Reverse Mort Company Not Cause of High Closing Costs

By Borkow Vanrock

Something to remember: the costs of concluding a reverse mortgage will be lofty. It doesn't make a difference where you reside.

Usually, closing costs are around five percent of the home value, however if the house is considered on the low end in terms of worth, it could be up to 10%.

This can hit some borrowers hard when it takes them by surprise. Many times they consider the harshness of the transaction the loan company's fault.

So, who do we blame when there is no one else to blame? Mostly people like to point their fingers at the mortgage company. Those greedy pigs.

The whole enchilada is comprised of as much as six or seven different companies. And I'm including the Federal government.

If you look at what is known as a Good Faith Estimate of Costs, you will notice a litany of fees. Only one of these fees is charged by the actual lender. It is known as an origination fee.

Is it sizable? Yes. Does it take up the lions share of cost. No.

Of all closing costs HUD charges the most of any company for homes valued between $100,000 and $417,000. They charge an insurance fee of two percent of value.

FHA can charge up to eight thousand, three hundred and forty bucks, while the bank charges as much as six thousand for origination.

Did I mention this is new law? For some reason the Feds don't mind telling the lender the highest amount they can bill, all the while leaving themselves without a cap.

By the way, were you solicited for political donations recently? Perhaps you thought you were on the big Do Not Call list, and you may be, but these guys conveniently left themselves out of that law.

Back to costs. The title or escrow company takes a big chunk of the costs as well, between title insurance, additional binders, and their fee for conducting the transaction.

The appraisal will be listed here as well, along with the costs of a land survey, which is required depending on where you live. The latter can run for quite a bit.

I can't speak from states outside of Texas. I wouldn't be surprised if borrowers are on the hook for other expensive little goodies there not mentioned here. Just remember the bank is not always the culprit.

About the Author:

Absolutely do not get a reverse mortgage in Texas prior to downloading this report. And by the way.. Do yourself a big favor get a practical answer guide at the reverse mortgage in Texas educational hub.

Useful Guide On MLM Business

By Don Pedro

With the passage of time business and economics have evolved a lot. Innovative minds have invented new ways and policies for their business. The newest marketing policy that have spread throughout the world in the last century is home based MLM business.

How can someone start the business? There aren't much requirements. Most of the MLM based companies don't require degrees, but the job is to promote the products and the more one can work the more profit one makes. And there are no limited posts there. So anyone, literally anyone can choose to become a full time or part time MLM partner.

MLM business policy has become extremely popular in online world. If you have the potential, want to do something great out of MLM you will show success, that's almost assured. But what you need to stay aware of is that, there are also frauds who can turn your MLM experience into a nightmare. So be careful with your hard earned money before judging him enough.

Some may have bitter experience about multi level marketing due to the negative marketing approach of some over enthusiastic representatives. But the truth is, if you have your long and short term goals set for the MLM form of business with labor will come the success for you.

Even though you won't be incoming much at the beginning, but with tie and patience there's scopes for almost anyone to reach a position where MLM form of business can become as much productive as a full time job. On the other hand MLM policy helps the companies to reach the heart of their buyers more quickly because of their vast representative's network.

For those who prefer working on their own or looking for a part time job without much investment or high qualification can easily make their monthly allowance with MLM business. However, you need to be aware of the problems that go along with multi level marketing.

While it is true that so many people are making money in this business, you shoudl be aware that it doe snot comes easy. Without hard work, there is no way you cna succeed in this business. Don't be deceived by the fraudulent sales letter you are reading or might have read online. You need to be confident and belive that you will succeed in this bsuiness if you are reay to make the initial input.

About the Author:

Don Pedro writes about revealing articles about Legitimate Network Marketing Companies , or Wellness Network Marketing Company on the resource site at http://www.about-mlm.com

American Express Black Card known as the Centurion Card

By Gray Rollins

If you are using a credit card for your purchases, you are probably aware of its privileges. When it comes to privileges, American Express was rumored to have issued a Centurion Card or the black card that features extra ordinary exclusive benefits to high ranking and dignitary celebrities and private individuals. It has been rumored that the cardholder is entitled to many benefits and privileges.

Centurion card offers direct access to a wide range of exclusive privileges and benefits, but in order to avail it, a certain criteria should be met. Aside from the necessary requirements, an applicant should pay an initial fee of $5000 plus the annual fee of $2500 for a total of $7500.

There was an urban legend about the black credit card that circulated and spread as rumors in the business industries in the year 1980s. The rumor said that high ranking individuals like celebrities and notable persons who are cardholders of American Express cards were given a black card that give them the opportunity to transact in any high class establishments even after business hours. The truth is the card only contains the information and numbers for assistance and services.

