The Definition of the Perfect Reverse Mortgage Customer

By Kablamn Vanrock

As a guy who specializes in reverse mortgage lending I obviously get many calls from would-be customers. I listen to their situations, ask questions, and arrive at conclusions.

I don't paint a blue sky picture for each of these potential customers. They are owed truthful advice. And to some I advise to go elsewhere.

It's a bad option for some, a okay option for others, and great option for the remainder. Let's talk about the great ones today.

Closing costs are expensive for these mortgages. As such I'm very interested to know the time frame a senior plans on residing in the home.

Most important in my mind is to help my customer understand that their will be a fairly high cost to get the mortgage. My efforts are to ascertain the customers needs relative to cost.

The best answer I can hear is "forever". I like that because the longer someone stays in the home the cheaper the reverse mortgage gets over time.

At loan application you would receive, from you lender of choice, a disclosure outlining how the mortgage reduces in cost, on an annualized basis, the longer the mortgage lasts.

The disclosure gives snapshots of the annual cost of the mortgage over various years. You'll see how cost reduces over time.

Along with a long mortgage period the best reverse mortgage customers are those without the ability to add income to a financial situation which is already under water.

Fixed incomes play an important role in making up the perfect reverse mortgage customer.

The third identifying trait of the a great reverse mortgage customer is the that of wanting to enjoy the rest of their lives rather than necessarily sacrificing the rest of the their lives for the kids inheritance.

Many have a mind set that they must leave something to the kids. It's vital to them. The reverse mortgage is a financial tool that allows a mortgage without paying monthly. Interest tacks on to the mortgage which doesn't normally give this group warm fuzzies.

To sum up a great reverse mortgage cadidate, we are looking for an attidute of us first, kids second; static income which isn't enough; and an extending mortgage period hopefully as long as the borrower lives.

About the Author:

Texas reverse mortgage facts can be found at this site going over many Q&A's. Additionally, tons of good stuff covering the texas reverse mortgage can be had by following this link.

Investors Looking to Tap the Reverse Mortgage for Capital

By Diogie Vanrock

It's no secret that the stock market is down some 30% over the last 12 months. With so many seniors with money in the market I'm starting to get a bunch of calls from a subset of this group.

They are looking to get a reverse mortgage. Of course the planets have to match up to their particular situation for me to entertain this with them.

Most importantly they must have a desire to stay in their home for an extended period of time. This is vital because the cost to get a reverse mortgage is not conducive for a short term mortgage

Generally, we determine the cost of the loan on an annualized basis. The longer a borrower lives in the home the cheaper the loan actually becomes over time.

As some of the these phone calls are losing tons of their hard earned money they are calling to to pull money out of their equity to reinvest in other investments to recoup their losses.

What is catching a portion of their attention is the fact that interest rates are just unbelievably low. It makes the cost of that money very attractive.

As of this week the ARM is just under four percent. In the short run this makes this loan pretty nice. In the longer run it's average is in the six percent range.

In my dealings with people, although I do not have fiduciary responsibility, I have to point out that they best be getting a better return on whatever else they are getting involved in than the average.

In my conversations with the borrower I always discuss the fact that rates will not continue at their current position indefinately. They will go back up.

Most people expect rates to be low for a good while with all the pressures from the powers that be doing whatever they can to keep them down.

When rates are high it is difficult for big business to borrow. This is hardly ever good, especially when the economy is in such bad shape as it is now.

We'll have to see. My concern for some of these people is that some of these folks are not taking into consideration to true cost of getting this money to make their investments.

People must consider not only the interest rate but also the closing costs when factoring the true math to determine if this is really a good idea.

About the Author:

Find twenty reverse mortgage in California questions and answers the majority of seniors want to know right here. And this.... Download a California reverse mortgage guide with myths revealed and 5 major mistakes to avoid.

Credit Repair via Credit Counseling

By Rob Kosberg

You may come to the decision that going through repairing your own credit is not something that you can complete without some outside help. There is no shame in having to locate some help because of your emotional reactions or poor money management ability.

When you explore outside agencies, you will immediately notice that there is a plethora of credit repair companies promising you the moon and the stars. Sure, credit repair in 24 hours sounds great, but you can be sure that it's not going to happen. This kind of claim can be easily dismissed. Also, the internet will offer to have several agencies contact you. They will (in 5 months) and/ or they will make some possibly nasty phone calls to you. Avoid these offers.

If you are going with the third party option, you will need to conduct a serious investigation of the agencies you select for consideration. There is some basic information that you are going to require prior to selecting an agency to meet your needs. Shop and compare.

