It might be a fact that I had the worst credit report in the world or at least thats how the banks treated me but what if I told you that it was possible to erase everything negative from your credit report, with out filing for bankruptcy and in return keeping only the good credit and raising your credit score drastically.You probably have came across many different books, systems and secrets that claim to help you clean up your credit report. As many of these so called credit repair programs have claimed to erase bad credit and smash your debts with just two “Magic Letters”! Create a completely new credit file in 24hrs! Well I bet you wonder are these types of claims too good to be true? The answer is Yes and no.Everybody loves to believe that the only thing that can repair bad credit is time; actually that couldn’t be further from the truth. A true fact is that the idea of “time to heal” is only one aspect of many, that can clean your credit profile. the reason is a certain consumer protection law known as the Fair Credit Reporting Act (.k.a FCRA) says that the only […]
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The three basic types of reverse mortgage are: single-purpose reverse mortgages, which are offered by some state and local government agencies and nonprofit organizations; federally-insured reverse mortgages, which are known as Home Equity Conversion Mortgages (HECMs), and are backed by the U. S. Department of Housing and Urban Development (HUD) or Federal housing Administration (FHA); and proprietary reverse mortgages, which are private loans that are backed by the companies that develop them.Single-purpose reverse mortgages generally have very low costs. But they are not available everywhere, and they only can be used for one purpose specified by the government or nonprofit lender. An excellent example is the city of Madison, WI which allows seniors over 65 with less than 30,000 in income to pay their property taxes with a modified reverse mortgage. In most cases, you can qualify for these loans only if your income is low or moderate.HECM’s and proprietary reverse mortgages tend to be more costly than other home loans. The up-front costs can be 2% FHA and 2% origination fee plus all the normal fees associated with a mortgage (closing costs). Like a refinance if you plan on being in your house a short amount of time, it […]
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