It was also rumored that the black credit card enables the cardholder to buy anything in any establishments or avail of any luxurious services. Since it was just a mystery, the card never really existed and nobody ever really had it.

This rumor was eventually capitalized by the American Express. A Centurion card was created in the fall of 1999. It is offered through an invitation from the American Express. This card is only offered to those who have the Platinum card, and that the card is not made of plastic but of metal. Because of its elegance and value, most people use it as status symbol. Platinum credit cards are considered to be the best of all credit cards in the business.

The Centurion card is an invitation only card in many countries where the exclusive credit card was the Platinum card. If the Centurion card is not available in one of these countries, the Platinum card is still the card that is considered the exclusive "by invitation only" card.

When the Centurion card was first issued it had an annual fee of $1000 but it was soon raised to the fee charged now of $2500. The first person deemed worthy of having one of these credit cards was comedian, Jerry Seinfeld. Part of the reason for this may have been because he was a spokesperson for American Express.

The rumors about the Centurion Card continue to spread; one of these is about some exclusive stores that opt to close just for the sole shopping of one wealthy cardholder. There have been different rumors regarding the Centurion Card and its benefits; more rumors would still be possible to spread. And as rumors keep circulating the industry, the Centurion Card will continue to get more attracted applicants.

About the Author:

If you want to learn the exact steps it takes to qualify for the American Express Black Card, check out BlackCardToday.com - they've got it nailed down to a science.

Auto Insurance Laws - What You Should Know

By Mark Alison

Laws can be confusing sometimes. How much coverage is you required to have? What is the minimum amount? Do you have to have liability? What if you drive to other states? The questions are endless and it can be confusing at times.

To answer these questions, call your insurance agent. They will have all the best information about state and regional laws that involve you and your vehicle. It's their job to know all this and help you with it. Before you call, make sure you have all your questions ready so you don't forget.

Basic rule is that each state has a minimum requirement for the auto insurance coverage you need to have for certain situations. The three types of coverage is injury to another, injury to all people, and damage to property.

One of the most unsought of thing is traveling to another state. You must have auto insurance coverage to conform to that state's laws. Call your insurance before you cross state lines to change coverage to meet the local requirements.

You can choose instruments that will be exempt from insurance coverage. This can be a moped or motorcycle in some states. This will save you gas money and insurance money. Unfortunately, they are unsafe and the odds of you getting hurt are greater than a car.

All states require you to carry auto insurance proof on you at all times. When pulled over if you don't provide proof, you will get a ticket and have to contest it in court. Simply bring the proof to the judge and you should get acquitted. If not, it's a hefty fine.

The biggest factor in finding cheap auto insurance is keeping your driving record clean. Knowing a little bit about the laws can help a great deal!

About the Author:

Click here for more information about Cheap Auto Insurance.

Where to Turn to for Tax Filing Help

By Lela Bell

If you are not sure how to file a tax return, it is very important to get the necessary tax filing help. Most people need help when it comes to preparing taxes and filing taxes. Most of them take their W-2 or 1099 tax documents to their local H&R Block office and have them prepare their tax returns. Tax codes are well known to be complex for ordinary people.

Even though it is good to have someone else prepare your tax return, you should know what to do in theory. If you do not understand how to file tax returns or how to claim tax credits or tax deductions, you should definitely ask for tax filing help. You need to know how to do everything yourself even when you are not actually doing it yourself.

No one knows more about a taxpayer than the taxpayer himself or herself. That means, a tax prepare, although equipped to give you tax filing help, can overlook some facts about you that may be critical in reducing your tax bills. While you can probably count on the tax preparer to input your information correctly in tax forms, you cannot count on him or her to know enough about you to claim everything there is to claim.

Some taxpayers would prefer to prepare their own tax returns and not get tax filing help from professional tax preparers. This can save money because tax preparation services such as H&R Block can charge anything from less than $100 for a simple tax return to hundreds of dollars for more complicated tax returns. If preparing own tax return, the taxpayer may want to check out some IRS publications to make sure that he or she understands what to do.

If a taxpayer makes a mistake in his or her tax return, get tax filing help immediately. There are certain mistakes that will need to be corrected immediately such as income reporting. The taxpayer may need to file an amended return. When an amended return is involved, the taxpayer usually need more tax filing help to correct the mistakes made the first time.

