The Double Edged Sword of Reverse Mortgage Closing Costs

By Mudbrow Vanrock

If I were to name the biggest hurdle to get over, with prospective clients in the reverse mortgage business, it would have to be the closing costs.

There is no doubt, and I let my folks know this upfront, reverse mortgage closing costs, for FHA insured mortgages, are higher than typical forward mortgages.

FHA insured mortgage upfront costs are high for 3 reasons: First, the lender performs an appraisal on the home and charges costs on the value of that appraisal, not the money the borrower is qualified to receive.

Additionally, HUD charges a two percent fee, based on the value of home up to four hundred-seventeen-thousand dollars. Lastly, the mortgage company charges a transaction fee (origination fee) which can be one percent above normal.

You don't need to pull out the calculator to get the basic gist... Costs are not so customer relations friendly.

One could argue the origination fee is not really higher than a typical mortgage, because forward mortgages simply build the fee into the rate. That's another subject for another day.

Much of the differences in comparing closing costs between forward and reverse mortgages comes down to the FHA upfront mortgage insurance. For a home valued at $417,000 just the MIP is over $8,000. It's no doubt a bundle, but without it, most of the same people griping about costs couldn't use this tool.

Example: for a 70 year old borrower with a $200,000 home. Today, a reverse mortgage lender will allow this borrower to pull out in excess of $130,000.

Non-FHA products are not really in existence anymore. However, Fannie Mae had one prior to dumping it in the fall of '08. Here is one of the reasons why it's gone. The same customer would have been eligible to receive less than one hundred thousand dollars.

The reason the FHA product is so strong is that crummy insurance. The insurance guards the lenders against loss, thus allowing them to lend more money.

Companies are now going out of business because more is owed on mortgages than the home is actually worth. FHA mortgage insurance covers a reverse mortgage company in this circumstance.

Yes, people are going to moan and groan about the cost to get a reverse mortgage. They will do so until doomsday, but remember, these costs are the mechanism that solves financial problems for so many seniors.

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Profiting From Options Trading

By Walter Fox

Investing in the stock market is very tricky, especially if you are new to investing. If you have access to an experienced trader, the learning curve can be much easier. Options trading is more difficult to learn than standard trading.

Due to the added complexity that options trading has over standard trading, this article will attempt to explain things so that the reader can gain a general understanding. After reading the article, the reader can decide if options trading is right for them.

The first thing to learn is the different types of options trading that are available. The two types are called call options and put options. The concept of options is similar to buying and selling stocks except for the fact that you are only buying the right to buy or sell and not the actual stocks themselves.

Buying a call option gives you the ability to purchase one hundred stocks at a predetermined price, known as the strike price. However, keep in mind that you do not have to exercise the option if it is not in your favour.

Once you have purchased a call option, you then can decide if and when you want to exercise your right to buy. You have a specific deadline in which to buy. If you decide to purchase the stocks, they are bought at the predetermined price.

The second category of stock options trading is called put options. Buying a put option gives you the ability to sell one hundred stocks at a predetermined strike price. This may be difficult to understand at first as it somewhat contradictory to traditional stock trading.

Put options are usually used when you think that the price of the stock is about to fall. This allows you to sell your stocks at a higher price than market value and make a profit. This method is a great way to manage your risk in the stock market.

So, consider your options (no pun intended) when you look at the difference between things like futures and options trading. If you know how to do it correctly, options trading systems can be well worth the money and effort put into it.

About the Author:

TheScienceOfTrading.com provides 90 free minutes of videos on option trading systems and provides a complete and detailed learning to trade options for beginners to experts.

Household Budgets Made Easy

By Alix Montoya

There are certain things in life that we just couldn't have foreseen. Perhaps a large purchase like a house or a car, set your family back a huge way financially. Or it could possibly be due to larger causes like a nationwide economic meltdown. Whatever it is, your budget needs to be firm enough to maintain provisions for basic needs while being flexible enough to bend to the times.

Most people often think of budgets as a way to allocate money to a certain aspect of their lifestyle. However, the importance of budgets can be extended to cover something more than just the mortgage or your kids' allowance. Saving money for a rainy day can also be attributed to proper budget procedures.

Planning ahead for something is a sound way to prepare for anything that might come up. You don't have to be specific about what your saving should be for, you just have to know what it could be for. There is a major difference between being prepared and being just plain paranoid. You need to learn what this difference is.

