Reverse Mortgage Doesn't Work for All Properties

By Reverandmortgage Vanrock

There seems to be some confusion as what types of properties are eligible for financing with a reverse mortgage.

The Federal Housing Administration is the insuring body for 95% of all reverse mortgages. That means they write the rule book from which the mortgage companies follow if they wish to stay competitive.

A quick background of FHA, it was set up in the 30's to as a way to facilitate the financing of residential housing. In other words, it was set up to increase homeownership.

FHA, outside of large apartments, is only in the business of insuring properties in which the home owner actually lives on the premises.

As such, reverse mortgages are first and foremost owner occupied properties. I get many questions about financing second homes and investment properties. Not happening.

Some primary residences are also used as investment properties. For instance, duplexes, triplexes and four-plexes are all eligible for reverse mortgages if the owner lives in one of the units.

Common sense would tell us that if this were true then an owner occupied bed and breakfast would be eligible as well. No, FHA doesn't like it as it smacks of commercial use.

Some customers come to me with a home on large acreage. The lender will finance a home and land up to what is customary for the area.

A good scenario is a house on fifty acres. It's not hard to find this in the outskirts of Dallas or Houston. If many local homes have sold on this much land, it can fly otherwise it won't. I the norm is 2 acres, 48 acres will be survey off.

Manufactured housing is fairly misunderstood. It can work for a reverse mortgage but the home must have been built in 1977 or later, be a double or triple wide, and have permanent foundation.

Three other properties are available for reverse mortgage financing: co-ops, townhomes, and condos.

Non-FHA insured reverse mortgages are out there with greater flexibility in terms of property types. Be careful of these. A system of checks and balances doesn't exist with these loans as it does with an FHA insured reverse mortgage.

About the Author:

Interested in the California reverse mortgage, follow this to get yourself up to speed. Or you can download an excellent California reverse mortgage guide by taking a trip to this website.

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.

What are these options for those of us who have credit histories which are less than perfect? One such possibility is credit cards which have higher interest rates and annual fees than a traditional credit card. These are of course more expensive to have and to use than a traditional card, but many see them as a good tradeoff for the convenience of having a credit card and the chance to reestablish good credit.

Another option for people with bad credit who want to get a credit card is a secured credit card. You will have to put down a deposit in order to secure the card (this is usually a few hundred dollars) and these cards will also usually have a low limit on spending, but they can help to build your credit rating and can be used just like a traditional credit card.

Yet another kind of credit card for those with bad credit is prepaid credit cards. A prepaid credit card is used just like a traditional credit card, with the difference that they are tied to an account which you must deposit money into before using the card. These are nice since it is impossible to spend more than you have put into the account - so you can't get yourself into debt.

Prepaid credit cards offer all of the convenience of traditional credit cards and are good fpr people who are trying to limit their spending.

It's hard to get yourself out of a bad credit situation. These credit cards for bad credit be the tool you need to rebuild good credit while offering you the convenience you need. Just be sure to use your credit card in a responsible way.

About the Author:

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

SCAMS!! Credit Repair Law Firms Are Scams

By David Wada

There are hundreds of law firms out there that specialize in credit repair. I may get sued for writing this, but its my opinion that credit repair law firms like Lexington Law are scams.

Let's say you have a goal to have perfect credit, meaning no negative entries and the highest credit score possible. Keep in mind that often these law firms can do a great job, but there are couple major problems.

Problem #1: Price Is NOT Right

In addition to set-up fees that average $99 at one of the most popular law firm, the monthly charges can be anywhere from $39 to $79. If their services only took one month, and believe me the 'true' process doesn't take more than a couple of days, then you would only be charged $39 to $79. The problem is law firms are in for business and their perspective is the longer they take to repair your credit the more money they make. This is why credit repair services usually cost you between $567 and $2,000 to get your credit fixed. This is why they are getting very, very rich.

But even that much would be worth it, wouldn't it? If they fix your credit for you? But how much sense does it make to pay $2000 or even $500, when you can get the same benefit from credit repair programs for less than a hundred bucks?! Well, you might say that your time is valuable and it's worth it to pay someone to do all the work.

