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Archive for September, 2009

Reverse Home Mortgage
By September 21, 2009 0 Comments Read More →

Reverse Home Mortgage

With unemployment rising and home values falling it may seem odd that reverse mortgages are so popular. In fact, a reverse mortgage can make a lot of sense for those who have acquired real estate equity over time and now have a a need for cash or income. If you’re at least age 62 and […]

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How Does A Reverse Mortgage Work?
By September 21, 2009 0 Comments Read More →

How Does A Reverse Mortgage Work?

Everyone who finances real estate knows how a “forward” mortgage works so it seems logical that a “reverse” mortgage is just the opposite. That’s somewhat true, but not entirely. A reverse mortgage is a different kind of financial critter, one which requires a little background to understand. With a forward loan you apply for a […]

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Reverse Mortgages Seniors
By September 21, 2009 0 Comments Read More →

Reverse Mortgages Seniors

Some of the most common questions I get concern reverse mortgages — what are they and why are they for seniors? In basic terms, a reverse mortgage is a way to access the equity in your home, the worth built up over the years as you have paid down the original mortgage and as the […]

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Real Estate: Less Money, Fewer Sales
By September 14, 2009 0 Comments Read More →

Real Estate: Less Money, Fewer Sales

The Census Bureau is reporting that incomes nationwide fell between 2007 and 2008 under the Bush Administration. ___ Real median household income in the United States fell 3.6 percent between 2007 and 2008, from $52,163 to $50,303. This breaks a string of three years of annual income increases and coincides with the recession that started […]

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September 11th: Terrorist Attacks Meant To Destroy National Values
By September 11, 2009 0 Comments Read More →

September 11th: Terrorist Attacks Meant To Destroy National Values

We all remember such days. We remember where we were when we first heard of the deaths of John Kennedy, Robert Kennedy, and Martin Luther King. We remember when we heard of the Oklahoma City bombing and those who are older surely remember Pearl Harbor. And now, until the end of our lives, we will […]

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Real Estate: Banks Excluded From Robo Call Ban

Real Estate: Banks Excluded From Robo Call Ban

Robo calls are now largely banned, unless the caller has written permission to phone you. “American consumers have made it crystal clear that few things annoy them more than the billions of commercial telemarketing robocalls they receive every year,– says Jon Leibowitz, Chairman of the Federal Trade Commission. “Starting September 1, this bombardment of prerecorded […]

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Real Estate: Will Mortgage Interest Write-Offs Be Reduced?

Real Estate: Will Mortgage Interest Write-Offs Be Reduced?

The Congressional Budget Office has come out with a report showing 66 ways to raise money for the federal government. This sounds like dull and boring stuff until you get to Option #7: Reduce the Mortgage Interest Deduction or Replace It with a Tax Credit. Ugh. You can see where this is going. “The first […]

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Mortgages: No Jail Time For Lenders

Mortgages: No Jail Time For Lenders

Why have so few lenders gone to jail? In part because neither predatory lending or insider trading with commodities are federal crimes.

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Mortgages: Do It Yourself Loan Modifications

Mortgages: Do It Yourself Loan Modifications

I searched Google today looking for an answer. Is it possible, I wondered, to get a do-it-yourself loan modification, one that would instantly and automatically meet the government’s Home Affordable Modification Program (HAMP). I found 27,300 responses to my Google inquiry, but the one response I wanted was missing. Why is it that one can’t […]

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Credit Scores: Why Do The Numbers Change?

Credit Scores: Why Do The Numbers Change?

Question: My credit score was 670 a month ago, now it’s 650. What happened? Answer: Credit scores can be seen as pictures which show your credit standing at one point in time. At any other point in time the picture may be different. Actually, it would be amazing if credit scores did not change — […]

Posted in: Mortgages