HUD Counseling a Stopgap to Bad Advice for Reverse Mortgage

By Spumeti Vanrock

For a homeowner, the equity in the home, from a monetary angle, is the fruit of originally purchasing the home and then making all of those nasty payments.

The reverse mortgage was originally invented to help seniors with financial issues. Without any other type of savings the homeowner can access the equity to solve money issues.

Each financial situation requiring remedy is unique. As such the reverse mortgage does not always fit well as a solution.

The reverse mortgage is profitable to a lender only when a borrower decides on getting a reverse mortgage. No return is made by talking the senior out of borrowing. The door is open to unscrupulous people.

Now, I'm a loan officer, and I have respect for most in my business. Most of us will tell you the absolute truth and give a fair assessment based upon the facts at hand.

However, a certain contingent exists in the mortgage industry, as it does in any industry, comprised of unethical individuals willing to lie, cheat and steal to do a deal.

Previously I worked as a salesman in the office machine industry. My employer had a sales motto: Do what you gotta do. And they weren't kidding! Try anything you can to get someone to bite.

Some people in the reverse mortgage business feel that way too, but take heart. You may not see them coming, but they wont be your only advisor.

The law requires borrowers to counsel with a neutral, third-party, HUD approved reverse mortgage counselor prior to moving forward with the process of a reverse mortgage.

This gives would-be borrowers neutral educated reverse mortgage advice, who may be talked into a reverse mortgage, when they could better solve their monetary crisis in some better way. The counselor should be able to filter through any questionable items and give suggestions.

Someone is always lying is wait to trick or take advantage of seniors, and this is one way to greatly avoid that possibility.

About the Author:

Make sure you get a comprehensive guide to the California reverse mortgage make it over to this website. Additional info, go the California reverse mortgage fact sheet.

Basics of Credit Repair

By Rob Kosberg

People who know they have "bad" credit and are a big "credit risk" are usually aware that something has to change with the way they manage their money and debts.

For many folks, it will be possible for them to manage their path back to "good credit." through their own determination and willingness to confront the problem.

The "credit risk" label is based on your "credit report" and "credit score." Therefore, you need to know what those are all about. The credit score is a very important 3 digit number that a "credit risk" will need to raise. A score of 700 or more is "good." If the score is under 700, this might be problematic. This information is essential to the repair process.

Credit Bureaus will be the source of this information. There are 3 credit bureaus: Experian, TransUnion, and Equifax. One can get a free credit report from each every year. There is a fee for the credit score. See www.annualcreditreport.com for details.

It is possible that each of these reports may actually be different. Therefore, it is very important to obtain all three report for comparison.

When you finish comparing them, review each report for errors. You will need to DISPUTE ANY ERRORS. There is no quick fix, but repairing your credit is a work in progress.

Contact the credit bureaus in writing with a copy of the report, the errors and reason why you need to have it rectified. Remember to keep copies of everything you send. There's an old saying: "If it's not documented, it didn't happen."

Please approach this part of the process carefully as you would any DIY project. Deal with problems along the way, stay calm and this part of the project will get finished.

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.

Low Interest Business Credit Cards: Right For Your Business?

By Caressa Waechter

A varying assortment of financial issues face you when you are a small business owner. Probably one of the issues of greatest importance is keeping your personal and business monies completely separated from one another.

The simplest way of keeping your business and personal funds completely apart is by having both a business bank account and a small business credit card. Of course, these small business financial accounts will then be used only for business purposes, and the personal financial accounts will never be used for business. This keeps your accountant and the taxman happy.

A business credit card plays a very important role in the finances of your company. Most business owners will have a fairly regular need to use a business credit card. From business travel, to buying lunch for employees, a business credit card is very handy to have during the normal course of your business day.

When it is time to decide on a business credit card, you will have a fair amount of choices to pick from. Most financial institutions offer a consumer credit card, but when it comes to a business credit card, you have less choices. The good news is that there are several really good small business credit cards from which you can choose.

Using a credit card issuer that meets the needs of the small business owner is the way to go when it comes to picking which credit card to use for your business. You want to get a small business credit card that is issued by a financial institution who realizes the requirements of the entrepreneur, so that they are able to assist you with your needs.

Fortunately, when it comes time to make a decision about business credit cards, you have several very good financial institutions to choose from. By making the right choice, you decide on a business credit card that is issued by a bank that understands the needs and requirements of entrepreneurs.

When you make a decision about which business credit card you are going to use for your company, you want to make sure it is a wise choice. A good business credit card will help you achieve your goal of maintaining separation between your business and personal finances.

While it is very important to have a credit card to use with your business, it is equally important to choose the right bank that issues your small business credit card. Making the correct choice when it comes to a business credit card will help your business' financial future.

About the Author:

Caressa Waechter understands the importance of keeping your business finances in order, so she feels strongly about using a low interest business credit cards to help you do so. Find the best Visa business credit cards for your business by visiting her website.

The Advocates For Fixed Rate Home Equity Succeed

By Seymour Tinkenger

There are arguments for and against taking out a fixed home equity loan. However, in a tight credit market, the advocates for fixed rate home equity succeed. Throughout the time of easy credit and low rates, various people took the benefit of adaptable rate mortgages, permitting them to buy a home based on a low interest rate. While the interest rate stayed stable, they benefited from this advantage. Nevertheless, as the prime went up, so did the rate on their fixed home loan and along with it their monthly payments.

Since the scheduled monthly payments are set up and founded on a set rate and the total dollar value spread across an amount of time, there's only one variable during a credit market fluctuation that can be changed; that's the interest rate. The scheduled payments will be changed to meet the new total over the life of the loan, something that does not happen with a fixed home equity loan.

