The Definition of the Perfect Reverse Mortgage Customer

By Kablamn Vanrock

As a guy who specializes in reverse mortgage lending I obviously get many calls from would-be customers. I listen to their situations, ask questions, and arrive at conclusions.

I'm not in the business of making a big magnet of myself and trying to get all of them to work with me. The fact is some simply shouldn't, and I tell them so.

It's a bad option for some, a okay option for others, and great option for the remainder. Let's talk about the great ones today.

The thing I like to know is how long the borrower plans on being in the home. This is important because reverse mortgage closing costs are quite expensive.

Most important in my mind is to help my customer understand that their will be a fairly high cost to get the mortgage. My efforts are to ascertain the customers needs relative to cost.

Of all responses i prefer them to say something about being carried out in a box. From a reverse mortgage perspective, from the customer's viewpoint, this is best as the cost to money gets less and less as the lengh of the mortgage extends.

At loan application you would receive, from you lender of choice, a disclosure outlining how the mortgage reduces in cost, on an annualized basis, the longer the mortgage lasts.

The disclosure gives snapshots of the annual cost of the mortgage over various years. You'll see how cost reduces over time.

Along with a long mortgage period the best reverse mortgage customers are those without the ability to add income to a financial situation which is already under water.

Most reverse mortgages are taken out by a customer with a fixed income as described.

I'd say the final attribute of the perfect candidate is that of not having a vital interest in leaving a large inheritance to the kids. This group is thinking about the rest of their own lives rather than the rest of their kids lives.

Some people are dead set on leaving as much as possible to the kids. Reverse mortgages rarely sit well with these folks because the interest is constantly working against the equity in the home.

To sum up a great reverse mortgage cadidate, we are looking for an attidute of us first, kids second; static income which isn't enough; and an extending mortgage period hopefully as long as the borrower lives.

About the Author:

Texas reverse mortgage facts can be found at this site going over many Q&A's. Additionally, tons of good stuff covering the texas reverse mortgage can be had by following this link.

Reverse Mortgage Money Now Accessed for Investments

By Diogie Vanrock

I don't suppose I need to tell you that we've lost somewhere around thirty five percent in value in the stock market in one year. Some seniors are now picking up their phone and calling me because of this.

They are looking to get a reverse mortgage. Of course the planets have to match up to their particular situation for me to entertain this with them.

Most importantly they must have a desire to stay in their home for an extended period of time. This is vital because the cost to get a reverse mortgage is not conducive for a short term mortgage

Generally, we determine the cost of the loan on an annualized basis. The longer a borrower lives in the home the cheaper the loan actually becomes over time.

What some of these folks are wanting is to use proceeds to invest either back in the market or into other investments outside the market.

What is catching a portion of their attention is the fact that interest rates are just unbelievably low. It makes the cost of that money very attractive.

As of this week the ARM is just under four percent. In the short run this makes this loan pretty nice. In the longer run it's average is in the six percent range.

In my dealings with people, although I do not have fiduciary responsibility, I have to point out that they best be getting a better return on whatever else they are getting involved in than the average.

One important item in the discussion is how rates, although quite low, will go back up to meet the averages. The current rate is a tease.

It is true that most economists and people in the know (perhaps you've seen them on Fox) feel rates will continue to hang out at a low level for some time.

The powers that really want to keep rates low are the major companies. The want to be able to borrow at low interest rates. Do they shape policy? Of course.

I have no doubt rates will be down for some time, but it I have to wonder how much some of these borrowers are thinking through the costs as opposed to the benefits.

People must consider not only the interest rate but also the closing costs when factoring the true math to determine if this is really a good idea.

About the Author:

Find twenty reverse mortgage in California questions and answers that everyone seems to ask here. And this.... Get a guide emailed to you about the California reverse mortgage including five big pitfalls revealed.

The Borrower I Want as Reverse Mortgage Expert

By Kablamn Vanrock

As a mortgage professional working only with reverse mortgage customers, I am constantly contacted with a myriad of different scenarios. Some are true potential customers, some should think of other options.

I certainly don't tell all of them how great the reverse mortgage is for them. It's simply not a great option for all of them.

It's a bad option for some, a okay option for others, and great option for the remainder. Let's talk about the great ones today.

