Yin Yang of Reverse Mortgage Closing Costs

By Mudbrow Vanrock

I wish there were such a thing as a perfect mortgage product. People always ask me, "what is the down side to getting a reverse mortgage? It looks too good to be true".

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.

The second is FHA charges 2% of the value of the home up to $417,000. And the last is reverse mortgage lenders charge an origination fee .5% to 1% higher than typical forward mortgages.

One doesn't need to have a degree in advanced calculus to quickly figure out that closing costs are fairly expensive.

As far as the origination fee goes, one could make the case that it is not more expensive than a forward mortgage. The difference is forward mortgages build the fee into the rate.

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.

The insurance covers the lender in the event that one day more is owed on the home than the home is worth. This is the lender's biggest fear.

Expensive, horrible, bitter FHA insurance hedges the lender's risk, which makes much more money available to borrowers. But in the end it allows so many seniors to solve stressful financial issues.

About the Author:

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3 Tips for Locating a Consumer Credit Counseling Service

By Steve Collins

Selecting a consumer credit counseling service seems like a fairly straightforward task. However, with the field growing by leaps and bounds, it is in your best interest to take some time and follow a few tips to make sure that the consumer credit counseling service you choose is reputable and offers the best services.

One recent and unfortunate trend in the industry has been a steady rise in the numbers of consumer complaints lodged with various reporting agencies and watchdog groups that keep an eye on the consumer credit counseling service industry. Sadly, whenever an industry sees meaningful growth year after year, the temptation of easy money invites disreputable players who, provide poor service and even actively work to cheat customers. It is particularly upsetting when the business caters to people who are already facing grave financial problems.

One of the best tips when looking for a credit counseling agency is to pass over any consumer credit counseling service that has not been in business at least 8-10 years. An extensive track record in the consumer credit counseling service industry typically indicates a business that is run professionally and that provides good services for the fees they charge.

A second tip is to verify the professional accreditation of each consumer credit counseling service you're considering. Look for agencies that have been formally accredited by either (or both) the Council on Accreditation (COA) or the International Standards Organization (ISO). Note: always make sure that the consumer credit counseling service you choose has a current accreditation with these organizations! Some will have been accredited in the past, but may be operating now on a expired certificate.

Finally, due diligence requires verifying with the Better Business Bureau and your State's Attorney General's Office for complaints against the agency. You might be astonished by what you uncover with these simple checks. Many disreputable credit counseling agencies remain in business, even after many complaints have been lodged against them. Take the time to check each one out thoroughly before choosing one and paying them for their services.

About the Author:

Steve Collins is an author and journalist. In these trying times, he knows the importance of obtaining effective debt solutions if necessary. Read his article about debt solutions here.

Identity Theft Insurance: Protecting Your Identity is Easy

By Harvey Warmuth

Identity theft is one of the fastest growing crimes in America, affecting one in four households. It is a rampant problem that results in millions of dollars worth of damage each year.

Often thought as an individual person's problem, identity theft actually affects all of us as a whole. Even if you are not a direct victim of identity theft, you still are impacted. Identity theft is a consumer fraud crime and occurs when someone steals all, or a portion of someone's identity for financial gain.

Identity theft happens when someone uses another person's sensitive personal data for an illegal purpose. This includes the use of Social Security Numbers, or credit card numbers, without permission to get some sort of financial gain.

Identity theft is a relatively new problem, and there are many ways one can fall prey to this crime. If you are not careful with how you handle sensitive personal data, it can be used to aid someone in stealing your identity. And if you are not careful with your online activities, including emails that you open and read, criminals can gain access to your banking, and other personal information, to commit identity theft.

There are companies that offer identity protection solutions which compliment the steps that you should be personally taking to secure your identity. Due to the fact that the crime of identity theft is on the rise, you need to take some serious measures in the fight against identity theft. One of the best steps to take is to make use of one of these identity theft services.