Yet another easy way to get tax filing help is to use a tax preparation software. There are many good and easy to use tax software such as Tax Cut or Turbo Tax that will help taxpayers prepare tax returns in a short amount of time. These software can cost very little but if a taxpayer wants a software that comes with lots of worksheets, then it is more expensive. However, the most expensive the tax software, the easier to use.

The benefits of getting tax filing help upfront far outweigh the trouble of having to correct a tax return if a mistake is made. There are many places that a taxpayer can get help, some places even offer help for free. Some places offer verbal help whereas others will actually prepare a tax return for you.

About the Author:

Searching for some tax filing help yourself? Swing by the tax filing help Organization's website today for lots of assistance & information, all for free, on filing your taxes, even if your finances aren't yet organized.

Appraisers Not Fudging Numbers - No Help for Reverse Mortgage

By Scweezeme Vanrock

Two days ago I heard from a would-be client, who quickly became a never-would-be client. I say this because I can practically guarantee that I wont be contacted by him again.

He completemented me on my fine job of marketing to him as a lead-in to what he really wanted. He said, "how can you get me the most money out of my home, compared to another lender."

There is actually no way to do it another way. All of us in reverse mortgages use the same formula to establish the cash amount that can be removed from a loan.

After that he says he would like me to hire an appraiser that would do impressive work. I knew this meant he wanted someone who would alter his results a bit to have it work out in the end.

He was asking this, because he knew if his home was assessed at a high amount, the lender would give him a heftier loan.

He, like a lot of senior borrowers, are in a tough spot today with declining values. Most are looking to pay off a mortgage with a reverse mortgage, thereby eliminating the payment.

However, with a low appraisal the reverse lender cannot always give enough to complete this goal for them. Instead, the borrower has to continue paying on the forward mortgage until the worth of his house goes up enough to try again.

Unfortunately borrowers aren't the only ones struggling; appraisers are as well. For awhile they were able to pad their appraisal reports.

An appraiser who comes across this article might be bothered by what I said and even dispute it, but its common knowledge that number adjusting was taking place.

Presently everyone in the housing industry is being held responsible for the mortgage debacle, appraisers too. A closer eye is being kept on them than previously.

Appraisal audits are more frequent than ever and appraisers are running the risk of losing their license if business is not conducted as it should.

After telling the man everything above, he said he would call me back and hasn't. I don't expect him to. I informed him that others might promise him an appraiser that would do exactly what he wanted.

They all say that. In the end only one is right. I'd prefer to give an honest answer and lose the business.

About the Author:

Find out about the steps to getting a California reverse mortgage. Also, head over to the California reverse mortgage link for the fundamentals.

How To Avoid Bankruptcy

By Emma Elvie

Have you come to the internet to find a way to learn how to avoid bankruptcy; well if so then this could be the most important information that you read today. Remember this solution should never be used as a "get out of jail" card that will automatically make all your financial troubles disappear.

It seems that as more and more people are facing financial difficulties that more and more people are looking towards filing bankruptcy. The truth is that you should learn how to avoid bankruptcy; because in the long run it is going to tarnish your credit for at least 7 years.

We wanted to point out some ways that you can begin learning how to avoid bankruptcy and get back on track. Learn how to protect your loved ones and get back to financial stability.

1. Begin Spending Less Than You Bring In: If you are like so many americans who have lived beyond their means for several years and it is just starting to catch up to you; then this may be the reason that you are reading this article. Many people have found themselves facing a financial crisis that has been building up for years and it is just catching up to them today.

As a rule you should never be paying out more than 50% of your income just to provide what you and your family need to live. If you have found yourself paying more than this; then chances are you are facing financial hardships.

2. Stop Using Credit: There is nothing wrong with credit; however before you use it to purchase that television set; you may want to think twice. If you do not have the cash to pay for the items that you would like; then do not purchase it. People tend to believe that it is okay to buy now and pay later.

Always remember one important thing about credit cards if you do have to use them; make sure that you are able to pay the balance in full when the bill becomes due. You never want to carry a balance on your credit card; this is how the companies make their money.

3. Make More Money: All this is saying is that you should be constantly be looking for ways to make more money. You never want to become stagnant and be happy with where you are financially.

However once you do begin making more money; it does not mean that you can begin spending more money. You should take all that extra money that you make and begin saving it in case a family emergency should ever arise.

Of course these are just the beginning steps to learn how to avoid bankruptcy. The main thing that you should be concerned with is how to prevent yourself from facing this financial crisis in the first place. If you require more information and tips on how to avoid bankruptcy or if you are in the middle of this problem; then visit our site below and discover how to get back on your feet.

