Most homes were not designed to support us as we age. So, it's no surprise that our home will require modification as our needs change over time.
For many people we speak to, the generosity and level of support they have provided their children (and grandchildren) over the years can’t be overstated and often times it’s had a significant, negative impact on their cash savings.
Most seniors today feel unprepared for retirement despite having worked and saved for decades. Many contributing factors beyond their control have led to less money in their bank accounts. Home equity is a more important tool than ever.
When researching home equity financing, one can be inundated with all kinds of terminology and acronyms. Hopefully, we here at Irene can help seniors wade through some of the terms that matter most as they move towards using their home equity for more financial freedom. Two of the most common terms seniors discover are DTI and CLTV.