The biggest step you can take when it comes to identity theft protection is to put a fraud alert on your credit reports. This is something that you can do yourself, or you can use the services of an identity theft protection company to do this for you. The latter choice is a great one for convenience sake, as you will need to renew the fraud alert every 90 days, so sometimes it is best to have a service do this for you.

Identity theft is definitely on the rise, so protecting your identity is becoming a more critical issue. Because of the seriousness of this crime, using an identity theft service to lock down your identity is one the best ways to protect your identity.

When you use the services of an identity theft protection company, you are purchasing a safety net in case you do become a victim of identity theft. These companies will assist you in undoing the damage of identity theft, but more importantly, they will greatly aid in your defense against ever becoming a victim.

With identity theft being amongst the fastest growing crimes, and victims spending an average of 600 hours and thousands of dollars to recover from the crime, you need to protect your identity today! Do all that you can do to protect yourself from identity theft so you don't have to go through the grief of having fallen victim to this terrible crime.

About the Author:

Harvey Warmuth is a consumer advocate specializing in identity theft and highly recommends using identity theft shield. To learn more about how wise and economical the use of identity fraud protection is, please visit his website.

The Uses Of Credit Cards

By Michael Benifez

In today's world, it is common for most people to have at least one credit card. It allows for ease and speed, when shopping in a store or online. Merchants will more than likely accept many types of credit cards, allowing you to get what you need.

It does not matter where you happen to be shopping, most stores accept some sort of credit card. It makes for ease of the transactions to be processed. You do not have to worry about not having enough cash, because a credit card will go through as long as you have not breeched your monthly limit. This is a great way for the store to retain customer business and to encourage consumer spending.

You will find that online shopping is made much easier by using a credit card. You can rest assured knowing that it is very easy to use your credit card securely when making an online purchase. You do not have to worry about writing a check or purchasing a money order, your merchandise will ship more quickly when using a credit card.

When traveling throughout the world, a majority of locations will accept credit cards. This can give you peace of mind as a traveler, when you do not have to carry large amounts of cash that can be lost or stolen. It is a good idea when traveling to alert your credit card company, so that they are kept apprised of the apr rates\ and purchases you will be making in another state or country.

You can travel with confidence knowing that the credit card you carry will be accepted all over the world. You are protected and can purchase freely with confidence when you have a credit card. You will be able to make the purchases you need with no problems.

About the Author:

Michael Benifez frequently contributes to http://www.everlife.com. There is much more to explore on the subject of credit card apr rates.

Why You Would Need A Credit Report Repair Service

By William Blake

Very few people today have a credit report without a blemish. Most people have less than perfect credit and at times it is of no fault of their own. Sometimes when we are younger and first starting to build our credit we make silly mistakes. Other times other people make mistakes that affect us or we have unexpected things happen in our lives that make it difficult for us financially. Whatever the cause of credit problems it is nice to know there is a solution.

If you are among the many who have suffered some serious blows to your credit the consumer credit repair service is a service that you should consider.

With today's world there is not much more important on the financial end of things then having excellent credit. You can have all the money in the world but without credit, you are nothing in the eyes of many lenders. This is why if you have found yourself making mistakes in the past that you quickly learn from them so that you are not repeating the same ones over and over again.

Once you have all of that settled then it is time to try and repair the damage that has already been done. In order to go about doing that, you may want to seek out help from a credit report repair service.

What Service Do They Provide

When it comes to helping you out, the credit report repair service is going to be the route to take. This is because the credit report repair service is going to facts and information that you yourself do not have. By using their inside information you will be able to possibly get all of your previous bad marks reversed.

A lot of what they can do depends on your creditors and their willingness to cooperate. Even if the credit report repair service cannot return your credit to spotless they can do a lot to improve it greatly.

I nothing else, contacting the credit report repair service will give you the opportunity to educate yourself. You will come away more knowledgeable about your credit and you will be able to use that knowledge in the future. Not only will the information you receive help you but it may empower you to help others who find themselves in a similar situation. Knowledge really is power and that is what the credit report repair service can offer you.