Initially, you want to contact agencies to get an idea of what services are offered, time frames, rates and any other financial help available. Some of the agencies will ask for your financial information before they will provide agency information. Avoid these agencies. The basic information is a must.

Information about services provided, cost structure and time frames should be provided to you without any knowledge on the company's part regarding your financial situation.

Once you are satisfied with an initial contact, you can ask further questions such as how the procedure will affect your credit reports, how the agency provides assistance with debt management, how does the agency inform you of their activities and does the company offer other money management services.

A very important bit of information that you need to know will be fees for the agency service. There are agencies that ask for big sums of money to initiate the service in addition to a large monthly fee. If you can't pay your debts now, how will you pay exorbitant fees? Beware of becoming involved with a process that is extended over a long time because of fees, even if the agency says it is nonprofit.

It is apparent that finding the right credit repair agency will take some work from you, the payoff will be finding the right match for you.

About the Author:

With unprecedented problems in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

Having A Great Credit Score Is Fundamental

By James Dean

A healthy credit score is principal in our financially driven order. This count tells creditors, employers and business organizations that a individual is dependable and pays their accounts on time. This type of data is in use in all walks of life. Most individuals don't recognize that Receiving a good credit history can aid them with employment opportunities, applications for credit cards, buying a new house or even a new automobile.

If you wish to buy a new home or automobile, then your credit history must be in healthy standing. To be able to buy luxury items like holidays on your charge card, you must first fix any credit problems you may have if you desire, long-term fiscal freedom. You can pick up this data without too much trouble and the good news is, it's free.

Each individual can find out exactly what their credit scoring is when they locate free business organizations on the web. There are businesses that will provide people with their credit score for free on an annual basis. After a few simple questions that the person would surly know off the top of their head, they can view their credit marking and any outstanding debts they may have. If an person sees that they have horrible credit or the credit marking will not allow them what they desire, there are various methods to remedy this situation.

The first step an person needs to do to have a higher credit grade is to pay off old debts. Even if this was for 10 years ago, it will assist in credit individual's credit scoring immensely. Once the accounts are totally wiped clean, an person can begin obtaining a no credit or bad credit Master Card or Visa. This will be helpful for a individual to begin acquiring a fabulous credit score and be able to buy their dream house or vehicle.~This can help a person to increase their credit grade, which will enable them to purchase a new automobile or their dream home. Paying off any old bills] will aid a individual increase their credit mark and aid them to buy luxury items on the credit.

It doesn't take too long to hurt your credit rating, but it can take a few years to get your credit rating back. Begin by buying one or two items on the new credit card and then paying it off instantly. Once you have shown your credit card business that you can pay off the balance rapidly, they will increase the amounts you can spend and at the same time increase your credit rating.

Almost every individual has hard times at sometime in their life. Paying your accounts for a couple of months may be a trouble. once you get into this type of situation you will have problems getting out of debt, at the same time your credit history, plummets. There are methods to ensure that each individual can gain a fabulous credit marking once again. Just because you have found a few troubles in your life it doesn't mean that you will never be able to buy items on credit.

About the Author:

To find out exactly how you can get good credit rating help visit my credit scoring website.

Finding Fast Cash Personal Loans

By Dave Davis

Now that the holidays are over, you may need to get your hands on some extra funds. The last two months have probably been quite expensive and your bills might be stacking up. If this is the case for you, consider a fast cash personal loan.

There are actually a few different ways you can secure fast cash. The first is by getting an unsecured personal loan, otherwise known as a signature loan. With this type of loan, you are basically putting your credit on the line, but you don't need collateral.

Another type of loan you could get is a cash advance loan, otherwise known as a payday loan. However, payday loans usually carry interest that's quite high so make sure that you pay the loan off on time. Additionally, never use a payday loan unless it's an emergency. Usually it's smarter to spend on a credit card than it is to get this very expensive type of loan.

Another way you can get your hands on some money is by taking out a secured loan with collateral. Cars, homes, and insurance policies are commonly used for collateral for this type of loan. Since the bank is taking on less risk with this type of loan, they will usually offer you a great interest rate.

Even though offering your car title as collateral gives you a larger loan amount, if you cant repay it on time and in full, you will lose your car. Only you can decide if the risk is worth it. And the best risk, is one that you are certain you can repay.

If you need a longer term for your loan, providing the bank with collateral will really reduce your interest and payments. Since the bank has less risk, they will give you a better deal. If you can pay the loan off quickly it would be better to not tie up your assets.

If you need the loan within 24 hours, the best method for you will be to get a payday loan. You can then get a real bank loan that you can use to pay back the payday loan. The bank loan will take a few days and the payday loan can secure your funds now.

