Charles Scott’s Post

Am I responsible for my partner’s debt?’ It’s a question most people are unsure of. Here are the answers to some of our most frequently asked questions about debt in relationships. https://lnkd.in/dAqdcKSZ #marriage #finances #CRA #debt #financialgoals #mortgage #income #liability #stress #relationship #marriageproblems #divorce #creditors #wages #debtpayments #creditrating

My newest article in LTC News, the #1 source of Long-Term Care resources in the nation today. Reverse Mortgages and Long-Term Care – A Marriage Made in Heaven (So why hasn’t it happened yet? Please like and comment, would love to hear your thoughts! https://lnkd.in/g8e-vpNe

1 or 2 incomes?!: We met twice. First, it was just Shira* and she shared so many wonderful things about her husband, Moshe. But when I met them as a couple, she spoke to him with disdain dripping from her voice. Moshe is happy with his 9-5. Shira, on the other hand, views his choice of job as destroying their marriage. She just can’t respect her husband when she needs to supplement his income to make ends meet. According to Moshe, anyone with 5 kids and a tri-state mortgage, like them, needs to be a 2 income household. Shira disagrees and feels that Moshe doesn’t push himself hard enough to make it work. She feels that it’s just an excuse for him to stay at his current job and to let the burden fall onto her shoulders. In their current situation, money is getting in the way of everything and is hurting their relationship. What are your thoughts on 1 or 2 family incomes? Is it necessary in today’s reality? Can a family make ends meet on just one income? Who should make that decision? *names and details changed #prosprchronicles #twoincomesorone #thrive #makeendsmeet

We see it a lot! Cash-heavy borrowers who would instead save their dough and finance their home. Here are a few examples Relocation: The borrower sells a house, and they have enough liquid assets from the sale of their home to pay cash, but they would instead do mortgage financing. ATR-in-full is a great option here. Divorce happens, and so do spousal payouts. Let's take that divorce settlement and prove enough liquid assets to purchase a home! ATR-in-full to the rescue with no need to document employment history Inheritance: Keep your money working for you in a diverse portfolio while leveraging your assets for a home purchase. Life happens! Not every borrower qualifies in a box; that is where we shine. Assets should be seasoned 60 days - and no withdrawals. Held in Stocks, bonds, and mutual funds acceptable

Mortgage rates: Bad news if you’re looking to buy a house in the next two years https://lnkd.in/g_cU-uPD Interesting article. Do you think the 'new normal' with interest rates between 6.0 and 7.0% will continue to have an effect on people's decisions to move or will inevitable changes in life circumstance (marriage, job change, growing family, empty nester, divorce, death) play a bigger role in people making a move? Would love your thoughts in the comments below.

🏡💰 Attention Motivated Homeowners: Get Cash for Your House Fast with Lux Dominor! 💸🌟 Are you a homeowner facing a challenging situation and need to sell your house quickly? Lux Dominor is here to offer a stress-free solution! Who Should Contact Us: 🔹 Divorce or Separation: Going through a divorce and need to sell the house fast? Lux Dominor can help. 🔹 Inherited Property: Inherited a property and want to sell it quickly without the hassle of repairs? We've got you covered. 🔹 Financial Hardship: Facing foreclosure or struggling with mortgage payments? Lux Dominor can provide relief. 🔹 Relocation: Moving for a job or personal reasons and need to sell your house fast? Let us make the process easy for you. 🔹 Unwanted Rental Property: Tired of dealing with tenants or managing rental properties? Lux Dominor will buy your property as-is, hassle-free. Why Choose Lux Dominor: 💡 We buy houses in any condition, no repairs necessary. 💸 Get a fast cash offer and close on your timeline. 📱 Call or text us at (832) 639-0589, or submit your property online 24/7 at luxdominor.com for a quick cash offer. Don't let your situation hold you back. Contact Lux Dominor today and get the cash you need for your house, hassle-free! ✨ Visit luxdominor.com now or call/text (832) 639-0589 to learn more and get started on your fast cash offer. #SellYourHouseFast #CashForHouses #StressFreeSelling #LuxDominor https://luxdominor.com

“The American Dream now costs $3,455,305—that's the estimated lifetime cost of common milestones including marriage, two children, homes, healthcare, cars, and education. The cost of raising two children to the age of 18 is now estimated at over half a million dollars ($576,896). The average lifetime cost of a home including a mortgage with a 10% down payment and a 30-year fixed rate of 7.2% is now about $796,998, according to Investopedia analysis. - Investopedia Https://https://lnkd.in/eRg86m2z

One of the most valuable matrimonial assets that couples have is a family home. The division of assets is usually based on the financial needs of each person. Unfortunately, there is no simple and clear-cut answer; there is no such thing as a ‘standard split’ of assets such as the family home. There is no ‘one-size-fits-all’ formula to apply to different ‘types’ of divorcing couples: it simply depends on the circumstances of the marriage or civil partnership, and not always on the legal ownership of the home nor the mortgage payments. If you would like to speak to our family team about how to divide your assets then call us on 0114 299 5893

💔 Is the Cost of Living Keeping Couples Together? 🏠 With the UK's cost-of-living crisis squeezing household budgets, many unhappy couples are finding it harder to separate. High mortgage rates and soaring rents are making it increasingly unaffordable to live apart. According to new statistics, the divorce rate is at a 50-year low, despite relationship dissatisfaction being at its highest since 2014. If you’re facing this difficult situation, know that you’re not alone. As a mortgage broker and protection advisor, I’m here to help you navigate the financial complexities of separation and ensure you find the best possible solutions during this challenging time. 🛡️ 💬 Let’s talk about your options and how you can take the next step, even in today’s tough economic climate. #DivorceSupport #CostOfLivingCrisis #MortgageAdvice #SeparationSolutions #FinancialWellbeing #HomeOwnership #UKHousingMarket #DivorceUK #PropertyAdvice ***Your home may be repossessed if you do not keep up with repayments on a mortgage***

In 2022, a staggering... wait for it... 2.78 million people filed for divorce in Canada, highlighting the significant impact separations have on individuals and their finances. With the divorce rate at 38%, spousal support often becomes a hot topic for our mortgage clients. Handling alimony payments alongside mortgage qualification can feel like walking a financial tightrope. While vital, these payments can heavily influence your ability to secure a mortgage. They're treated as recurring debts, similar to car loans or student loan payments, affecting your debt-to-income ratio and borrowing capacity. For instance, if you owe $1200/month in alimony, it could reduce your mortgage qualification by approximately $150K – a substantial impact. On the flip side, receiving spousal support can boost your borrowing power. The clash between homeownership dreams and financial realities underscores the importance of careful budgeting and adjusting your expectations. Qualifying for a mortgage means finding balance amid financial obligations, requiring informed decision-making and resource management. And that’s where I come in – ready to guide you through!