Townhome vs. Condo: Which Is Right for You in Washington State?

Condos and Townhomes Mortgage LoansThis post compares the ownership structures of townhomes and condos in Washington State — what you actually own, what you’re responsible for, and how that affects your monthly costs and financing.

Townhome vs. Condo: What’s the real difference?

“Townhome” and “condo” get used almost interchangeably by buyers, but they’re legal ownership structures, not architectural styles. A building can look like a townhome and still be legally structured as a condominium — and that distinction matters more for your wallet than the floor plan does. [Read more…]

Aging in Place in Washington: Homeowners Have Options

senior citizen homes washingtonEditor’s note: This post was inspired by a recent HousingWire interview with Cameron Carter, CEO of Rosarium Health, on why aging in place is shifting from a lifestyle preference to a financial necessity. You can read the full interview here.

Aging in Place Is Becoming a Financial Necessity, Not Just a Preference

For years, “aging in place” has been talked about as a lifestyle choice — the version where you simply prefer your own kitchen to a facility dining room. That framing is changing. In a recent HousingWire interview, Cameron Carter, founder of health-tech startup Rosarium Health, made the case that aging in place is increasingly driven by cost and capacity, not preference: skilled nursing and assisted living have gotten more expensive, and in some states the wait list to get into preferred institutional care runs two to three years. People aren’t just choosing to stay home — in many cases, they’re staying home because there’s nowhere else to go yet. [Read more…]

Your Mortgage and Home Equity should be part of your Financial Planning

Your Mortgage and Financial Planning for Retirement

A recent MarketWatch article featured a reader question that probably sounds familiar to a lot of people approaching retirement. Here’s the situation as the reader described it:

“I’m 57, single, have $300,000 in a 401(k) and about $12,000 in savings in different accounts. I owe $93,000 on a house and have $20,000 in credit card debt. I make about $100,000 per year. Should I consolidate my savings? Should I pay off my credit card with the savings and then rebuild my account? I am working on paying off the credit card but I have terrible spending habits. I really don’t want to work until I’m 67. What advice do you have? Should I hire a financial planner to help me?”

— MarketWatch reader question

[Read more…]

Retirement, random thoughts and your mortgage

retirement and mortgage optionsI read an interesting article about planning for retirement. This is a topic that I find very important. I’m not a financial planner, however as a Mortgage Professional I see a financial snapshot of what people have when applying for a mortgage. I concur with this article from CNBC, most people do not have enough money saved up for their golden years. [Read more…]

My 50th Birthday!

Rhonda Porter with Marilyn Porter and Boots SwanThis past weekend, I celebrated my 50th birthday with family and friends. I have two (not much) younger sisters who love to ask “don’t you feel older” and my answer is typically “not really”. I’m actually pretty excited to be the big 5-0…beyond being able to join AARP! [Read more…]