About the Author:

Dave helps people to learn about different personal loans that can be used to secure funds. high risk personal loans are easy to get and are available for different levels of credit.

Selling and Buying San Antonio Home

By Jin Kim

Most people when they considering either selling or buying a new home they will wait until spring arrives to do so. But if you want to get a great deal on a home whether it is in San Antonio or any other city then you should look at buying it before the end of the year. There are plenty of reasons for you to consider buying a San Antonio home before the end of the year.

Below we take a look at a few of the benefits that you can get if you choose to buy a San Antonio home at the end of the year rather than at the beginning.

Benefit 1 - If you find that you are in a position to close the sale on a home by the 31st December this will help when filing the following year's income tax return. You will be able to deduct from your income tax return any mortgage interest payments, property taxes and points relating to the loan from it. Also buying a house at this time provides you with the opportunity to deduct off the interest costs from the home equity loan you have taken out. This will mean that during the first years of the loan the amount of interest you are repaying to the lender is far less.

Benefit 2 - People who have been trying to sell their homes will be more motivated to try and get the sale completed before year end as they will also benefit from tax savings. You may find that such people are going to be more willing to negotiate on the sale price with you in order to get their property sold. Currently because of the financial climate this is a buyer's market and you mind find getting your dream home has become somewhat easier.

Benefit 3 - If you are intending to buy a new home then the chances are in order for the builder to get rid of it they offer potential buyers incentives to do so. Often the construction company who built the property will provide a number of extras in order that they can get the property sold by year end.

As we have shown in this article there are plenty of reasons why it is worth considering purchasing a San Antonio home or any home for that matter elsewhere before the end of the year. Certainly with the way the real estate market currently stands you may find yourself getting your dream home a lot more quickly and easily.

About the Author:

When thinking about buying San Antonio Home, find benefits at San Antonio Home, and San Antonio Home

Selling Tucson Home

By Won Kim

With the state of the financial markets at the moment this is greatly impacting also on the real estate market. Currently we are seeing an increase in the number of people who are having to foreclose on their homes simply because they cannot keep up their mortgage repayments. In this article we look at ways of selling your Tucson home or Pittsburgh home without losing out too much on its value.

Tip 1 - The first thing you should do before you place your property on the market is establish a time frame in which you wish it to be sold by. By knowing how long you are willing your property to be on the market for the much better you can price it correctly.

Tip 2 - It is important that you work out exactly the price at which you want to sell your home for. Putting a price on your home that is too high will simply price you out of the market. Spend time looking at what other similar properties in your area are currently on the market for, how long they have been on for and also what ones have recently sold for. Use these as a base line for the price that you want to place yours on the market for.

Tip 3 - You should work very closely with the agent who is trying to sell your house especially in the volatile markets of today. Be prepared to listen to their advice and allow them to promote it in the way that they feel is most appropriate. Make sure that they select the advertising that is going to be most effective. Along with advertising it in local newspapers make sure that if they have a website they also place it details on theirs.

Tip 4 - If you can afford to try and make sure that your house is value for money, which doesn't mean you have to sell for less than other similar properties available. Instead offer some little extras over what your competitors are offering and sell to the potential buyer for the same price as them.

Above we have offered a few tips that could help you when the real estate market is volatile to sell your Tucson home. If you are willing to make sacrifices and concessions during the selling stage then the more chances you have of getting the property sold at a price that is fair.

About the Author:

Tips on selling Tucson Home, please check out Tucson Home, and Tucson Home

Tips on finding best Houston TX Home

By J. Kim

In the last few months we have seen a slowdown in the real estate market. Yet there are still plenty of people out there who are looking for their dream property. When it comes to selling a Houston TX home or one anywhere else you need to prepare it properly. Below we take a look at just a few things one can do when it comes to trying to sell your Houston TX home in such a slow market today.

1. To prevent yourself putting off any potential buyers from making an offer on your home get any necessary repairs carried out before you put it up for sale. Generally the repairs are minor so won't cost you much but will ensure that your house looks its best. Although some potential buyers may put in an offer for your home if there is work to be done it will generally be much lower than you are asking.

2. Another way for you to increase the potential of getting your home sold in a slow market is to ensure that at all times the house is clean and tidy. This means that your home will be available to be viewed at any time and will improve the chances of you having more potential buyers entering it to view.

3. Although they cost it is worth considering employing the services of a professional to stage your home for viewings for you. They will help to remove all clutter and depersonalize the property so it can be shown to its full potential. Plus anyone viewing the property will be better able to imagine themselves residing in it.

