How To Get Rid Of Your Connecticut Mortgage Debt

Over the years there have been many promises of debt cures to get rid of all your Connecticut home mortgage debt, but there have only been a few that have really given its users the freedom that they seek. The reason why is that they all revolve around you taking on more debt and not addressing the attitudes and behavior that keep you in debt. Over the years I have noticed some common traits that the debt free people that I know share amongst themselves.

First, you need to believe you can truly be debt free. You need to know there is hope. You can take your life back from credit card companies, Connecticut mortgage lenders and Connecticut debt collectors. If you do not believe that it is possible then you have absolutely no chance at being debt-free.

Secondly, I am not a expert financial genius who teaches at Harvard with 20 college degrees but I realize that taking more Connecticut home loans is not a true option to get rid of debt. Over all of my years of experience working for several Connecticut mortgage companies and studying mortgage programs, credit repair and debt saving methods I have come to realize that the real key to thousands of Connecticut residents being debt free is in their ability to have a system that allows them to live a balanced life and minimize borrowing.

If you have been watching the news then you know about the credit crunch the entire nation is facing. However, what if you could find the way to pay off your Connecticut home mortgage debt in as little as 34 -48 months? What if you could figure out a way to totally get the debt monkey off your back? Would you be willing to take the necessary steps to forever be free from the burden of hundreds of thousands of dollars of Connecticut home loan debt? Or would you simply give up and forever pay over half a million dollars in interest over a thirty year period to buy the home that costs $210,000?

The thing most people don't realize is if you have 7 debts then there are over 20,000 different ways you could organize those debts to be paid off. However, do you know how many of the 20,000 different methods will have you debt free the fastest?

Only one!!!

Do you know which method will allow you to pay off your debt fastest? Are you thinking it does not make much of a difference to pay your debts off in a certain order? Well let me tell you that after reviewing hundreds of peoples debts over the years I have learned there is absolutely a quicker, easier more efficient way which can save you anywhere from a few months to several years of being in debt. That is right, just by paying your bills off in the correct order you can be debt free months if not years quicker.

If you want to take back your life from debt then...

Chris Rivers, founder of the Connecticut Debt Elimination System, specializes in empowering Connecticut residents to become 100% debt-free in 4 - 5 years even if you have late payments on your mortgage and have hundreds of thousands of dollars in debt.

For FREE tips, secrets and strategies to get rid of your debt in Connecticut then visit the Connecticut Debt Elimination Blog

Get your FREE list of Connecticut mortgage lenders for homeowners with mortgage lates and low, bad or no credit.

Article Source: http://EzineArticles.com/?expert=Christoper_Rivers

Reverse Mortgage Myths

Reverse Mortgage Myths

With all of the hoopla these days about the Reverse Mortgage for Senior program, it is important that we take a hard look at some of the myths that people are hearing about.

1. The Reverse Mortgage lender will own your home - FALSE!

You and your family or your estate continues to retain ownership of your home at all time that the reverse mortgage is in place. The Lender does not take control of the title. The lender's interest is limited to the outstanding loan balance, just like a traditional mortgage.

2. Reverse Mortgage lenders just want to sell your house - FALSE!

Lenders earn their income by helping you keep your home and meet whatever financial needs you may have in order to help you maintain financial independence. Reverse Mortgage borrowers may remain in the home for as long as they wish. However, should they decide to sell the home for any reason, the loan would then become due and payable.

3. Your heirs will be saddled with the Reverse Mortgage loan - FALSE!
The Reverse Mortgage is a non-recourse loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property. When you no longer live in the home on a permanent basis, the home must be sold and the reverse mortgage repaid. If you are deceased, the remaining equity would be payable to your estate or heirs.

4. To get a Reverse Mortgage, you need a certain level of income, good credit, or good health to qualify - FALSE!

A Reverse Mortgage has no income, credit, or health requirements. In fact, the terms of a reverse mortgage are dependent on your age, the location of your home and the amount of equity that you have in your home. You can even qualify if you are in bankruptcy action (although this may take a little longer!)

5. You have to make monthly payments on your Reverse Mortgage - FALSE!

In fact, with a reverse mortgage, the only monthly payments that are possible are payments TO YOU! Payment of taxes, insurance and general upkeep of the home are the only responsibilities of the homeowner.

6. To qualify for a Reverse Mortgage Your home must be debt free - FALSE!

Many people getting a reverse mortgage have a traditional mortgage or other debt instrument on your home. The mortgage or debt however, must be paid off first with the proceeds of the reverse mortgage. After this is paid, the proceeds of the reverse mortgage are distributed to you either a lump sum, by regular monthly payments, or though a Line of Credit.

7. With a Reverse Mortgage, Only the "cash poor" or desperate senior citizens can benefit - FALSE!

Everybody has varying levels of cash needs from time to time. An unexpected medical bill or other family catastrophe can be handled gracefully by many with a reverse mortgage. Others like the idea of using the equity in their home for retirement income while still living there. Many folks just like the feeling of financial security they get by having funds readily available. While each of these situations is different, they can all be handled through a reverse mortgage. A Reverse Mortgage can also be an excellent financial or estate planning tool!

While Reverse Mortgages are not for all seniors, they are certainly worth investigating, especially before you need them. When searching for information on Reverse Mortgages, please remember the Law of the Barbershop – “Don’t ask the barber if you need a haircut or you are sure to be clipped!”

If you would check with the AARP in your area, you will likely find counseling and senior citizen classes on the subject of Reverse Mortgages. The are usually free and provide keen insight into this ‘senior only’ program. You’ll be glad you did.

Resources:Don Seibert is a retired business executive who, as an Expert Author, writes timely articles on many issues concerning retirement. He has extensive experience in residential mortgages and is the host of http://www.retiree-finance.com Visit the site for a complete discussion of Reverse Mortgages

Article Source: http://EzineArticles.com/?expert=Don_Seibert