Suze Orman Quotes

Because the fees associated with a reverse mortgage are high, such loans make sense only for borrowers who expect to live in their home for a number of years.

Some financial advisers say anyone who may move in less than seven years should not take out a reverse mortgage.

Unlike other loans, a reverse mortgage doesn't have to be repaid until the borrower moves out of the home or passes away.

A reverse mortgage is available to anyone who is at least 62 years old and owns a home outright, or has a small mortgage balance remaining.

While I encourage people to save 100% down for a home, a mortgage is the one debt that I don't frown upon.

If you can't afford the upkeep of your home, it makes no sense to do a reverse mortgage. You will just end up having to sell eventually when you realize you can't afford the home, and whether you have any equity left after the sale depends on the size of the reverse loan that must be settled.

It's not surprising so many people end up with credit-card debts. Saving for your retirement and buying a house are difficult things, and we don't educate people about them at all.

Your mortgage shouldn't have been treated as a wager - it should be a way to provide a home and financial stability for you and your family.

Especially if you're over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.

Our Sheffield and London homes are worth well over a million but the bank owns most of them - we are mortgaged up to the gills.

Many a man who pays rent all his life owns his own home; and many a family has successfully saved for a home only to find itself at last with nothing but a house.

It's easy to underestimate the real cost of home ownership.

If you rent, that's it. You don't have to pay any interest to anybody. You don't have to pay any maintenance costs to anybody. You don't have to worry about whether the boiler is going to break down. While if you own your own home, you have a hundred aggravations.

When you borrow money, you should always think how you're going to pay it back.

It is almost always a bad idea to use a reverse mortgage to pay for a vacation or to buy a risky investment, like stocks or deferred annuities.

I can't drive, so I don't need a flash car, and I like living at home, so I don't need a mansion. I'm sensible with money. It's not why I act.

Cash from a reverse mortgage can be paid out in several ways, including a lump sum, a monthly payment, a line of credit, or a combination of those. If you do not need money right away, it is usually a bad idea to take all the money upfront, since it starts accumulating interest charges immediately.

Home ownership is the cornerstone of a strong community.

Stay on top of your finances. Don't leave that up to others.

If you think nobody cares if you're alive, try missing a couple of car payments.

Banks were once places to hold money and were very careful in lending to finance families as they built a future - bought homes, bought cars, took out student loans.

I still think buying a home is the best investment any individual can make.

If I can't afford a house, or afford to keep it, I don't want to have it.

People go into debt when they judge it beneficial to borrow money against their future earnings. Few can afford to buy a house outright, but many consider it worthwhile to take out a loan, which they will service and pay off over time, for the immediate privilege of living and investing in a house.

I'm really sensible with my money. So I would like to own my own house rather than rent.