Problem #2: You Do Most Of The Work Here's a dirty little secret with credit repair law firms. You still have to do most of the work yourself. More work, in fact, than when you use credible repair programs. Here's why:

First of all, you have to sign all kinds of paper work and Power of Attorney forms just to start the process. Some of these forms even require you to get your signature notarized. So the sign up process alone can take hours.

Then, you have to order your own credit reports from the credit bureaus.

Then, the credit bureaus are going to send the reports back to YOU, not to the law firm.

Of course, you then have to re-send the same letters to the law firms so that they have them for the records and making sure you make copies for your own file too.

Then, the law firm is going to scan your credit reports into a computer, and post it on their website.

Then, believe it or not, even with all the money you're paying the law firm, you still have to go to their website and choose for yourself which items you want to dispute and even how to challenge each negative credit item. You heard me right. When I hired a credit repair company, hoping they would take care of my credit, I had to choose which 'items to question' and know which items were errors. I wanted to protest, "How am I supposed to know? That's why I hired a professional!"

The law firm then takes the information you put on their website and create a standard dispute letters that they send to the credit bureaus.

Finally, the credit bureaus will still send all correspondence to your home address. So you will have to open every letter, read it, figure out if it's important, make copies of it for your records, and then put it in another envelope, address it, stamp it, and send it back to the law firm. You might have to do this five or six times every week.

So you can see how inefficient this process is. And because all of this takes so much time, the process drags on and on and the law firm just keeps making more and more money. In fact, credit repair law firms tell you that it can take a year, two years, or even three years before you reach your goal.

Problem #3: Forget about their crappy guarantee All they have to do is improve one item, such as a credit card inquiry, and they consider that they've done their job. Really! There's no money back even if 90% of your credit report is still negative after three years and $2000.

About the Author:

About The Author: David Wada, who has been improving credit in Northern California for thirty years, has written a very practical guide to clarify Credit Repair Companies. For a limited period, you can access a free copy by going to his Credit Repair Companies

Reverse Mortgage Business Benefits From Wall Streat Meltdown

By Rimj Vanrock

Well, I don't think I have to announce it at the top of my lungs, the stock market is down a ton since this time last year.

I was too smart for the stock market. I put my money in real estate so I'm down closer to 70%. I can't wait for next year.

Being a reverse mortgage loan officer you can imagine a bunch of older folks are calling me lately inquiring about the reverse mortgage as some sort of stopgap.

Now the question I'm asking them is, "what do you hope to accomplish with a reverse mortgage?"

Well, the first thing I need to do is step back and understand the stress they are under.

What really is to gain by accessing the equity to their homes, at this point, for a reverse mortgage? The equity is theirs already. Why crack open this can if it isn't absolutely necessary?

Most tell me they want it for security purposes. What does that mean? They've lost a bunch of money in the market. Is having a bunch of money in a line of credit really going to help them?

I have serious questions about this logic. Other, more panicked or more aggressive potential clients (I'm not sure which) believe the market has seen its worst days are looking to plant reinvest their home equity into the market.

I don't really agree with this person either. They, more than likely will be charged 6% on the money the take out (plus closing costs). And the average can't be higher than 10%.

I'm not a calculus major, but I can do some basic subtraction. If they are lucky they would get a 4% net return.

Look, the reverse mortgage is not the best investment strategy. Now, if you have a sure fire winner, I'd say go ahead and do it. But who has that. Last person I knew who had a sure fire winner went to jail for insider trading.

Do yourselves a favor.. Go to the kitchen, eat a sandwich and have gigantic beer. This will relax you a bit, and you may soon decide on a better route.

About the Author:

You may consider using a Texas reverse mortgage to invest. Learn first and read this report. Also, learn details about the Texas reverse mortgage, click here.

Credit Cards For People With Bad Credit

By Gray Rollins

When you have had financial difficulties in the past, particularly credit card debt, it can be nearly impossible to get a credit card. It's a difficult position; there are many things which you can't do without a credit card.

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.

Secured credit cards are another option for those with less than perfect credit. These cards require a small deposit (usually a few hundred dollars) and come with a small spending limit, but are otherwise the same as any credit card and can be used anywhere credit cards are accepted.

