If you or a loved one is facing a serious illness, you may be faced with several important decisions when managing your home loan payments, as well as making plans for the future. We understand, and we’re here to help you through this unfortunate situation.
Quicken Loans has been helping families through financial transitions for more than 27 years. Right now, we want to help you consider the financial resources you may need to get through this difficult time.
How Can Illness Affect Your Family’s Finances?
An illness may affect the fashion in which you currently manage your finances. You might need to consider the following when managing growing medical costs along with your family’s current home loan and other bills:
- Protecting your home and family
- Protecting and/or establishing your credit rating
- Maximizing your cash flow
When Should You Consider Taking the Next Financial Step During This Transition?
When the change in health is sudden, you may want to immediately locate records and create a comprehensive list of bills that includes:
- Medical bills
- Credit cards
- Bank accounts
- Home equity loans
- Auto loans
- Joint accounts
Bills that may require more immediate attention include:
- Medical bills
- Health insurance
- Essential utilities
- Credit Cards
- Car loans or leases
- Income taxes
Bills that may be able to be put on hold during the duration of you or your loved one’s illness include:
- Student loans
- Debts for which you have a legal reason for non-payment
What Home Loan Options May Be Helpful During This Time?
If you or a family member is encountering an illness, it may create a gap in your finances which may be difficult to fill. Under such circumstances, you could consider refinancing your mortgage to use some of the equity in your home. A cash-out refinance can be useful for meeting large, one-time expenses. Monthly payments will likely be substantially lower than the sum of your other bills because you will be repaying the loan over a greater period of time – as long as 30 years. If you’re looking to refinance but stay the course with your loan’s term, consider our YOURgage. Our most revolutionary and flexible home loan option, it’s customizable to your terms, whether it’s a 27-year or 19-year mortgage. The knowledgeable Home Loan Experts at Quicken Loans can help you determine if a refinance is appropriate for you.