About the Author:

Before You Consider Filing Bankrtuptcy Online; You May Want To Learn How To Avoid Bankruptcy! If You Are Asking Yourself Should I File Bankruptcy; You Should Find Out The Truth About The Damage That It Can Cause For You And Your Loved Ones!

?Choose a Career That Will Ensure a Secure Retirement

By William Blake

Retiring is something that people don't often begin to think about until they are nearing retirement age. That is not a wise approach. The earlier you think about retirement the better your retirement plan will be. Retirement is a milestone in a person's life and should not be taken lightly. On you first day of work at your very first job you should begin a plan for your retirement years. That may seem premature since you have several working years ahead of you. But really it is never too early.

The earlier you start the better you are going to be able to plan, and the more money you are going to be able to put away. Even if all this money does not come from your place of employment, for instance if you put a few dollars of your own money away here and there on the side, it will really end up adding up in the end and will help you out tremendously once the day of retirement finally does come.

Career Planning Retirement

Even when you are choosing your career it is good to have your retirement in mind. Not all employers offer good retirement benefits. Of course no one should feel locked into one career for a lifetime. People change and their wants, needs and circumstances change and it is good to adjust your career choices according to those changes. Career planning retirement means that while you're making those adjustments you are keeping your retirement in mind.

Whether you are just beginning to think about the type of career that you want, you have lost your job due to downsizing or restructuring, or you are considering leaving your present job for another, career planning is often an important aspect in everyone's life.

What To Consider

There are quite a few different factors that need to be involved and taken into consideration here. First it is important to know yourself, and this means taking the time to assess your own values, interests, skills, accomplishments, and personality, so that you can really be sure of what you like to do in life and what you would enjoy doing as a career.

Making sure your career suits you is not the only thing to consider. It is important to take into consideration the type of retirement plan that will be available. You want your career to fit you now so that you can be happy and enjoy life now. You also want your career to have a good retirement plan so that you can be happy and enjoy life in the future. Both are equally important.

About the Author:

Are you looking for the fastest way to pay off debt? Visit the Debt Reduction Academy website, where you can claim 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

Exploring the 4 Property Rule

By Susan Lassiter-Lyons

Portfolio lending is on the rise. The main reason for this is portfolio lending is not subject to the crazy 4 property rule. Through a portfolio lender, it is possible to have more than 20 mortgages. But those investors looking for conventional loans through lenders such as Fannie Mae and Freddie Mac will run into the 4 property rule wall.

It is obvious that the $750 billion bailout did not do a thing to free up capital. And now the 4 property rule is a slap in the face to all real estate investors. In fact, this particular rule is a complete rejection of the principles that our capitalist society is founded on. In my opinion, the 4 property rule is designed to put real estate investors out of business. Just when the government should be inviting us to participate in the economic recovery.

So, what exactly is the 4 property rule? Well, the new conventional lending rules according to Fannie and Freddie state that a person will be limited to a maximum of four financed properties. This ridiculous rule takes away the ability to invest in real estate in the long term. If you are limited to only four financed properties, you can not flip many properties simultaneously or have a rental portfolio of any significance.

And, as an investor this includes your primary residence! Again, this rule does nothing to help real estate investors. It is simply protectionism. And, as we all know, protectionism usually backfires. It does absolutely nothing to help the market and overall economy. Instead, the 4 property rule can significantly weaken the economy.

For example, prior to the current economic meltdown, many legitimate investors took advantage of skyrocketing real estate values. They would purchase properties at low prices and then sell high. In some cases, real estate investors would purchase significant volumes of property for resale. Some investors would purchase literally dozens of properties for resale. The profits derived from this wholesaling had an enormous benefit on the overall economy.

If there were no 4 property rule, the sale of of real estate would lead to a number of positive effects. For example, the revenues generated would lead to increased liquidity. It would also generate significant tax revenue to the state and local governments. And, of course, affordable housing would be plentiful. With this 4 property rule, none of this is possible. Hopefully, this rule will be overturned so we can return to a free market approach to investment real estate.

The good news is, regardless of whether or not this rule is revoked, portfolio lenders do not have to follow this 4 property rule. If you have more than 4 financed properties (or hope to), a portfolio lender is what you need.

About the Author:

Susan Lassiter-Lyons has been teaching real estate investors the secrets to investor financing since 2002. Her free report, The Death of Real Estate Investing, reveals how to find portfolio lenders nationwide.

Home equity line of credit: Do you really want one?

By Doc Schmyz

We all know by now that home owners have a hidden savings account...its called HOME EQUITY.

Equity is the value of your home minus the remaining mortgage balance which is outstanding. While you live, eat and sleep in your home worrying about debts or wishing you could refurnish the living room you may be sitting on the cash that will grant your wishes.

