{"id":325,"date":"2016-10-20T18:55:26","date_gmt":"2016-10-20T18:55:26","guid":{"rendered":"http:\/\/marioshomenews.com\/?p=325"},"modified":"2016-10-20T18:55:26","modified_gmt":"2016-10-20T18:55:26","slug":"heloc-loans-reset","status":"publish","type":"post","link":"https:\/\/marioshomenews.com\/?p=325","title":{"rendered":"When HELOC Loans Reset"},"content":{"rendered":"
\"HELOC<\/a>

HELOC Loans<\/p><\/div>\n

 <\/p>\n

 <\/p>\n

Reprinted from Reverse Mortgage Daily written by Jason Oliva<\/p>\n

HELOC Loans<\/h1>\n

Do you have a HELOC loan on your property? \u00a0A large number of U.S. homeowners will be affected by a Home Equity Line of Credit (HELOC) reset over the next few years. Additionally, \u00a0many borrowers are either unprepared or unaware of the financial repercussions awaiting them, a recent study indicates.<\/p>\n

Of more than 800 polled homeowners holding HELOCs, 43% will be affected by a reset in the coming years. \u00a0This information stems from the TD Bank HELOC Reset Measure released this week. And as HELOC borrowers reach their end of draw periods, 23% of survey respondents said they do not have financial plans in place to handle a reset.<\/p>\n

 <\/p>\n

DANGERS<\/h2>\n

Feeding into this unpreparedness were misconceptions borrowers hold regarding HELOC repayment. Only 19% of respondents to the TD Bank survey understand that a HELOC reset will increase their monthly payments. \u00a0Meanwhile, 34% said they believe their monthly payment will be reduced when their HELOC resets.<\/p>\n

Additionally, TD Bank found that one third of borrowers who opened HELOCs prior to 2011 are unaware of their draw period expiration date described in the HELOC contract. \u00a0This number rises among Baby Boomers to 42%.<\/p>\n

Meanwhile, 53% of respondents who opened HELOCs between 2005 and 2008 don\u2019t know the impact the reset will have on their monthly payments.<\/p>\n

HOW A HELOC WORKS<\/h2>\n

Many HELOC loans allow borrowers to draw for 10 years and make interest-only payments, said Mike Kinane, senior vice president in TD Bank\u2019s Home Equity division.<\/p>\n

\u201cWhen this draw period ends, you are required to pay principal and interest. \u00a0This may possibly increase your monthly payments,\u201d Kinane said. \u201cIt\u2019s important you plan ahead and review your contract to determine the best course of action based on your current and future financial situations.\u201d<\/p>\n

However, the vast majority of respondents (60%) who do not have a plan for their HELOC resets indicated they will not seek guidance from their lenders.<\/p>\n

WHAT TO DO<\/h2>\n

\u201cIf you do not have a financial plan for the end of your draw period you should contact your lender as early as possible,\u201d Kinane said. \u201cA responsive lender will offer multiple ways for you to pay down your line of credit.\u201d<\/p>\n

But for borrowers who are prepared to face HELOC resets, more than one-quarter of respondents said they plan to refinance their HELOC into another loan. \u00a0And almost 70% of those borrowers plan to approach their current lenders.<\/p>\n

For those borrowers considering a refi, using a HELOC for emergency funds was most important to them (35%). \u00a0Home renovation followed (27%) and travel (26%).<\/p>\n

With home values soaring during the housing boom, homeowners sought HELOCs as a means for tapping into their home equity. \u00a0Moreover, HELOC loan funds are typically \u00a0used to finance a variety of expenses. \u00a0Home renovations, medical bills, even help with debt consolidation are among the top uses.<\/p>\n

In the TD Bank survey, the top three reasons homeowners opened a HELOC were to renovate a home (38%), consolidate debt (24%) and purchase a new vehicle (20%).<\/p>\n

\u201cHELOCs can be a smart and flexible way for you to tap money when needed. \u00a0Most uses are for home renovations, debt considation, education, or deal with unexpected expenses,\u201d Kinane said. \u201cIt\u2019s a wise idea to consult with your banker, and take advantage of the benefits that HELOCs can offer.\u201d<\/p>\n

If you are 62 and over, you may be able to remedy this situation with a reverse mortgage on your home. \u00a0Once you have this, the reverse mortgage will pay off your HELOC.<\/p>\n

Get in Touch with Me<\/h2>\n

I\u2019m Mario Quintero,<\/a> your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.<\/p>\n

Call me today at 305-598-1600 or contact me here.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Reprinted from Reverse Mortgage Daily written by Jason […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[109,50,44,112],"tags":[59,14,113,52,78,11],"class_list":["post-325","post","type-post","status-publish","format-standard","hentry","category-condo-reverse-mortgage","category-florida-mortgage-specialist","category-florida-reverse-mortgage","category-heloc","tag-benefits-of-a-reverse-mortgage","tag-florida-reverse-mortgage","tag-heloc-loans","tag-miami-home-loans","tag-miami-real-estate-agent","tag-miami-reverse-mortgage"],"yoast_head":"\nHELOC Loans<\/title>\n<meta name=\"description\" content=\"A large number of U.S. homeowners will be affected by the HELOC loans reset over the next few years, and many borrowers are unprepared.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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