4. When trying to sell your home you need to come up with a price that is realistic especially if you are attempting to sell it in a slow market. Never think about what you would have sold it for last year but concentrate on what price you could sell it for today. Homes that are priced too high are pricing themselves out of the market. But by setting a fair price on your home you are actually giving any potential buyer little or no room to commence negotiations with you.

About the Author:

To find the best Houston TX Home, please review Houston Home, and Houston TX Home

Looking For Cash Advance Loans Online

By Trinity Taggart

If youre not going to be paid for a while and you have bills to pay, youre probably trying to figure out how to make ends meet. Dont be embarrassed " almost everyone finds themselves in need of a loan from time to time. Unexpected expenses can cripple almost anyones finances. Sometimes a quick cash loan makes sense and can help you to get by for a few weeks.

If you need to secure a loan, it should be fairly easy if you have internet access. There are plenty of companies that provide the entire application process online. Once approved, most of these companies will direct deposit the funds into your account quite quickly.

If you have made your mind up and are ready to take out a loan of this type, you can expect to have the funds in your bank account within about 24 hours. The best thing to do here is to use a company that you have heard of, or you can ask family members and friends if they have ever taken out a loan of this type. Generally it's safer to use a company that a friend has used before.

Once you have found a lender and have filled out an application, the lender will contact you. Before you sign on the dotted line, you will need to make sure that youre alright with all of the terms and conditions of the loan. Failing to read the details of the contract is a huge mistake that could literally cost you thousands of dollars.

Once you have received the funds for your loan, make sure that you do everything on your power to pay it back on time. These loans usually have high penalties that will have to be paid if you make late payments and the terms for these loans are generally quite short.

The smartest way to approach a loan like this is to only take out an amount that you can pay back with your next paycheck. That way you wont have to worry about compounding fees. Pay back the loan and try to put some extra away for a rainy day. That way you wont find yourself in the same difficult position.

About the Author:

Trinity helps people to learn about student loans, how to find online loans, and about how to find a bad credit private student loan.

Lexington Law Firm - Review

By John Cooper

Lexington Law is a professional credit repair service. They are headquartered out of Salt Lake, Utah.

They have 22 lawyers and over 400 employees. They have been in business for 17 years and have served 1/2 million people. They will dispute bad credit items on your credit report.

Is credit repair legal?

Yes, this is legal and credit repair is your responsibility. The Fair Credit Reporting Act gives you the right to dispute any item that you feel in inaccurate on your credit. Also this law says that any item that is not verified must be erased by the credit bureaus.

How does it work?

You must forward a copy of your credit report from each bureau to Lexington. You also must tell them what items you feel are not accurate.

Lexington will then send a dispute letter of your behalf to each credit bureau. Then you will be notified from the bureaus if the item has been verified by the creditor of if they removed it from your report. You then send this update to Lexington.

How long will it take?

It depends upon the damage to your credit. However it typically ranges between 6 months to 12 months.

What is the cost?

There is an initial account set up fee of $99. Then you will be charged a monthly fee of $39, $59, or $79 depending upon what level of service you choose.

Can I do this myself?

Yes, you actually should dispute you credit if you have minimal damage. To dispute you credit you must create a dispute letter and send it to each bureau.

When the bureaus receive your letter they will investigate the item. During an investigation the creditor is contacted and asked to verify your account, the dates on the account, and the balance. If the item is not verified then the bureaus must remove it from you report.

What else should I do to repair my credit?

We suggest you open a new revolving line of credit such as a credit card. This will help you to build a positive payment history by making your on time monthly payments. This factor is almost as important as negative items when your score is calculated.

In sum, you do not have to live with a low credit score. You can remove negative items and by building a positive payment history you can repair you score.

About the Author:

For more about Lexington Law or more tips to repair credit visit us.

Finding The Best Student Loan Consolidation Programs

By Trinity Tolbert

By the time you finish college, it is more than likely that you will have several loans. Four or more years of loan debt can leave you with several repayments to different loan agencies. In most situations, you are required to apply for a new loan each year and depending on your financial status, you might qualify for loans with different interest rates. Consolidating your loans into one loan can help save you time and money.

There are a few advantages to consolidating your loans. It will save you money because instead of having several loan payments, you will have one payment monthly that is lower. You will most likely also be able to lock in a lower interest rate overall by consolidating. It will save you time because you will have fewer bills to pay monthly and less paperwork.

When consolidating your loans, be sure to ask questions and pay attention to make sure the consolidation leaves you with a better deal than your previous repayment situation. Sometimes, you might have a loan with a really low interest rate in comparison to your other loans. If this is the case, you might choose to not consolidate that loan in with the rest. Be aware that if the interest rate is a variable interest, then it probably won't stay low for long so it might be wise to consolidate the loan after all. It really just depends on your loans. Most of the time, loan officers will help you interpret the best consolidation program for your situation.