Persons who borrowed in this kind of credit market on their home equity with an adjustable rate, may discover that even a modest raise in the prime can convert to a significant increase in their scheduled payments. One unpredictable item left out of the fixed rate equity loan may create much financial pressure for owners and their families.

Some equity lenders give reduced pay back schedule and at the end of the period, a 'balloon payment' is due. This means a larger, lump-sum payment may be steered clear of when you paid above the minimum payment or refinanced.

Fixed Rates Mean Nothing is Open to Change Although the interest rates commanded by a fixed home loan is perhaps a higher rate than a rate quoted for a variable rate, it is a risk that a lot of owners are eager to take. If the rates go up they win, because the price of the mortgage is fixed, unchanged by the market fluctuation. If the rates fall, then they will spend more money for their loan than had they used an adjustable rate, but it is a chance most are willing to take.

After watching friends and reading about many others who may have lost their homes on account of an escalation in interest rates, adjustable rate loans are not quite as attractive to as many homeowners, in particular those looking for a home equity loan. More than ever if their main mortgage has a fixed rate, neglecting to ask for a stable house equity loan might result in repayments rising so high, they end up losing their home by default.

While many lenders will advocate adjustable rate loans, while not necessarily wanting the rates to increase, these business owners stand to gain a windfall if the rates do swell. A fixed rates home equity loan permits the homeowner to precisely budget their money and not concern himself or herself about an escalating loan repayment.

About the Author:

Seymour Tinkenger continually writes summaries on information related to i want to move to spain. His publications on relocating to spain are published on his site .

Review of Lexington Law Firm

By John Cooper

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

There are over 400 employees and 22 credit attorneys. Their business started in 1991 and they have served 1/2 million people. They will dispute questionable items on your credit.

Is it legal?

Yes, it is not only legal but it is your responsibility. The Fair Credit Reporting Act gives you the right to dispute any item you feel is not accurate on your report. In addition this law says that the bureaus must remove an item that is not verified by the creditor.

How does it work?

You get a copy of your credit reports and forward them to Lexington. You also indicate what items you feel are inaccurate.

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.

How much does it cost?

They offer three levels of service, and you will be responsible to pay an account set up fee of $99. The prices on the services are; $39, $59, and $79.

Can I dispute my credit myself?

Yes, in fact we encourage you to if you have minor damage to your report. To dispute a listing yourself you must create a dispute letter and mail it directly to the credit bureaus.

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 revolving line of credit. By making on time monthly payments you will create a positive payment history. This is weighted almost as much as negative items on your report 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 how to improve credit score visit us.

Is there Good Debt?

By Michael Geoffrey

Some people think that all debt is bad. But that is not the case. There is some debt that is actually good. Below are some instances where debt would be considered a good thing.

* Debt incurred to buy a home - Owning your own home has numerous benefits. But the reason that this is considered a good debt is because a home is an investment. It gains value instead of losing it, so you're putting yourself at an advantage by going into debt as long as you keep your payments current.

* Student loans - Getting a college education is a good investment as well. By earning a degree, you put yourself in a position to earn more money over your lifetime.

If you obtain a start up loan for a business venture this can be good debt. Again you are borrowing in order to give yourself earning potential. Of course you are always taking a chance when going into business for yourself, but often it is worth the risk and the necessary debt incurred.

More often we talk about debt that is not so good. Some examples of this are:

Financing a car ? unlike a home your car depreciates rapidly. That means you are not investing your money with the potential for a greater return in the long run. The money you spend is gone.

Almost everyone has and uses credit cards and they are convenient. However credit card debt is considered bad debt. Typically the purchases made on a credit card are things that will not earn you money over time. Credit card purchases are rarely an investment.

Another bad debt is borrowing money for personal use such as to purchase higher priced items or maybe to fund a much needed vacation. These are at times necessary but will not earn you money in the long run. Since they are not an investment this is not good debt.

Good debt does not mean that it can not be harmful to us if we are not careful. Taking on good debt should be thought out carefully. The lender should not be the only one crunching the numbers to see if the debt is within our ability to pay. We have to take personal responsibility for counting the cost and being sure we will be able to make the monthly payments.

On the other side of the coin, bad debt is not necessarily taboo. There's no harm in taking on some bad debt to get the things we need and want. But the smart thing to do is keep it to a minimum, only using it for things we really need.

About the Author:

Are you tired of buying financial guides that make great promises but just don't deliver on those promises? At the Finance Product Evaluations website, we offer unbiased reviews of many resources in the debt, credit, investing and real estate markets, to name a few. Visit http://www.financeproductevaluations.com to check out our latest reviews, such as our current top pick Debt Free In 3.

Locating 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.

With fast cash personal loans, there are a couple of different ways you can borrow money. The first is an unsecured personal loan. This kind of loan is usually issued in a smaller amount ranging from a few hundred to a few thousand dollars. If your credit is bad, there is no need to worry since this kind of loan doesnt require a credit history check.

The interest rate will probably be quite high though, especially if you do have poor credit. The good news is that they are one of the quickest ways to get money. The turnaround time between application, approval and receiving the money is usually within a day. Most places will approve your loan within a couple of hours. Once the loan is approved, they can directly deposit the full loan amount into your savings or checking account within 24 hours.

If the unsecured loan doesnt offer you enough money for what you need, you can sometimes use the title of your car as collateral to get approved for a larger sum of money. Be careful that you dont get succored in to borrowing more money than you can actually afford to pay back.

The main reason that some people will stay away from collateral loans is that they are afraid of losing their assets. Since your home or car title is on the line, defaulting can result in the bank taking your home.

Collateral loans are usually better if you need a longer period of time to repay the funds. If you can pay the loan off quickly, opt for a signature loan and pay it off early. Make sure that there is no penalty for an early pay off.

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.