About the Author:

Before you consider consolidation as a way to get your debt paid off, you need to consider the debt consolidation loan consequences. It's not always the best solution to consolidate your debt. Find out why on the Inside Debt Consolidation website

Here Is What I Found About Cash Advance

By Don Pedro

Dealing with cash advance is something that needs extra attention since if you don't know exactly about the whole procedure it can hurt you pretty badly. So it requires proper knowledge about the whole thing. So you need to have proper guidance and advice in case of handling payday check online.

This is not a very uncommon case that you are in need of a handful of cash and there is no friend or relative who can help you with that. Well this is the case where payday online can come at your service. This service gives you the option through which you can get a load at the earliest possible time.

This online loan service is in most occasions provided to the citizens of the particular country for the sake of protecting the investment of the organization that handles the whole system. In case of UK only a British citizen can get a 24 hour loan sanction. In most other cases the system is same since it is relatively more difficult to keep in contact with a foreigner.

There are many cash advance companies available in the market nowadays. So if you feel uncomfortable with any term or rule of one then you can easily check another one for the purpose. Never go for a financial institution which offers any term that doesn't suit you.

Loans are never easy to get if you don't have a job. Often the companies look for people who have a job at least for 3 months to make sure that you will be able to repay the loan. So if you don't have a steady job then getting a 30 seconds loan is not easy.

Don't expect to get a loan from the cash advance companies since they are not that stupid to provide you a loan without making sure that you have a regular job.

Always check on the company from which you are intending to take the loan. Make sure that it is a reputed one. Check on them by asking questions which doing online is more useful. If the company is not that reputed then no matter how tempting their offer is, don't go for it.

In United States the main requirement of getting a bad credit payday loan is that you need to be a US citizen with the age of above 18 years. But if you are not a US citizen then still you can get the loan since not all the advance cash providers offer the same terms. If you meet their basic terms then you can get the loan.

About the Author:

Don Pedro offers revealing articles about Alaska Online Cash Advance , or Cash Advance In Las Vegas on the website at http://www.cashadvancehints.com

What Is The Leading Poor Credit Mastercard?

By Jason Bishop

In these current times irrespective of whether you have a bad credit history it is still feasible for an individual to obtain a credit card from the multitude that presently exist. All The Same, people who are experiencing a bad credit situation will discover that Mastercard and Visa are the two companies most likely to agree to supplying a card. In reality the decision is more to do with which of these you should apply to first - a Visa card or a poor credit Mastercard?

Establishments around the globe take both types of credit card and although Visa appeared to have a greater number places it could be used, that is not the case as both of them are now very closely matched. To an individual experiencing bad credit issues, they won't care about which type of credit card they are granted, and in all likelihood won't recognise any difference in any case. There is every possibility the benefits of either one will be very close to regular cards, they will in all probability find that the interest rate charged by the two companies will be somewhat higher than usual. Still, providing the user supplied with the Mastercard only ever uses it in a responsible manner, and sees to it the installments are met regularly, they will begin to see an improvement in their credit history. With this type of behavior means you should also have a lower interest rate on your account once the credit has been cleaned up.

With regard to financial agreements, it is necessary to check the terms and conditions you have to adhere to if you are applying for a bad credit, credit card. Like almost everything today, the smartest method to learn more and research the choices you may have is to take a look online. This is where you can special web sites that can quickly illustrate which financial institutions you should apply to for a Mastercard if you have a bad credit rating.

Listed below are just a couple of the potential cards you may discover or be allowed to request, so it is a good idea to learn exactly what you will be able to anticipate from them in advance.

1. Continental Finance Gold MasterCard

With this card, information is sent to the three main credit accounting agencies on how sensibly you are utilising your card which provides a continual way of repairing your credit history. Quite often a credit company will choose to increase the amount available to spend on the card if they see the person it has been supplied to is behaving well and making instalments regularly.

2. Orchard Bank Platinum MasterCard

Quite often, companies will need an administration payment before issuing the credit card which can be awkward for numerous people but that is not the case with this card and despite this they still extend protection on all the products it is used to buy. You can also be assured that this card, just like the Continental Finance Gold Mastercard, forwards accounts on a regular basis to the three credit authorities which can quickly better your record. The two primary advantages to this unusual card over similar versions includes the closely matched APR it makes and a much smaller annual payment which can be of fantastic assistance to those who are in a bad way.