Why Would You Want an Equity Line of Credit?

Unlike a typical loan which deposits a set amount of money in your account and begins charging you interest and payments at a fixed rate until repaid, a line of credit acts as a revolving credit (like your credit card). You do not need to pay interest on the full amount you have access to -- you only pay for what you have used. Also, like a credit card, when the debt is repaid you still have access to the credit.

When using an equity line of credit (also known as a HELOC) it gives you greater flexibility with the least cost. Not only can you access the credit only as you need it,your monthly payments will reflect only the balanced used. Some lines of credit have only the interest as the minimum payment which can be helpful when finances are tight. In some case you even have an option of paying just the intrest on the amounts used for a specific span of time.

A HELOC is a great his if you don't want to spend a large amount in one place..as well as if you want access to that credit agian, once it has been repaid, without asking for another loan.

What can the HELOC be used on??

So you have the loan...not what can you use it on. Here are some examples.

Consolidate Debts

Use the home equity line to reduce or consolidate your other debt. Not only will this help your credit score...but it can help reduce your interest payments as well.

Second mortgage

Take the HELOC and pay off or down the second loan on you home.

Add too, remodel, or travel.

Cover the cost of an addition, redecorate, or go on a trip...all at a interest rate lower then most credit cards.

When Should You NOT Use a Line of Credit?

Before succumbing to what seems like 'easy money' it is important to evaluate the additional risk.

Some debts -- like student loans- have features that you may not be entitled to if you switch them to an equity line of credit.

Other items like cars and vacations may seem like a good idea to buy with your home equity line of credit, but with the ability to pay only the interest you may find the motivation to pay off the debt is lacking and end up owing for items that have lost their value or were consumable. Plan to pay off the debt quickly for the most advantage.

A Second mortgage may not be a good idea depending on interest rates and your repayment terms. While lines of credit take advantage of current low interest rates you may find that your regular loans protect you better from fluctuating rates if you will not be paying the loan down in the next few years.

We all understand the freedom and relief that comes from having access to extra funds. For both those emergencies, as well as last minute purchases. However its important to understand the risks as well as benefits.

About the Author:

Doc Schmyz has invested all over the US and Canada. He built a free free website shares Real estate investing information for all over the US. Find Real estate investing information by state

How to Learn Your Tax Deduction Limits

By Keifer Anderson

Some taxpayers with simple tax returns may not have to worry about tax deduction limits. However, most taxpayers will have tax deductions that will require them to know what the tax deduction limits are so that they can claim the most deduction on their tax returns. After all, the more tax deductions they can claim, the less taxes they will owe the IRS.

Some people who are new to tax filing and tax planning may not even know what IRS deductions are, let alone what the tax deduction limits are. IRS deductions are tax deductions that the IRS allows taxpayers to take for qualified expenses. These expenses are called tax deductible expenses and they are subtracted from the gross income that the IRS uses to calculate taxes that a taxpayer owe them.

Knowing the tax deduction limits will allow taxpayers to plan what they are going to owe the IRS. The more you know, the more creative you can be to claim the tax deductions to the limit. Some of the tax deduction limits are confusing and obscure so you may have to read relevant IRS publications to understand how to claim these tax deductions and how much to claim.

The IRS deductions are not to be confused with tax credit. The same goes for tax deduction limits versus tax credit limits. They are different. Most people prefer tax credits because tax credits give taxpayers dollars into their pockets whereas tax deductions just lower taxable income. If there is no income, then there is not use lowering it but tax credits may work even if there is no income to report.

There are many types of IRS deductions and they have their own tax deduction limits. For most people, it is easier to take standard deduction rather than itemized deductions. Most people are entitled to claim the standard deduction which is a set amount allowed by the IRS. If you are qualified to take the standard deduction, you can just check the box that says standard deduction on your tax return to claim it.

If you are not qualified to take the standard IRS deductions, you can claim the itemized deductions. If you claim itemized deductions, it is very important that you know the tax deduction limits. Each itemized deductible expense will have its own limit that you cannot exceed. It is also good to know what the tax deduction limits are so that you can figure out if to claim itemized deductions or take the standard deductions.

If you do not know your tax deduction limits, you will not know if it is best for you to take the standard deduction or itemized deductions when you qualify for both. Most taxpayers figure out what they would owe the IRS both ways and then take the tax deduction route that gives them the lowest taxable income.

About the Author:

Searching for more facts on your tax deduction limits? Swing by the IRS deductions Organization website for answers to all of your various tax questions including resources with free information for you to use this tax season.