this unique mortgage product, which defers interest and loan payments until the homeowner dies, sells or … [Read more...]

Did you know that in the State of Illinois, anyone can set up shop to prepare your taxes? In fact, only California, Maryland, New York and Oregon require tax preparers to meet certain minimum requirements. So how do you go about choosing a reputable tax preparer who won't overcharge you--or worse, make costly errors on your tax return that could lead to an IRS audit? According to Sandra Block, senior associate editor with Kiplinger’s Personal Finance magazine, there are several things you can … [Read more...]

In an effort to keep its 260 stores open nationwide, America’s largest Christian retail chain has filed for Chapter 11 bankruptcy. Family Christian Stores says it is struggling with excessive debt because of declining sales. The drop in sales started in the wake of The Great Recession and has lingered in large part because of a consumer shift toward buying books, music and movies digitally. Chuck Bengochea, the company’s president and CEO, released a video statement about the filing saying, “I … [Read more...]

Although the deadline to file your taxes is still months away, for some taxpayers, there are a number of reasons why you may want to file early this year. Aside from the obvious benefit of getting an anticipated tax refund sooner, a new TurboTax blog offers several compelling reasons for filing as soon as possible. College students applying for financial aid have one of the biggest incentives not to delay filing. In some states FAFSA state applications, which rely on income verification from the … [Read more...]

Just because the terms of your mortgage give you 30 years to pay off your home loan doesn’t mean you have to take that long. Zillow’s Tips & Advice blog offers homeowners four helpful strategies for shaving years off (and accumulating interest) so you can be mortgage-free up to 10 years sooner than you expected. One smart strategy is to pay your mortgage bi-weekly instead of monthly. Doing so will result in you making 13 monthly payments per year instead of 12. That extra month of payments … [Read more...]

With more than 53 million Americans working as freelancers, according to the Freelancers Union, an increasing number of potential homebuyers are looking to qualify for mortgages without the traditional paycheck stub or W-2. So, how exactly do these self-employed homebuyers make themselves attractive to lenders? A new Trulia article breaks down six smart steps that can help them get approved. One of these tips is particularly timely during tax season. Self-employed homebuyers should be careful … [Read more...]

If you’re in the market to buy a home, you probably know it’s a smart move to get prequalified for a home mortgage. But a new Inman News article, written by Re/Max Legends associate broker Hank Bailey, makes a compelling case for getting prequalified by multiple lenders. Even more important than shopping around for the most competitive rates and fees, obtaining more than one prequalification gives homebuyers a more accurate picture of what they can actually afford. In particular, Bailey cautions … [Read more...]

According to a survey conducted by the Daily Mail, buying a house is the #1 most stressful experience people face today. What’s behind the stress? Well, for first-time homebuyers, the anxiety of shopping around and getting approved for a home mortgage can be confusing and overwhelming—especially when it feels like they need to brush up on their vocabulary just to understand the process. A helpful new U.S. News & World Report article helps demystify the process with a cheat sheet on the top … [Read more...]

Blacks and Hispanics are twice as likely to be denied for a home mortgage loan as white and Asian homebuyers according to an updated report released by Zillow. The online real estate authority analyzed federal mortgage denial data by race and found that for a conventional mortgage, blacks were denied the most at a rate of 27.6 percent followed by Hispanics who were denied 21.99 percent of the time. White and Asian applicants were denied in less than 10.6 percent of the cases. Zillow offers … [Read more...]

Time is running out for homebuyers who have served in the armed forces to take advantage of the Illinois Welcome Home Heroes program.  Funds have run out for the generous program, which offers $10,000 in down payment assistance along with a low interest rate on a 30-year fixed mortgage. According to the Illinois Housing Development Authority, the program is set to end on Feb. 13 unless the volume of applications exceeds the available funds and causes the program to end sooner. This is the second … [Read more...]