About the Author:

To learn more about the best apply for mastercard. Visit our site No Credit Check Mastercard.

Get Affordable Stolen Identity Protection From TrustedID

By Harvey Warmuth

Identity theft is a quickly growing crime and there are a few companies that are ready to do battle on your behalf. Through the use of credit fraud alerts, these companies lock down your credit so that you have to be contacted before any new credit is opened in your name. These services also use advanced technology to monitor multiple sources to ensure thieves are not trading your personal information.

If you need identity theft protection, then you really need to take a look at the leading company, TrustedID. With personal plans costing just $10 per month, TrustedID gives you the most comprehensive protection from identity theft of any of its competitors.

When you use TrustedID, you get fraud alerts posted on all of the major credit reporting agencies, which means you are notified before any new financial accounts can be opened using your personal information. This means you are the only one who has the authority to open up new credit in your name.

With TrustedID you get annual credit reports from the major credit reporting agencies, so that you can ensure that your credit report is showing only what it is supposed to be. By making sure your credit reports are accurate, you are taking a step to ensuring your credit remains good.

TrustedID is truly a full service identity theft protection service with their constant monitoring of the Internet and black market to make sure thieves are not selling your information. If anything is detected, you will be quickly notified, allowing you to know what is going on with your personal information.

TrustedID has a household plan costing under $16 per month that protects your entire family, and they offer 24 hour customer support, which all adds up to an excellent identity theft prevention solution. They offer a 30-day free trial so that you can see if TrustedID is the right identity theft protection service for you.

Most people will be well served by TrustedID, but they are not the only game in town. When shopping for identity theft protection, compare features and you will notice that TrustedID is an industry leader.

You need to make sure your identity is protected by using an identity theft prevention solution. For a nominal monthly fee, you will have great piece of mind in knowing your identity is protected. Don't become identity theft's next victim - protect your identity today!

About the Author:

Author Harvey Warmuth thinks you should be protecting your good name and use a identity theft prevention protection service. Learn how to get a free, 30-day trial of the TrustedID service by visiting his website: Trusted ID

Trades And Their Stock Options

By Walter Fox

Stock Option trades is a privilege sold by one party to another that gives the buyer the right, but not the obligation to buy or sell a stock at an agreed upon price within a certain period or on a specific date. Now a day Stock option Trades is the busiest market for selling and buying the commodities. We can also get more knowledge about the how to learn to trade options.

There are places were you can learn the trade options in the market education and trading systems. Stock and option trades offer expert trade alerts and stock market education for Trading Stock Option. The company is one of the fastest growing in serving individual investors or for corporate people for getting stock alerts from the money managers through ground-breaking trade.

Stock and Option Trades offers a revolutionary approach to stock market trading through its sophisticated trading system, as well as quality services such as Trade Alerts, Trade Updates, Market Educational Newsletter and Interactive Blog. It is used to produce consistent winners and learn how we can produce incredible trading results.

There are so many kinds of teaching and learning methods conducted by the universities or the individual experienced trade people are available on the internet. Even many marketing research companies are providing the course like stock option trading system power options can help us to learn to trade options with advanced stock option trading courses.

A benefit of stock options is making profits in any market. Making a profit when the prices are going up and even when the prices going down. This involves using the options to your advantage in a volatile market, with an up-and-down roller coaster market. The average person is good at rapidly turning a small amount of money into vast rewards, without the worry about the market trends.

Learn to trade options has changed the average investors' involvement in trading their own stocks. The availability of company information has become so widespread and easily attainable that researching and finding stock to buy and sell is as easy as logging onto computer.

The buying and selling of the same kind of option agreement is known as an option spread trading strategy. Call strategies entail the trading of calls and to put strategy on going long or short on multiple contracts. The market must be rising for the trade position to be gainful and moving onward.