You can put aside a part of your monthly income for emergency purposes. Should there be any reason to take them out, you would be covered financially. It could be a sickness that was not covered by your health insurance or something else. Whatever it is, it is best to be prepared in the best possible way.

You should also try and keep an emergency stash of cash that covers up three months' worth of expenses. In case of huge financial drawbacks, at least you're giving yourself and your family a three month headstart to get thing right back on track again.

Budget having is an essential part of running the daily motions of a normal household. It helps you easily manage your money and save for a rainy day.

About the Author:

Alix Montoya has been writing about Missouri craft fairs for a long time. You can find out the latest news on MO craft shows and join in on the crafting fun.

How to Get a Good Mortgage Deal

By Mortgage Wizard

Knowing how to compare good faith estimates from mortgage companies will help you make an educated decision when deciding which lender to use.

Lender Fees: Lenders sometimes display their fees as one bundled fee or break them down so you can see where the money is being allocated. When comparing good faith estimates for the same rate from different companies you should start by focusing on the total lender fees. Points, origination, discount, processing, administration fees, appraisal fees, underwriting all fall into the top section of the estimate.

Title and Escrow Charges: These fees are not charged by your lender but they can be a determining factor to use a specific lender based on the rates they have negotiated for these services on your behalf. Some lenders will tell you that these fees are the same no matter who you choose. That just is not the case.

If you really want to dig and get the best deal sometimes you can capture savings by choosing a lender that works a tiel and escrow company and has bulk rates for all the services including title, escrow, loan signing fee, and the major endorsements.

When the third party fees are all coming from the same company lenders are able to negotiate better deals for their clients. When title, escrow, and notary are all coming from the same place the company is able to get a little more aggressive with each piece.

The total fees on your transaction should be your main concern. A lender that has gone the extra mile to deliver third party fees that are cheaper has you in mind.

Estimate Date: Since the mortgage market is very volatile make sure you are comparing estimates from the same day. Even if you are not ready to make a decision today you can narrow down your options and find the company you want to work with by comparing who has the best offer for that day.

Trust: The good faith estimate is just the beginning of your transaction. You feel comfortable in the way the company has presented themselves and with that they will deliver. Do they have any complaints against them? Your financing can be a very painless and transparent process as long as you work with the right company.

Good luck in your search! This is an important decision for your financial future. Make it a pleasant and beneficial one!

About the Author:

Before committing to a mortgage company visit this site to compare mortgage rates and request a good faith estimate.

Fighting Debt Collectors

By John Cooper

It can be very frustrating when you are being contacted by debt collectors. This can cause you to change your number, move or more.

This frustration is ten fold if the debt is not your debt. It is common for a lender to make a mistake and your account to go into collections. Trying to explain that the debt is not yours to a collector is next to impossible. This is because their motive is only to collect money not to fix mistakes.

If you are a victim of a lender mistake then you should immediately request validation of the debt. Do this through certified mail so you have documentation that you letter was in fact received.

Do not ever request you validation over the phone. This is a very ineffective method because it is often ignored and you are only given 30 days to request validation of a debt once you are notified.

It is not uncommon for debt collectors to sell your debt to another agency instead of validating it with the lender. This is why we suggest you send your letter through certified mail because that way you may be able to file a civil suit against the debt collector.

Instead I suggest you hire a credit service to dispute the negative credit items that the debt collectors have posted on your credit report. This way you will prevent your score from being damaged due to a lender mistake.

If the debt is valid then you should settle it. You should start your settlement offer at approximately 50% of the balance.

This is because the collector has purchased your debt for a fraction of the balance. In addition even if the collector does not accept that offer, they will see that you are willing to pay this and will be willing to negotiate a price.

Before you pay you should get the collector to agree to remove the item from your credit in exchange for your payment. If you do not do this it will only change the item to a paid collection and will still damage your credit score.

In sum I suggest you hire a credit repair service to repair your credit from debt collectors.

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For information about credit repair services or to read an article about how to remove credit card judgments visit us.

A great opportunity for the smart real estate investor

By Rem

You have probably heard the phrase "real estate short sale" and wondered what it meant. If you read the newspapers, or turn on the TV and the odds are high that you will come across stories about declining real estate market conditions and the increasing willingness of banks and other financial institutions to consider real estate short sales as an alternative to foreclosure.

