AARP Still Vying to Reduce Reverse Mortgage Costs

By Jerry Smith

In July George Bush signed the big housing bill with provisions to for two important reverse mortgage changes.

First: the national loan limits were increased from as little $200,000 all the way of up to $417,000. Second: Closing costs were reduced in the form of lower lender origination fees.

Here is how it works; the origination fee is two percent of the value of the home up to $200,000. For values above 200k and up to 417k the fee increases by 1%.

For example, on a $400,000 home we have $4,000 for the first 200k in value and an additional $2,000 for the remaining 200k in value. So, the total fee is $6,000.

A 2% across the board origination fee was the order of the day prior to the the new law.

What concerns me is why the lender is getting the proverbial finger pointed at it. I mean how low can the origination fee be before the lender goes bellie up.

Origination fees are how lenders make money. Don't forget you have to pay all your expenses prior to actually going home at the end of the month with any money in your wallet.

Additionally, these fees are not more than typical forward mortgages. They appear to be more to the layman.

How a forward mortgage ends up costing the borrower as much as a reverse mortgage is in the "service release premium". This is is a fee the bank pays the mortgage company inside the rate. They may charge 1% but there is backend money in those loans.

Reverse mortgage companies make a small percentage of their revenue from the SRP... Many times it's less than $100. That's why the origination is higher.

I have to wonder if AARP has any idea of what goes into mortgage origination and the complexities therein. Are they being real at all.

I also have to wonder if AARP is asking all the insurance companys, who use AARPs name to sell insurance (of which AARP gets a commission), to take a 50% pay cut on all insurance sold.

Oh, don't think so. Insurance commission is the number one money maker for AARP. It's a money train.

AARP is not so pure and they should to sit this one out.

About the Author:

How does one learn more about the reverse mortgage in Texas? One clicks right here. Also, dowload a guide of Texas reverse mortgage knowledge over here.

Credit Cards and Your Credit Rating

By Rice Amire

Are you worried about bad credit? Well, you should be more worried if you can not get another credit card because of your record. Because of the demands and the sky rocketing fees that most credit card issuers give, its no surprise that more and more card holders are experiencing ill-fated credit history.

Remembering to pay your bills on time and to not go over your credit card limit are two great ways in being responsibly beings when dealing with credit cards. If one is able to control these to aspects of their credit cards, they are on their way to being a responsible credit card holder and having a good standing credit score.

While it may be possible although difficult to apply for another credit card with a bad credit card info, a bad credit line is still reversible. However there are ways that you can avoid the pitfalls of bad credit. Here are indispensable tips on how you can avoid putting a smudge and ultimately get rid of bad credit card info.

One of the many reasons why most card holders are trapped in a credit card debt its because they have this overwhelming stack of credit card in their wallets. Whats with having so many credit cards when in fact it can only do you harm than good.

Having control of all of your credit cards which means to know when the bills are due and to be able to pay all them on time is a great way to start building your credit correctly. If it seems like you do not have control of your credit cards, it is best to pay off the ones with the least debt and then to cut up the plastic cards as to reduce the temptation on using that card again if not necessary. Do not cancel or close the account but rather just close the account in your mind. Keep only a few credit cards possibly a few with different issuers such as Visa, AmEx, and Mastercard in your wallet.

These cards can be used any where you are in the United States. And even though the rates may be high, but it will all be worth it. Here is another thing that most card holders do not know about their credit cards. Its the buying frenzy.

Finally, do not use your credit card when buying ordinary purchases like groceries. If you dont like to bring cash, you can use debit cards. Always remember that it is better to avoid than try to escape a bad credit card usage. So, think twice, when you try to swipe that card again.

About the Author:

Have you attained your free credit report for the year? Find out how you can get your free Credit Score And Reporthere.

Selling Timeshare Options Are Gone - What's Left?

By Bobby Kip Hernandez II

Are you a timeshare owner looking for some timeshare relief? No matter the reason, getting rid of a timeshare right now can be be a real nightmare! There are plenty of ways that seem like possible solutions to your timeshare problem, but especially in this economy, many of them frankly do not pan out. So, go with a sure thing on your first try and stop wasting valuable time and money.

The first thing you realize when you attempt to rid yourself of your timeshare is how difficult it is to do it on your own. Yet, many agents and listing companies over-promise and under-deliver on the high fees they charge. Even most charities will not take a timeshare any longer. They are finding them just as hard to move as anyone else, and they certainly do not want to get stuck with maintenance fees that they cannot afford.

Furthermore, it's hardly surprising that as a timeshare owner you are finding it so difficult to discard of your timeshare, given the fact that many developers are renting out timeshare for less than the average maintenance fees which owners pay. As a result of these heavily discounted prices, timeshare rental has become the first choice of many people rather than actually buying a timeshare. The abundance of rentals greatly contributes to the lack of potential timeshare buyers.

With the economy as it is today, the average family has no choice but to limit their spending as far as luxuries are concerned, like vacation travel and buying timeshares. Taking this into consideration, it becomes apparent that at present, supply exceeds demand creating a buyer's market. So, unless you have something significant to offer which sets you apart from the crowd, your chances of finding timeshare relief are slim indeed.

If you are one of the thousands who have tried to get rid of your timeshare without any measure of success, then perhaps you should consider the services of a timeshare transfer company. These companies will successfully transfer your timeshare out of your name, and the top companies will even guarantee the results once you have agreed to terms.

Sure you paid for your timeshare and it breaks your heart having to dump it. But, if you are honest with yourself, you should agree that there are few reasons, if any, to keep a timeshare that you are not likely to use. By parting with it now, you will save yourself both time and money as you will no longer be responsible for maintenance charges. If your timeshare ownership causes you unnecessary stress and worry, make it a priority to find a reputable timeshare transfer company without any further delay.

About the Author:

Work with the best, most proven and reputable timeshare transfer title company in the industry, Timeshare Relief. Find out how over 20,000 other distressed owners solved their timeshare dilemmas. Click on http://www.timesharerelief.com or call 800-588-1582, and sign up for a free consultation.

Easy Steps On How To Get A Boat Loan

By Stefanie Swaggert

Many companies specialize in boat loans and most banks will offer them. It is a large purchase so extra care is taken. Getting a boat loan is more not all that difficult is youre prepared.

Pre-qualifying for a boat loan is a great first step. Talk to a few places and tell them what youre looking for. Be sure to find out how much total and how much of a boats value theyll lend.

Knowing the value of your boat is vital to boat loans. Write down all identifying numbers on your boat. Research your boat and its accessories to get the most accurate value.

Make sure that your credit reports is accurate to ensure you qualify for a boat loan. If your credit is poor it will negatively affect your interest rate. Check for any inaccurate information so that youre aware of it before applying.

Gather your paycheck stubs, monthly bills and financial assets in anticipation of this. Boat loan companies will likely take awhile to investigate so be patient. Boat loans are big risks for a lending institution so expect questions about your finances.

You know how much you can afford so dont be persuaded into more than you need. Use your boats value as a general guideline for how much to ask for. Know how much money you need with your boat loan.

Providing a down payment is a good idea with boat loans. It is not required but can help with a better interest rate. Collateral is usually not required so a down payment will look favorable to the lending institution.

Fill out your boat loan applications carefully and be sure on the numbers you are providing. Submit multiple applications at the same time to save time with this approval process. Compare all the offers made before choosing one for your boat loan.

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Learn How To Qualify For A Boat Loan before your purchase at Find Boat Loans