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young seniors

what is a good rainy day strategy for young seniors? by caustin0601976 from Placerville, California. Jul 28th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info needed to advise you.. This post is typically for mortgage related questions.. but your question is more of a financial planning question.. But in general.. most all financial planners will tell you "Cash is King".. so the more you can finance, then more funds you can leave in the bank, the better.. Some folks feel more secure if their home is paid for, so they pay extra each month in hopes to pay it off early.. but when it comes to the "Secure Investment" test.. a home fails miserably.. The home is a good vehicle to obtain gains, but it's a lousy savings account vehicle.. If you think about it.. you could pay an extra $500 per month on your loan for 10 years, get hundred's of thousands of dollars in equity, but if you suffer a hardship (rainy day),,, Someone gets injured or sick and cannot work,, a spouse dies,,, divorce,,, etc, etc, etc.. You have reduced income, and now you need to pull some equity out.. how do you do it? You have to get a loan.. but what if you don't qualify? All that equity, but you cannot use it when you need it most.. and regardless of how much equity you have.. if you don't make the required payments.. you can be foreclosed.. So, you want my advises on a rainy day strategy.. Save as much as you can.. but don't pay extra in your home.. CASH IS KING!!.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jul 31st 2017
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