In all parts of the country, real estate prices are down and the time it takes to sell properties has risen dramatically. It is no exaggeration to say that some regions are experiencing a virtual market meltdown (the Detroit market is one good example). A real estate market that is not doing so well is the giving the need for short sale real estate opportunities to grow.

A real estate short sale happens when a bank lets a property be sold for less than the amount owed on it. Since a short sale requires an significant financial situation for a bank, many institutions require two conditions before they will agree to a short sale. The first condition is that market values must be in a state that the property's sale price cannot cover the outstanding balance on the mortgage. An inability to make additional payments on the property is the second requirement.

Let's look at an example property that was bought five years ago for the rate of 217,000 dollars with an adjustable rate mortgage. Let's also expect that two years after purchasing the property, the owners took an additional mortgage of 10,000 dollars which brings their debt to 227,000 dollars. Remember that in five years the amount that the mortgages would have been paid off is negligible. It's also likely that similar homes have a property value of 215,000 dollars and that the adjustable mortgage rate has risen four points. Additionally, we end up with a real estate short sale situation once one of the owners has lost their job.

A foreclosure costs a lot of money and time delays that the bank may not want to waste, and thus, they might allow a short sale instead. It's better to accept a definite amount of money right away, so that the property can be off the bank's book, than to accept an unknown amount at a distant point in the future. This is generally how a real estate short sale works, though there are other complications that can arise from having owners and lenders not agreeing to the terms of the sale.

A real estate short sale is an unpleasant experience for an owner, but it is not the worst thing in the world. The methods may not be flawless, but it will beat having a foreclosure on the credit report. On the positive side, it can represent a great buying opportunity for the smart real estate investor.

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Also have a look at Home Deals Blog and Save On Home Blog

Home Mortgages Information

By John Bear

Basically, mortgages are being used on real estate properties rather than other properties, so when you think of a mortgage loan, it is being taken out to buy the property, which has been used as collateral. In simple terms, home mortgages are then loans that you take in order to purchase a house, which is the security for the loan.

When you get a home mortgage, it will enable you to defer paying for the house that you bought. Usually, it takes two parties in a home mortgage, which are the creditor, which is the one giving the loan, and the debtor, the person taking the mortgage. If you like, you can also include a legal advisor, a mortgage broker, and a financial advisor.

The other different types of mortgages are refinance mortgages, second mortgages, and bad credit mortgage loans. Now, there are different ways of repaying mortgages and that includes capital and interest, interest-only, no capital or interest, interest and partial capital, and many more.

Another most important aspect in home mortgages is the mortgage rate, which is the rate of interest that is to be paid that goes with the capital. Based on the rate, home mortgages can also be categorized as either fixed-rate mortgages or adjustable-rate mortgages.

The borrower's requirements and situation would clearly define the type of mortgage the borrower can take. Other important factors to be considered are the amount that can be borrowed, price range, and the tax advantages when taking the mortgage.

Origination is the home mortgage process wherein it involves the following stages: submission of an application and documentation about the credit history and income, the underwriter checking the documents and credentials, and granting of the mortgage. For you to secure a home mortgage it is essential for you to have a good credit history. The creditor charges all fees that are included for the mortgage such as the entry and exit fees, administration fees, and lender's mortgage insurance.

Nowadays, with technology at its peak, getting a home mortgage is no longer a long and painful process. In fact, many of the lenders provide online websites so borrowers can just conveniently discuss about mortgage, submit applications and even compare different options. With just a click of the button, borrowers can get all kinds of payment information and tax advantages through the sites' home mortgage calculators.

Most of the sites that offer home mortgages also have financial advisors who can provide advice online, or over the phone. The Internet is a good source for finding a good mortgage dealer. Just make sure though that their credentials are good enough.

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Caring for Your Family Once You're Gone - Estate Planning

By William Blake

Your retirement is one of the most important things you will ever plan for. It means enjoyment and peace of mind for you in the future. However you want your family to have that same peace of mind even after you are gone. Sometimes it is difficult to think about death and leaving your family. But it is important to be financially prepared so that in addition to the grief they feel over loosing you your family is not overwhelmed with funeral expenses and other costly financial obligations that you were not fully prepared for. So in conjunction with planning for your retirement it is good to also think seriously about your estate planning.