Yet another idea for those who cannot qualify for a traditional credit card is a prepaid credit card. These work like any other credit card in that they can be used anywhere that credit cards are accepted, but they are linked to an account into which you must make deposits before the card can be used. These offer the benefit that you cannot get yourself into debt - you cannot spend more than you have deposited in the account.

These prepaid credit cards do not have all of the advantages of traditional credit cards, but they do allow you to have access to those transactions which can only be done by credit card. These cards are a good tool for those rebuilding their credit and trying to keep a handle on their spending as they do so.

Bad credit can be tough to deal with. Don't give up; these credit cards for bad credit can help you as you rebuild your credit - just be careful with your new credit card!

About the Author:

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

Fight Identity Theft When You Use LifeLock

By Harvey Warmuth

These days you really need to understand that there is a good possibility that you might be affected by the crime of identity theft. With incidences of identity theft increasing daily, so does the chance that you might become a victim.

There are many precautions that you should be taking to make sure your personal information is secure. But there is only so much that you yourself can do, and there comes a time when you may wish to invest in an identity theft protection service.

LifeLock is an identity theft solution that works by placing fraud alerts on your credit reports with the three main credit bureaus. Whenever an account is being opened in your name, you are first contacted regarding the new account. You have to confirm the account is actually to be opened, thus preventing a thief from using your information to get credit.

LifeLock also continually checks sources, such as the Internet, for suspicious activity regarding your personal data. Identity thieves often trade personal information to make money. Because they monitor the normal places were such activities take place, LifeLock is proactive when it comes to stolen identity protection.

LifeLock's $1 Million Total Service Guarantee is proof that they completely believe in the service that they are providing. This guarantee will put your life back on track if you happen to become a victim of identity theft while using LifeLock's service. It is comforting to have such a guarantee standing behind you, so you can worry less about identity theft.

LifeLock offers identity protection plans for individuals and children. They currently do not have a solution that covers your entire household. LifeLock has competitors that offers this type of coverage, so if this is important to you, there are other options.

Identity theft protection is very important and LifeLock is one of the best solutions available. With plans beginning at only $9 monthly, there is no better solution available when it comes to protecting your identity.

Make today the day you start using LifeLock to protect your identity. Since identity theft crimes are on the rise, you need the best protection currently available. LifeLock is a great choice and they offer incredible protection for a very small price.

About the Author:

Harvey Warmuth feels strongly that you should take every precaution possible to stop identity theft. Get more information by visiting his website: Life Lock

Home Loan Refinance Guidelines

By John Bear

If you have a home loan and you think that your property went up in value by ten percent or more since you took out your current loan, you might be a good candidate to refinance. It can save you loads of money on your mortgage payments, improve your terms, or both.

When you take out a home loan, the bank uses your home as collateral for the loan. The more expensive the collateral is, the lower will be the bank's risk that you will default on the loan and walk away from that collateral.

If the collateral grows in value over the years and the bank's risk is reduced, then you are able to qualify for a lower rate. And if your home went up in value by ten percent or more, banks will have to consider your home loan to be a less risky investment and would offer you a lower rate. This is, of course, assuming that you have the same job and income, made all payments on time, and your market interest rates are the same or lower.

A lower interest rate can truly benefit you in several ways. You can just go for a home loan refinance and lower your monthly payments, or have your shorter loan term refinanced so you would be making the same monthly payments, but would be capable of paying off your home sooner.

Before having to home loan refinance, you will need to consider the cost of doing the refinance and then compare it to the savings. If it will be costing you $5,000 to refinance and your savings are only $25 per month, it will not be worth it, as it would take you over 16 years to just break even. But if your savings run at $250 per month, or 5 years worth of mortgage payments, then it would be a good idea to refinance your home loan.

Keep in mind though that before you apply for any home loan, it is essential to request copies of your credit reports and carefully review them for errors. If you do find errors, you will need to dispute the mistakes with each of the credit agencies prior to refinancing.

Comparison shopping for a mortgage, on the other hand, will help you find the best home loan offer. The internet proves to be a very useful tool for quickly locating and comparing mortgage offers, and you can even easily screen mortgage loans from dozens of lenders with little effort and time.

