Paying down debt: is refinancing or a reverse mortgage for you?

Studio 17 Live

Studio 17’s Ilyana Capellan talks to Bryan Colebrook NMLS #260438 about refinancing, reverse mortgages, and paying down debt.

Colebrook says even though rates have been rising daily the rates are still very low and there are still a lot of people pulling cash out for multiple purposes. Whether or not this is a good idea depends on every situation, which is why it’s important to discuss the goal of the refinance with your financial advisor.

A reverse mortgage is a loan that allows homeowners to borrow money from the bank, or lender, using the equity of their home as security for the loan. Colebrook has a specialized loan officer dedicated to Reverse mortgages in his office, ready to help with this option.

Refinancing and reverse mortgages can lead to what Colebrook calls, “the wealth effect” which leads individuals to feel wealthier than they actually are. This cycle fuels the economy and the stock market, “It’s great while it lasts, yet it also adds to inflation and when values stop increasing the wealth effect ends,” said Colebrook.

To learn more and to seek mortgage advice, call 661-524-LEND (5363).

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