An article posted recently by the New York Times reports on home equity lines of credit and changes in the housing market:
“After so many years of declines, these signs of life in housing are surely welcome. But the fact is, even a strong recovery is unlikely to rescue many homeowners who are groaning under the weight of multiple mortgages. That’s because of the nature of home equity lines of credit, which require low payments in the early years followed by hefty payments later on. For many borrowers, those later years are fast approaching.”
http://www.nytimes.com/2012/07/15/business/for-many-home-equity-loans-payment-shock-is-near.html
If you are struggling with questions regarding home equity loans and home equity lines of credit, we can offer guidance on what is the best fit for you financial health. Contact us at The First National Bank and Trust of Newtown at [email protected] or 215-860-9100.