Retirement planning takes a lot of time and effort. When you throw in estate planning on top of that some people feel overwhelmed. It does require quite a bit of work on your part to determine what you have and how it will be distributed and as you develop a financial plan for your estate. But caring for your family's future needs is worth the effort.

Putting a plan into action

The next step is to define your goals and objective for your estate planning retirement. Important things to think about when you are thinking about estate planning retirement are:

- Identify who your beneficiaries will be

- Make a note of what each beneficiary will receive

- Determine how you want benefits distributed to each of your heirs

- Take into consideration any business or real property you may have that will need to be handled

- Before setting it all in stone discuss your decisions with your family

Never hesitate to plan your estate because you are unsure of what you want to do with your assets when you are gone. Remember that any plan you make can be adjusted if necessary. What is more important is that you begin to get things on paper and put some sort of plan into action. As you family's needs change or as your circumstances change you can revise your estate plan. Even if you feel you have very little to distribute in your estate it is best to set out on paper how you would like it handled to save your family from having to make those tough decisions.

About the Author:

How would you like to find some extra money to help wipe out credit card debt starting today? Visit the Debt Reduction Academy website, where you can sign up to receive your free 5 day mini course "Operation Money-Find: How To Find Money To Start Paying Off Your Debt This Month". Grab your copy now at http://www.debtreductionacademy.com/minicourse.php

Platinum Credit Cards

By Gray Rollins

Credit cards are categorized in three different levels; the Standard credit card, the Gold credit card, and the Platinum credit card. Among the three, Platinum credit card is comprised of more benefits and purchasing power, making it as a status symbol in the society. More cardholders would prefer this Platinum credit card because of the benefits and privileges it extends to the customers who are qualified to avail it. High income and clean credit scores are one of the qualifications.

The American Express Platinum card, a highly prized card, is the most preferred card by cardholders because of its benefits such as the highest credit limit of up to $100,000, VIP treatment given to cardholders, worldwide access and acceptance, travel services, financial services, account online access, and many more as you keep using the card for the longer period of time. Another benefit of the use of American Express Platinum card is the reward points of 1.5 per purchase made.

MasterCard platinum is also a credit card with great value. It is also accepted anywhere in the country and in other countries. With a reasonable percentage rate of interests and will maintain its rate as long as payments are made on time.

Those professionals who are earning higher income and are qualified to avail MasterCard Platinum but the interest rate for this kind of credit cards usually increases, especially when the payment made is only for the minimum outstanding balance for the period. To avoid 35% rate increase on interests, pay the balance due for the month on or before the due date.

The Discover More Platinum credit card is another card that offers convenience through its high spending limits, zero annual fees, attractive introductory APR for purchases and balance transfers for 12 months, and some more rebates on purchases and cash back bonuses. Credit history and details can be accessed through online account access.

When you are eligible for a platinum credit card you will have more benefits from this card than either the silver or gold credit cards. The platinum card has always been reserved for those with an income level that is above average and the financial savvy to keep their credit at excellent levels. Platinum credit cards have many services, such as concierge services that are part of the benefits of qualifying for this card.

Platinum credit cards can also give service to business establishments. With so many options to do using the card, you can utilize the budget of the business and save part of the capital as you avail the installment plans. By using the platinum credit cards for your business purchases, it can also enjoy the benefits associated in the card. Aside from the rewards, bonuses, and other privileges, you can also generate savings of up to 25% on purchases made from companies affiliated with your credit card companies.

There are cards which are advertised that are called platinum shopping cards. These platinum cards are not to be confused with a regular credit card. Although they are credit cards, they can only be used to buy merchandise at the participating stores. They do, however, report to the credit bureau so they can help to build your credit score up by using it to purchase merchandise and keeping the balance paid.

About the Author:

Not all Platinum Cards are created equal. In fact, some are just downright lowsy. Get the finest Platinum Card available by applying for the American Express Platinum Card today and you'll receive 25,000 points as a special one time bonus.

Get Rid Of Bad Credit

By Mike Carbeck

Especially if you're trying to obtain credit, your credit rating is very important. If you have a negative remark on your credit report, work to remove it as soon as you can. If there is just one mistake on your credit report, your overall credit rating will be impacted, and this can make a huge difference in whether or not you're able to get a loan. Luckily, there are ways to remove a negative rating so that your credit score can rise.

