Your house isn’t a piggy bank
Your home equity could keep you afloat in retirement or bail you out in an emergency — but not if you spend it first.
Q: What are the new home equity rules for 2018? An addition to our answer in last week's column is below.
Tax changes may take the shine off home equity loans
One of the big changes in the tax measure President Trump signed last month could make it less attractive for homeowners to borrow against their properties to fund fix-up projects, pay off credit cards or buy a new car.
Ask George and Chuck: Proceed with care when attempting to change deed to home
Q: I need to have a deed prepared for my mother to sign to convey her property to me. She is very old, and we're trying to avoid the costs of probate. She has a very small estate and we don't want to spend money on lawyers. One lawyer has refused to help us without a lot of additional work. We just need a deed.
Capital One Financial cuts include 130 jobs in St. Cloud
ST. CLOUD, Minn. (AP) — A financial services processing center that has bolstered downtown St. Cloud is losing 130 jobs as part of wider cuts by Capital One Financial Corp.
The St. Cloud Times reports that the cuts amount to 15 percent of the local Capital One workforce. Mayor Dave Kleis says the layoffs didn't come as a surprise, but that "you never want to see any loss of jobs."
We recommend voting yes on Proposition 2, which would ease restrictions on home equity borrowing.
Across the state, homeowners are counting on taking out a home equity loan to finance major expenses such as college tuition and medical bills. Unfortunately, many homeowners are relying on antiquated rules in the Texas Constitution that will prevent them from getting that home equity loan — unless the constitution is updated.
The fully paid mortgage for a homestead can generate an immense sense of comfort and well-being for Texas homeowners. When Texas homeowners have an unpaid mortgage, there is always a concern the lender can foreclose and take the home.
Orlando among leaders in home equity loans
ORLANDO, Fla. (AP) — The number of home equity loans in Orlando is up almost 25 percent over the past year.
The research firm ATTOM Data Solutions last week said Orlando was among the top 10 cities for growth in the number of home equity line of credit originations.
In such a loan, often called HELOC, a homeowner uses equity in a house to secure a loan from a lender.
- The Herald-DispatchDon't turn house into a piggy bankAugust 24, 2018
- The Herald-DispatchLiz Weston: Your house is not a piggy bankAugust 21, 2018
- The Herald-DispatchYour house is not a piggy bankAugust 21, 2018
- The Washington TimesDonald Trump urges DOJ to reject plea deal from ex-DNC IT stafferJune 7, 2018