There are huge number of online option trading companies are giving the information about the current market strategies and we can get all the market information in the format we prefer. By the help of this kind of online option trading companies we can get a single platform for multiple exchange and it available on single screen. They offer studies such as Vertical, Horizontal, trend, and free lines.

About the Author:

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

Britain's Debt

By Abbi Rouse

Over the past few years, our economy has become bloated; due to Brits bingeing on debt and not done anything to work off the excess, claims Reform.

According to the independent think tank, this tendency to rely on cheap credit cards and cheap loans to support spending habits has produced an economy that is unfit and working inefficiently. A new report from the group notes that it is not just consumer borrowing that has caused the countrys coffers to become corpulent with debt, as the public structural budget deficit has become the fourth highest of all countries in the Organisation for Economic Cooperation and Development. Meanwhile, Britains trade deficit is continuing to burgeon, while public spending programmes are based on out-of-date and over-optimistic forecasts for gross domestic product (GDP) growth, the group warned.

It's also been warned that over the coming years, around 4000 will have to be paid by the average taxpaying family, in an attempt to rebalance the national debt, that's equivalent to 100 billion pounds in tax contributions each year.

Ahead of the pre-Budget report, which will be announced by Alistair Darling on Monday November 24th, Reform has warned that simply injecting more public money into the banking industry will have little lasting effect on the state of the countrys economy. So too, it warned, cutting public expenditure on vital long-term development programmes is equally ill-advised, as it claimed that as recent history has shown, cuts in spending will inevitably lead to increased investment a few years down the line.

The group insisted that there is only one course of action that will relieve the strain of the national debt: "In order to move beyond the obese economy, Britain has to consume less and work more. Households need a sense of direction towards a higher saving, lower tax economy. The short-term objective is the same as the long-term path to economic growth - to increase productivity. This should be the theme of the Pre-Budget Report and of Budget 2009."

In addition, the group called on the chancellor to focus on the main key objectives: private sector productivity, public sector reform and personal productivity.

Finally noted by the group is that, as people are vital to the economic recovery there must be support from the government; to help them stop relying on loans and credit cards for example, but have them start spending their own money.

The independent financial advice site Motley Fool, warned that millions of Britons are unprepared for a recession. For those affected by the recent economic storm, taking a debt consolidation loan could prove to be an effective way to sort out those finances. Motley Fool stated that the number of people in need of a debt consolidation loan may increase over the coming months.

About the Author:

Abbi Rouse writes for All About Loans. Our visitors can apply online for car loans. We also specialise in cheap personal loans, and debt consolidation loans.

Removing Bankruptcy From Credit Report

By Matt Douglas

If you have a bankruptcy on your credit report you probably feel like there is no way to escape a low score. However you can remove this listing and you can create a positive score for yourself.

Contrary to popular belief this mark can be removed from your report and without waiting 10 years. To remove this mark we suggest:

1. Dispute the mark with the bureaus.

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.

Congress passed the Fair Credit Reporting Act and this says that the bureaus must remove any item on your report that can not be verified. People frequently ask if credit repair is legal. It is not only legal but this act explicitly says any mark you do not feel is accurate can be disputed. There will never be any legal ramifications for filing a dispute with the bureaus.

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. When your bankruptcy mark is erased, you can start to dispute each negative account.

You can dispute it on the basis that it says "included in bankruptcy", but you do not have a bankruptcy on your report. Thus each negative mark should be erased once investigated. Doing this will give you a clean slate on your report.

3. We suggest you start building positive credit. This is most effective by opening 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.

While it is not illegal to dispute an accurate mark on your report it may not be the most ethical thing to do. However in my opinion charging people outrageous interest rates upwards of 30% and charging late fees is not ethical either.

In sum you can remove a bankruptcy and all the negative marks on your credit report. If you build some positive credit and remove the negative credit you can achieve a very high score. This will improve your quality of life by; lower interest rates, more purchasing power, and extra money.

About the Author:

For a free credit repair letter used to dispute your credit report or for more online credit repair tips visit us.