First, get copies of all three credit reports, one from each of the major credit reporting bureaus. Then, carefully check all of the information contained in the reports. If you do spot an error, there is a process to get it removed. Here's how to get that negative entry removed so that your credit rating will improve.

The credit reporting companies offer an online form to help you through the process, but it's actually easier not to use this form. Just gather your supporting information to prove that their information is incorrect, and then write a letter to the credit bureau. If you have a receipt, a bill showing that it was paid, or a letter from the creditor to state that the bill has been settled, you should send copies of this information with your letter, as they can help your case.

Be sure that you send this letter through certified mail and request a return receipt. That way you can be sure that they received your information. Once they get your letter, they will review your credit report, and notify you of their decision. If they decide in your favor, get another copy of your credit report so you can make sure that it has been removed from your report.

If you have a low credit rating due to your own actions, there is no way to completely erase that history. However, you can take steps to build good credit, which will raise your score. It will take time and effort, but it can be done. First, pay down your debt, especially credit card debt, and make all of your payments on time.

Another way to increase your credit rating by getting rid of your outstanding debts is by using a debt consolidation program following some effective procedures. Effective procedures mentioned in debt consolidation guide such as the Debt Free in 3 are guaranteed to have produce real results. These programs offer a loan to pay off your old creditors. Then, you'll be making one payment a month, instead of multiple smaller payments to different companies. This is one way to show that you are taking steps to improve your credit rating through smart financial decisions.

To improve your credit rating, make sure that there are no errors in your credit report, and take care to reduce the impact of negative entries.

About the Author:

Learn more of what Mike Carbeck has to share over at http://www.debtmastering.com. There is more to learn on Debt Free in 3.

Credit Cards For People With Bad Credit

By Gray Rollins

If you have had credit trouble or other financial difficulties in the past, it can be difficult, if not impossible to be approved for a credit card. This is a very heavy hardship, since a credit card is needed to do many things now.

If you want to buy plane tickets, rent a car or reserve a hotel room, you need a credit card; any kind of online shopping also requires a credit card. It's increasingly difficult to do a lot of things without one, in fact. There are a lot of economic activities which are simply not open to you unless you happen to have a credit card - it can be incredibly frustrating!

People with bad credit do still have a few options open to them. Even with poor credit, there are ways to get a credit card. While these cards come with some larger fees and interest rates attached, they can help you to rebuild your credit and let you participate more fully in daily life.

People with poor credit histories can try cards such as the ones offered by many credit card companies to those who would not otherwise qualify; these card have annual fees and APRs which are higher than other offerings, but for many, the chance to rebuild their credit and have the convenience of a credit card make these a worthwhile cost.

If your credit is in especially poor shape, another way to get a credit card and start rebuilding your credit is to get a secured credit card. There are some limitations on these cards (a low spending limit, basically) as well as a deposit which you'll need to make in order to receive the card. This deposit is generally pretty low - a few hundred dollars, typically. These are one of the best options for people who cannot get a traditional credit card.

Prepaid credit cards can also work well for people with poor credit histories - these function just like any other credit card, but are associated with an account which you need to deposit money into before you can use it. Since you cannot spend more than you have deposited, you cannot get yourself in debt using these cards; they are a good choice for people who want to rein in their spending.

Prepaid credit cards let you buy online, rent cars and do all of the other things which a credit card is necessary for.

When you find yourself with bad credit, it can be a difficult situation. Don't despair though - these credit cards for bad credit can help you to reestablish your good credit and demonstrate your trustworthiness to lenders again. Just remember to use them with care!

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Get our top recommended credit cards for bad credit at CreditCard4BadCredit.org.

Credit After Bankruptcy

By Matt Douglas

If you have filed bankruptcy you should expect your credit will be severely damaged. However there is hope, you can take action to remove your bad credit and by building some positive credit you can have a high score.

There is a lot of inaccurate information that claims a bankruptcy will be on your report for 10 years. This is not true you can remove it without waiting 10 long years. We suggest that you:

1. Dispute the listing with the bureaus directly.

You can do this yourself or hire a service to dispute the mark on your behalf. Did you know that the bureaus do not check public records when they investigate an item? Public records are where this mark is recorded and where the bureau would find verification.