Closing costs are expensive for these mortgages. As such I'm very interested to know the time frame a senior plans on residing in the home.

Most important in my mind is to help my customer understand that their will be a fairly high cost to get the mortgage. My efforts are to ascertain the customers needs relative to cost.

Of all responses i prefer them to say something about being carried out in a box. From a reverse mortgage perspective, from the customer's viewpoint, this is best as the cost to money gets less and less as the lengh of the mortgage extends.

If you ever apply for a reverse mortgage the lender will furnish you with a disclosure detailing how much the loan costs you over time.

The disclosure gives snapshots of the annual cost of the mortgage over various years. You'll see how cost reduces over time.

Along with a long mortgage period the best reverse mortgage customers are those without the ability to add income to a financial situation which is already under water.

Most reverse mortgages are taken out by a customer with a fixed income as described.

And the last is the attitude that the kids are fine and don't need mom and dad leaving as much as possible to them after passing. On top of that, "we have our own lives and we're going to live before we die".

Some people are dead set on leaving as much as possible to the kids. Reverse mortgages rarely sit well with these folks because the interest is constantly working against the equity in the home.

To conclude we're looking for three things: "they're going to carry me out of the house", non-recoverable financial hardship, and lack of desire to leave inheritance to the kids.

About the Author:

Texas reverse mortgage facts can be found at this website convering many questions. Additionally, lots of knowledge about the reverse mortgage in Texas can be had by following this link.

Credit Counseling for Credit Repair

By Rob Kosberg

You may come to the decision that going through repairing your own credit is not something that you can complete without some outside help. There is no shame in having to locate some help because of your emotional reactions or poor money management ability.

When you explore outside agencies, you will immediately notice that there is a plethora of credit repair companies promising you the moon and the stars. Sure, credit repair in 24 hours sounds great, but you can be sure that it's not going to happen. This kind of claim can be easily dismissed. Also, the internet will offer to have several agencies contact you. They will (in 5 months) and/ or they will make some possibly nasty phone calls to you. Avoid these offers.

When you first read the claims of some of the agencies, you should be able to tell that the claims are ridiculous, such as: repair credit overnight. While those kinds of claims are fairly obvious, others are not. The internet will have ads for you to have several agencies contact you for help. You provide some information. What you might end up with are some annoying and possible nasty phone calls.

There will still be more research needed before you will be ready to choose your agency. You will need to know what is "must have" information. You should get information from more than one agency. Comparison shopping is definitely in order.

Any agency that you contact should be more than willing to explain how they operate, the services they provide, cost structure, any other available help without knowing any of your personal information.

Once you locate agencies that provide you the initial information, you are going to want more questions answered. You will need to hear the effect this process will have on your credit report, the debt management services offered, possible money management workshops or seminars. You must know how the agencies will keep you apprised of their activities.

A very important bit of information that you need to know will be fees for the agency service. There are agencies that ask for big sums of money to initiate the service in addition to a large monthly fee. If you can't pay your debts now, how will you pay exorbitant fees? Beware of becoming involved with a process that is extended over a long time because of fees, even if the agency says it is nonprofit.

Using credit agencies requires effort on your part, but you should be able to find a reputable agency to partner with you, and have your interest at the forefront.

About the Author:

With never before seen challenges in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

Why Is It Essential To Have A Good Credit Score?

By Jean Kelly

A good credit score is fundamental in our financially forced order. Paying your bills on time, informs employers and business organizations that you are a good financial risk and will give you a healthy reference mark. You would be amazed to know that this information can be utilized, no matter what place you have in society. From job chances to purchase a home or a motorcar and acquiring a credit card, a individual must have a good standing in their credit history.

If you wish to buy a new home or automobile, then your credit history must be in healthy standing. To be able to buy luxury items like holidays on your charge card, you must first fix any credit problems you may have if you desire, long-term fiscal freedom. You can pick up this data without too much trouble and the good news is, it's free.

You can pick up out your credit grade on the world wide web as they are many business concerns that provide this information for free. There are companies that will provide people with their credit score for free on an annual basis. You are able to view your credit grade or any outstanding bills] by answering a few simple questions, which most people would be able to answer. If you pick up that you have a bad credit score which will stop you from buying anything on hire buy, there are a count of things you can do to repair the problem.