One common mistake homeowners make when doing home loan refinance is rushing through and accepting the first promising offer they receive. When you take your time and learn mortgage terminology, you will then understand the home loan offers you consider. Remember, never rush into your financial decisions and you will be able to save yourself money and future headaches.

About the Author:

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Retirement Planning Careers Offer New Job Opportunities

By Michael Geoffrey

So many younger ones just entering the workforce have no idea what to do to start planning for their retirement. Companies now offer a 401K for planning for the future and that type of investing is over many people's heads. Those who have had years in the workforce and are getting closer to retirement age can use the knowledge they've gained over the years to help others begin to plan their retirement. This can be an enjoyable and fulfilling career.

You do not have to be a financial wiz or even have experience as a financial advisor to have a career in financial planning. Companies are looking for people with valuable skills in accounting, communication and other fields. These skills can't be built upon and with a bit of training a person can become very skilled creating financial plans for individuals and companies.

A career in retirement planning means working along with businesses to establish a plan for their employees and helping their employees benefit from the retirement plan provided.

There are different aspects of financial planning that might be appealing. There are some who work to market and sale the services of financial planning consultants. There are others who work directly with companies in setting up a plan that is a good fit for the employees of that company. Others offer support to companies who have a retirement plan in place.

Learning New Trends In Financial Services

New business is important to every company and finding new ways to meet the needs of the client is part of retirement planning careers handled by specialists who formulate new plans and help in the migration from the old plans. Disbursements can be handled by many financial services companies who process payments as well as handle loans available from many plans to the participants.

The skills that a person has obtained through working for many years can be put to good use by retirement planning companies. In every aspect of the services they provide they benefit from the knowledge of those who have experience in different areas. For this reason there continue to be more opportunities made available for people getting close to retirement who would like to start a new career in financial planning.

So if you are nearing the age of retirement but are not quite ready to leave the working world a career in financial planning may be worth considering. The opportunities are out there and you may find this new career very fulfilling.

About the Author:

Before deciding to cut up credit cards to help you get out of debt, you'd better understand how it can hurt your credit. Find out what you'd better know first on the Debt Smackdown website.

How To Easily Reduce Your Utility Bill By 20%

By Jenni Snook

Receiving our gas and electrical bills is certainly not the most pleasant experience. Despite not receiving a pleasant bill, many people quickly assume that there's nothing they can do to help it. Contrary to popular belief, there is a fair bit that families can do to save energy and cut their utility bills down. By simply adopting many of the tips in this article, you will be able to reduce energy consumption as well as your bills.

One of the first things you should do is to simply compare the prices offered by different utility companies. Cheaper alternatives may be found by just looking. Utility companies are in fierce competition with rivals, which can only be a win-win situation for you and saving money.

If, by chance, you currently live in a region where there is only one utility company, or where your utility company is the cheapest option out there, then the next logical step is to find out how to use less energy. This may seem impossible but it isn't. Even by applying very simple energy saving techniques, you can accumulate quite a large amount of savings.

One energy and money saving tip is to switch off all the lights in your home except in the room you are using. Many have a bad habit of leaving lights on in unused rooms. Such a habit can result in higher utility bills in the long run. Saving hundreds of dollars a year can be simple as switching off unnecessary lights at home.

Insulation is something to consider if you currently live in an older home. Insulation does wonders for cutting down the amount of heat that leaves your home. Insulation can allow your family to save a significant amount of money. If you have a boiler in your home, you may want to insulate that as well. This would also assure that your water is warmer during the cold months of winter. This process of insulation assures you savings both on the quantity of water and the heat used to heat it. In addition, insulation assures that your boiler reduces its wear and tear meaning that it will last longer.

There are those people who do not consider reducing their energy bill simply because they are convinced that it is out of their control. Nevertheless, you'll be surprised at how much you can save by looking around for alternatives. By cutting down on energy, you are saving money as well as helping the environment.

About the Author:

Jenni Snook is the premier columnist of http://www.HealthyWealthySoul.com, a website dedicated to providing individuals recommendations and tools on personal finance planning to attain both financial and spiritual happiness in their lives.