The Fair Credit Reporting Act says that any mark that can not be verified by the bureau must be removed from your report. Additionally this mark says that you the consumer can dispute any item on your report that you do not feel is accurate. Often people are concerned with the legality of credit repair, and you should know you will never be fined, prosecuted, arrested, or face any legal action for disputing an item.

We suggest before you dispute the bankruptcy you double check to make sure any negative accounts are reported as "included in bankruptcy." This is because once the bankruptcy is removed from your report you will dispute each listing on the basis that it says "included in bankruptcy" yet there is no bankruptcy on your report. Additionally it is rumored that removing a bankruptcy is easier after 2 years have expired.

2. Dispute each negative item.

This can be done because no where on your credit report does it say you have filed a bankruptcy so how can these negative items be included? Upon an investigation the marks should be erased and this will provide you with a clean report.

3. Build positive credit. This will help the most if you have a new revolving line of credit such as a credit card.

By making your on time monthly payments you will create a positive payment history. Additionally keep your monthly balance at 25% of your available limit because this will show the bureaus that you do use your card and use it responsibly. This will improve your ratio of available credit to debt, a very important factor when your score is calculated.

It may not be the most ethical move to dispute a mark you know is correct. However how ethical is it for a lender to charge you 30% interest rate, especially if you have kept you account in good standing for years. Unfortunately all it takes is one missed payment and you can face fees and interest rates, no matter how long you have been a model customer.

In sum you don't just have to live with bad credit. You can remove the items and you can do it today. You can create a high score for yourself by removing the bad items and building positive marks. This will save you; on interest rates, embarrassment from a low score, and give you the purchasing power you deserve.

About the Author:

For a review of Lexington Law a suggested credit repair service visit us or for an article about credit repair services and what they really can do for you.

The Essentials of First Time Home Mortgage Loan Borrower

By Matthew Sanz

It can be both exciting and perplexing when it comes to buying your first home. Get yourself to know the basics of home mortgage loans and be on your way to finding the perfect place.

What is a mortgage?

A mortgage is a loan you pull out to pay off your home. If you are a first time home mortgage loan borrower, you may be asked to deposit a down payment and pay for the rest (i.e. monthly) through a mortgage loan. Establishments that can offer mortgages are mortgage specialists, building societies and banks.

What are the types of mortgage?

-The repayment mortgage - monthly payments are made within an agreed term until loan and interest are paid off.

-Interest-only mortgage type - monthly payments are made for a period of time as agreed in the contract, except payments cover only the loan's interest within the initial term. Afterwards, you are asked to make interest payments in full every month.

- Fixed-rate mortgage - requires you to pay for a fixed interest rate over the whole term. Interest rates do not change and therefore offers a feeling of certainty for most borrowers.

- Adjustable Rate Mortgage - has rates that adjust after an initial term containing a fixed rate. Rates could adjust depending on the rise and fall of other economic rates. This could sound daunting for first time home mortgage loan borrowers, but those who want a lower initial rate can benefit from this type of mortgage.

What are the requirements?

1. Good credit report:

From your credit report, lenders will be able to determine whether they can grant your application or to increase the interest rates for your loan. Lenders especially want to make sure that a first time home mortgage loan borrower has the ability and willingness to make his or her payments.

2. Insurance:

If you have just been in an accident, lost your job or became sick, your insurance can be used to pay off your mortgage. You might be required to use life insurance to pay off your mortgage should death occur. What are some tips I can use before purchasing property?

- Improve your credit report - Avoid applying for more credit and pay on time. - Review and correct credit information - Contact the credit bureau to correct inaccuracies - Get the best program - Choose a plan that is most suitable for your situation. - Research - Jot down your price range and find out how much you can borrow. - Do it online - Using the Internet could save you more time and money. Lenders now offer mortgage calculators online that you can use to predict which mortgage program is most suitable for you. - Choose the best mortgage specialist - Determine if the specialist works in a company that is likely to stay in business whenever rates fluctuate. - Ask for advice - Look for recommendations so you are familiar with what kind of mortgage plan you are getting into.

This is only a guide and should not be used in legal matters.

About the Author:

Learn more info as a first time home mortgage loan borrower. Get your online home equity mortgage calculator now.