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First Jersey Mortgage

New Jersey Mortgage & Homeownership

There are many advantages to homeownership like the tax and interst deduction, but nothing compares to the pride and esteem one get when they buy ...

Pay off debt first before saving for retirement

Dear Dave,

Do you think I should lower the amount I'm contributing to my 401(k) so I can pay off my house and my truck?

Jamie

 

Dear Jamie,

If you're following my plan, the first thing you should do is set aside a beginner emergency fund of $1,000. That's Baby Step 1. Next comes Baby Step 2, which means paying off all your debt except for your house. This would include your car. During this time, you should temporarily stop any kind of investing and retirement contributions.

Once your mortgage is the only debt you have left, it's on to Baby Step 3. This means you start saving money and growing your beginner emergency fund into a fully funded emergency fund of three to six months of expenses.

When that's done, you can attack Baby Step 4 -- investing 15 percent of your pre-tax income for retirement. In your case, that would mean re-starting the contributions to your 401(k).

Seeking Change, Reverse Mortgage Originators Run for Office

“If I get into office, they are going to see sweeping changes to FHA and sweeping changes to the reverse mortgage industry,” he says.

To help the industry in the aftermath of last year’s principal limit reductions, he says he would work to roll back the PLF changes to half of what they have become since the October 2017. For New Jersey specifically, he wants to find a way to help senior homeowners with high property taxes, adding that these bills average $8,000 per household annually in the state.

“The reverse mortgage by its original design is no longer helping the people it was intended to help originally,” he says, explaining many of the seniors who he would like to help cannot qualify without a life expectancy set aside — but cannot do a LESA because of the high property taxes.

He would also like to create a way to open up newly appreciated equity for HECM borrowers who have exhausted their loan proceeds. This would also keep more loans from being transferred back to HUD for servicing, he says.

getting a mortgage in New Jersey?

My husband and I are First time buyers we really need to find someone to help us with questions and getting a home loan for about 200,000 we have 3.5% for a down payment.

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