One of the first things an person can do to increase their credit score is to clear any old bills. Even if this was for 10 years ago, it will assist in credit individual's credit scoring immensely. Once the bills are entirely wiped clean, an individual can begin obtaining a no credit or bad credit Master Card or Visa. This will be helpful for a individual to begin acquiring a fabulous credit grade and be able to purchase their dream home or vehicle. This can help a individual to increase their credit mark, which will enable them to purchase a new car or their dream house. Paying off any old debts will aid a individual increase their credit grade and assist them to buy luxury items on the credit.

It doesn't take too long to hurt your credit rating, but it can take a few years to get your credit rating back. Begin by buying one or two items on the new credit card and then paying it off instantly. Once you have shown your credit card business that you can pay off the balance rapidly, they will increase the amounts you can spend and at the same time increase your credit rating.

Every individual runs into hard times in their life. Paying your bills for a couple of months may be a problem. All Of A Sudden your credit history starts to fall, this is when many people have problems with debt. You your credit mark once again and there are many methods to do this. Just because you have found a few problems in your life it doesn't mean that you will never be able to purchase items on credit.

About the Author:

Kurt Russel shares his vast knowledge at Anual Credit Report. The time has come to erase any doubts you may hold on the subject of credit scoring.

Credit Inquiries: How They Affect Your Credit History

By William Blake

Anyone that wants to offer you a line of credit or a loan will check your credit history before following through on the deal. All of these pre-qualified offers you get in the mail stem from someone running a credit check. Each one of these checks or inquiries can have an impact on your credit history, and ultimately on your credit score and your ability to borrow money or get a low interest rate as well.

Credit checks and inquires are done in two different ways, and only one of them actually affects your credit history. When you apply for mortgages, loans, or lines of credit and a credit check or inquiry is run because of your having applied, it will appear on your credit history.

Your credit score will get lower each time you apply for credit. Since credit inquiries can affect your credit score negatively, you should try to keep the number of credit applications you fill out to a minimum.

That does not mean that you shouldn't shop around for the best loan opportunity. Similar credit inquiries (like for a mortgage or auto loan) that are pulled within a particular time frame, around 30 days, will be counted as just one inquiry. Companies finally realized that shopping around was a good thing and they quit penalizing the smart consumer because of it.

Credit inquiries and checks are also run on you by companies that have a permissible purpose as defined by the Federal Fair Credit Reporting Act. That means that, even though you are not aware of it, certain businesses have the legal right to check your credit.

Companies that have the legal authorization to run a credit check on you include retail stores and credit card companies. They want you to open credit lines with them, so they do credit inquiries in order to offer you preapproved cards. Even though these credit checks do not affect your credit history, they do appear so that you can find out who has been inquiring about your credit.

Another credit check that does not do any damage to your credit history is a check done by a prospective employer before they choose to hire you.

Any time a business pulls your credit history, it is marked on a report for you to view. These credit checks or credit inquiries can ultimately hurt your credit score, but only those credit inquires that you request will affect you in the end.

About the Author:

Tire of barely keeping up with your credit card payment? Learn how to deal with excessive credit card debt on the Debtopedia website. Visit http://www.debtopedia.com for a free copy of my "Secrets Of Credit Card Debt" report.

Finding right realtor for your Los Angeles County Home

By J. Kim

When it comes to finding the right realtor to sell a Los Angeles County home or any home elsewhere it can sometimes prove difficult. There are plenty of them who are willing to sell a Los Angeles County home for someone and who claim that they can do it quicker than anyone else. Although you want your home to be sold as quickly as it possibly can you also want it to sold with regard to certain requirements that you may have.

Therefore you want a realtor who can not only assess your needs with regards to selling your Los Angeles County home, but will also devise a plan that ensures that this occurs. Remember the plan they devise should be the one that meets your particular needs and will ensure that a profitable sale takes place in a timely fashion.

Below we offer some advice with regards to what to do when trying to find a suitable realtor who can help with getting your home sold.

After making contact with the realtor initially see how long it takes them to respond to this first call or email that you send. A realtor who contacts a client straight away will be someone who makes selling a home a priority. If they delay contact then these lost hours could end up making the difference between you getting that all important sale or not.

Once you have made contact with the realtor arrange an appointment to go over matters and don't be afraid to get them to provide details of their sales records. If they are unwilling to do so this may well be because there is something that they don't want you to know about.