I will highlight four of the most popular financing options when consolidating loans. First, there is the standard repayment plan which is probably the most common consolidation program. With this plan, you make a monthly payment with a fixed interest rate with repayment spanning over ten to thirty years. Second, there is the option of the extended repayment plan. With this plan, your payments will be less than with the standard plan. Repayment will span from twelve to thirty years depending on the total amount you owe.

Option number three is called the graduated repayment plan. With this plan, your monthly payments increase every two years. You have options of paying the amount back over twelve to thirty years. Option number four is called the contingent repayment plan. With this plan, your repayment schedule is contingent on your family size, total amount of loan debt, and your annual income. With this repayment program, the payments are spread out over twenty-five years.

Depending on your financial situation, there are different student loan consolidation programs that will work for you. Deciding on the best student loan consolidation program really depends on what you think is best. No matter which one you choose, consolidating your student loans is usually a smart financial move.

About the Author:

Trinity helps people to learn about student loan consolidation, how to find federal bad credit student loans, and about bad credit private student loan.

Advanta Credit Card Scam

By John Monderine

I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. Three months ago I noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.

Now, being in the industry for over 10 years I know that I need to watch my credit. I look for charges I didn't make and it is tough to scam me. I have seen it all but this takes the cake. They told me I am now at a high risk for default so that is why they raised my interest rate? That doesn't make any sense. They should lower my rate if they think I will default on my credit card. How will an increase in what you are charging me keep me from defaulting. Luckily, I have the ability to pay off this card today but I want everyone to realize that these companies have you by the short-n-curly's. Watch your statements and lookout for this scam.

FYI, In NY, the maximum interest rate is 30%. They are charging me more then the maximum allowed in my state. I will send a letter to the BBB, the NY Attorney General, the UT Attorney General and the Department of Consumer Affairs.

As a nation we are in deep trouble. If a credit card company can just raise my rate because they feel like it I am positive that 99% of their customers are also paying 36.1%. How many other credit card companies are doing this to innocent people? We need to fight back. I am going to tell as many people as I can.

Unfortunately, there is nothing we can do except payoff the card. I was told I am a high credit risk. I paid the bill in full after I realized the rate was so high and the next month I received another bill for more finance charges for about $255. I paid that bill in full. I just received another bill in the mail for $5.65 and my rate was changed to 37.99%. Another point higher.

Just for a laugh I called again to see why the rate went up again and they said "Sir, you have been classified as a very high credit risk and as a company we can't risk you not paying your bill with us." I said "I just paid my bill in full with your company, I have never had a late payment with your company in three years, I have one mortgage on my house for $290K, 25 years left at a fixed rate of 5.375% and it is worth over $500k and almost zero credit card debt personally. I am in the fastest growing industry right now, CNBC expects the debt collection industry to grow at 25% a year for the next decade. What else would I have to do to receive a better rate?" The extremely rude lady said "Sir, you would need to send a letter to Santa Clause and maybe he can help you out."

The Government should put a maximum rate in place for the next year or so on all credit card debt. If the credit card companies are truly worried about consumers defaulting on their obligations, wouldn't it make more sense to lower the rate so we can continue to make the payments? By raising the rate, it only makes it harder to pay and more likely that a consumer will default. The credit card companies are preying on the weak right now hoping you don't pay so they can pound you with the highest interest rate. When you do default, they now have a higher balance to sell to a collection agency. In my eyes, this is a crime.

The Government doesn't care either. Instead of giving the banks 350 billion dollars, They could have sent $1151.98 to each US citizen to pay towards credit card debt. The banks still get the money but we the people get a little break on our bill. The average family of four would receive $4607.92 to pay off a credit card. They reason that the banks need the money so they can lend money again to us? Are they crazy? All the banks did was raise the interest rates on our cards and pocket the money without ever having to say what the money went towards. No accountability!

Now the geniuses in Washington are considering giving billions to the auto industry so they can produce more shit cars that we can't afford. How about giving the money to everybody with a current auto loan so we can pay for the car we already have. The money would still flow to the banks and auto makers via we the people.

Good luck America, your gonna need a miracle.

I feel better now. I was very upset prior to writing this blog. I hope everybody reading this realizes that if it can happen to me it can happen to anybody.

John Monderine Rapid Recovery Solution, Inc.

About the Author:

John Monderine is the President of Rapid Recovery Solution, Inc. a Debt Collection Agency. If you need help getting your Accounts Receivable collected go to his Collection Agency website for a free quote.