In 2008, 78 million baby boomers will turn age 62 and qualify for a reverse mortgage. These seniors have 4 trillion dollars in home equity available to them in an illiquid asset, their house. In fact, these retirees have 50% of their net worth tied up in their homes. Estimates indicate that there is a target population of some 15 million senior households that both qualify for and are good potential candidates for the Department of Housing and Urban Development’s home equity conversion mortgage (HECM)program. The HECM is when a lender advances, a senior age 62 or older and a current homeowner, money based on the houses equity. The senior homeowner can take the cash as a monthly payment all at once in a single lump sum of cash, as a regular monthly loan advance or as a credit line that lets you decide how much cash to use and when to use it. You may choose any combination of these payment plans also. The senior homeowner is not required to make any payments on the loan so long as he or she remains in the house. The lender collects the overall loan balance’which includes the accrued interest charges and […]
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Credit Report Repair is a huge business currently. There are credit repair companies opening up all over the U.S. With all of the credit issues our country faces as a result of foreclosures, high credit card debt, loss of jobs and an economy going into a recession, credit repairs companies are having a field day. According the FTC most credit repair companies prey on the desperate in hopes of a miracle. The FTC claims that self help is best.Check your Credit ReportDon’t worry checking your free credit score report does not affect your credit score. The first step after you have had some issues in the past is to pull a copy of your credit report with all 3 credit scores. This type of report will show you what is on there. That way you can start the negotiating process. Contrary to popular belief, you cannot get collections; charge offs, judgments, foreclosures, or slow pays removed from your report. Alls of these types of derogatory matters stay on your report between 7 to 10 yrs.How to negotiateOnce you have pulled a copy of your credit report with scores, now you can determine which collections to pay off. Always start with […]
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It no longer takes just a license and knowledge of current laws and regulations to become a successful real estate agent. Considering the condition of the current market experiencing a downturn, we can’t be sure it’s even hit bottom yet.The good news is, people are still buying houses and they always will. Hard work will be needed to get the job done. A Savvy Real Estate Agent can compete in the current housing climate by locating buyers and focusing on giving them what they want. I’ll share with you some advanced sales tips for generating a profitable year.Conduct buyer seminars. Offer to give informational (and free!) classes at your local civic or religious center, updating people on the current market conditions. You can teach them how to buy a house even if they’ve been turned down before, and give advice or referrals on how to repair credit. This will not only position you as an expert in the field, it also gives you access to a fertile, prequalified group of potential buyers.Solicit apartment complexes and tenant-occupied properties. While this may seem fairly obvious, it’s important that you have appropriate marketing materials targeted to this […]
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