Plus at this initial meeting don't be afraid to ask them to provide you with references. Certainly nothing speaks louder with regards to a realtor's reputation than if they are willing to provide such from their previous clients. Also even after getting these references don't be worried about actually calling some to check out what you have been supplied with.

It is also important that you learn more about how they are going to market your home if you do actually agree to them being the agent for the sale of your Los Angeles County home. Although advertising in newspapers is still used look to see what presence they have online as well. Most home buyers today will do their initial searches for a property online and the more presence your realtor has then the more chances there are of people seeing your property.

About the Author:

To find the right realtor for Los Angeles County Home, please review Los Angeles Home, and Los Angeles County Home

Searching for WI Home Builders

By J. Kim

As you will soon discover when searching for WI home builders or those in any other US state there are plenty to choose from. However, finding one who you feel confident with and who will meet your budget requirements may prove just a little more difficult.

You can either ask someone you know if they can recommend such a builder for you. The other choice is to go online and search for one's yourself. However, there are some websites now where you will find details of contractors who have been pre-screened. These contractors will not only be located where you live but who are able to meet your needs and budget perfectly.

However, when you are looking for WI home builders in order to construct a custom home for you there are certain things you need to take into consideration. Below we take a look at just what a couple of these things are.

Firstly, you need to ensure that the builder you select has the relevant experience in this area of property construction. Ideally arrange to inspect current building projects or ones that have recently been completed. As well as seeing if they will be able to meet your particular requirements you will be able to see if their standard of work is what you are after.

Although inspecting the outside of the property is good, if you can arrange to inspect the work being carried out inside as well. This will allow you to see more closely how good their work is and if there is any ideas used in this home that can be incorporated into your own.

But it isn't just the major items that you should be inspecting, look closely at the smaller items as well. This will give you a much better idea of just what standard of work they provide to their clients. If there is not the possibility of you gaining access to a property to inspect the work carried out asking them to provide you with photographs instead.

Secondly, you need to make sure that you get references from the builders you are considering using, and make sure that you are able to contact the clients who provided these to confirm them. If the builder is unwilling to provide such then drop them from the list and move on to the next one on it. Even if they do provide you with a written recommendation also make arrangements to contact the client.

When you speak with the WI home builders previous clients you will learn so much more about the services they offer them. You will find out how their staff behaved whilst on the project, what unexpected expenses were incurred following completion of the project. Also you will learn about if the builder was able to complete the project on time or not.

If you keep the above points in mind then finding WI home builders to construct your perfect home becomes much easier. Remember you want one who is going to meet not just your requirements but who is willing to work for you to ensure that you get exactly what you want.

About the Author:

When trying to find the best WI Home Builders, please review Wisconsin Home, and WI Home Builders

Using The Greek In Option Trading

By Walter Fox

Trading is an old age practice of exchanging goods between two or more individuals or groups in the interest of all the parties involved in the transaction. After the invention of currency it has become a main media of exchange and every countryas power is measured in term of its currency power. Subsequently new concepts of trade originated in the form of stock trading and forex trading.

All forms of trade have risk that are connected to them and the stock trading and forex trading is no exception, infact the risk is higher. However options trading are the most preferred of them all. This is mainly because of its liquid nature and the high revenues. Share markets are rapidly and impressively growing plus there is a growing competition among the traders some of whom are well prepared with information from the internet making the share markets more challenging but at the same time chances of making money has also rocketed.

These advancing in the mode of trade have pushed traders to lay stock strategies to as to face the upcoming challenges in the market. As much as these trade seems easy many investors have lost their investments through it due to lack of sufficient information on the trade.

So the hunt for suitable weapons to protect the traders started thus new concepts like brokers ticks, trading techniques, advisors in the form of software are appeared in the market. Even this software is capable of trading on behalf of the trader and this system is proved to be successful.

In this same regard a new model known as option Greeks was invented and it became very common amongst traders especially those who were dealing with very high amounts mostly on different stocks and also on a range of other assortments.

The mathematical characteristics of the Black-Scholes model are named after the Greek letters used to represent them in equations. They are popularly known as option Greeks. The five options Greek can make you one of the most successful traders provided you should be ready to invest sufficient amount in the market.

The five option Greek are very close to the heart of fund managers because of its pin point accuracy in calculating the changes in the value of their portfolio. The five option Greek are
Delta- a measure of an optionas sensitivity to changes in the price of the underlying asset
Gamma - a measure of deltaas sensitivity to changes in the price of the underlying asset
Vega - a measure of an optionas sensitivity to changes in the volatility of the underlying asset
Theta - a measure of an optionas sensitivity to time decay
Rho - a measure of an optionas sensitivity to changes in the risk free interest rate

The outstanding benefit of the Option Greek is that it allows investors clearly make decisions on amendments to be effected on the contracts he might be undertaking in different conditions that ultimately alter the entire stock value. The model ability to compute approximate value enables the trader to alter his trading strategy. For new traders in this area who are unaware of the risks involved in the trade, Option Greek provides a reliable option for them.

About the Author:

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

Advanta Credit Card Scam

By John Monderine

I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. November 2008 I noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.

Now, being in the industry for over 10 years I know that I need to watch my credit. I look for charges I didn't make and it is tough to scam me. I have seen it all but this takes the cake. They told me I am now at a high risk for default so that is why they raised my interest rate? That doesn't make any sense. They should lower my rate if they think I will default on my credit card. How will an increase in what you are charging me keep me from defaulting. Luckily, I have the ability to pay off this card today but I want everyone to realize that these companies have you by the short-n-curly's. Watch your statements and lookout for this scam.

FYI, In NY, the maximum interest rate is 30%. They are charging me more then the maximum allowed in my state. I will send a letter to the BBB, the NY Attorney General, the UT Attorney General and the Department of Consumer Affairs.

As a nation we are in deep trouble. If a credit card company can just raise my rate because they feel like it I am positive that 99% of their customers are also paying 36.1%. How many other credit card companies are doing this to innocent people? We need to fight back. I am going to tell as many people as I can.

Unfortunately, there is nothing we can do except payoff the card. I was told I am a high credit risk. I paid the bill in full after I realized the rate was so high and the next month I received another bill for more finance charges for about $255. I paid that bill in full. I just received another bill in the mail for $5.65 and my rate was changed to 37.99%. Another point higher.

Just for a laugh I called again to see why the rate went up again and they said "Sir, you have been classified as a very high credit risk and as a company we can't risk you not paying your bill with us." I said "I just paid my bill in full with your company, I have never had a late payment with your company in three years, I have one mortgage on my house for $290K, 25 years left at a fixed rate of 5.375% and it is worth over $500k and almost zero credit card debt personally. I am in the fastest growing industry right now, CNBC expects the debt collection industry to grow at 25% a year for the next decade. What else would I have to do to receive a better rate?" The extremely rude lady said "Sir, you would need to send a letter to Santa Clause and maybe he can help you out."

The Government should put a maximum rate in place for the next year or so on all credit card debt. If the credit card companies are truly worried about consumers defaulting on their obligations, wouldn't it make more sense to lower the rate so we can continue to make the payments? By raising the rate, it only makes it harder to pay and more likely that a consumer will default. The credit card companies are preying on the weak right now hoping you don't pay so they can pound you with the highest interest rate. When you do default, they now have a higher balance to sell to a collection agency. In my eyes, this is a crime.

The Government doesn't care either. Instead of giving the banks 350 billion dollars, They could have sent $1151.98 to each US citizen to pay towards credit card debt. The banks still get the money but we the people get a little break on our bill. The average family of four would receive $4607.92 to pay off a credit card. They reason that the banks need the money so they can lend money again to us? Are they crazy? All the banks did was raise the interest rates on our cards and pocket the money without ever having to say what the money went towards. No accountability!

Now the geniuses in Washington are considering giving billions to the auto industry so they can produce more shit cars that we can't afford. How about giving the money to everybody with a current auto loan so we can pay for the car we already have. The money would still flow to the banks and auto makers via we the people.

Good luck America, your gonna need a miracle.

I feel better now. I was very upset prior to writing this blog. I hope everybody reading this realizes that if it can happen to me it can happen to anybody.

John Monderine Rapid Recovery Solution, Inc.

About the Author:

John Monderine is the President of Rapid Recovery Solution, Inc. a Debt Collection Agency. If you need help getting your Bad Debt paid visit his Collection Agency website for a free quote.