Many investors send direct mail without Clear Idea of their prospect The following are the kinds of questions you need to think about to define your target markets: What is the target market? Can you draw a picture of your target prospect? Can you define their emotion(s) at the time they receive your mail? How do you picture this person?
- Young or old?
- Emotionally attached to the house or completely detached?
- Are they living in a nice and cozy house or in a mobile home on the other site of the track?
- What are they doing when they receive your mail?
- Are they happy? Annoyed? Don't care?
Picture someone living in a mobile home in a rural area, not happy to receive your letter because of a property they lost a year ago. Now let's picture someone else who is in the mood of receiving your letter or your postcard. A homeowner who is pleased that finally someone is interested to solve their challenges. A motivated seller who receives your letter at just the right time. You see you are there for a purpose. To reach out and help the prospects. They NEED your help and you can find them through Direct Marketing. Well, I'd like you to carry the second image with you because you don't want to deal with the first one, the unmotivated suspect. The second recipient may turn out to be a motivated seller and make you money. The first will suck life out of you. I'd like you to understand that you cannot work with everybody. Let's all agree right now that if you receive a 1% response of your mailing you should be happy. If someone tells you that you'll be receiving 10% response may I suggest that he is not doing direct marketing? Don't even listen to him. Let's use absentee owners as an example of a direct mailing campaign system. I like to picture this absentee owner as an executive who has been transferred against his desire and put his property up for sale and it has been on the market for 6 months. But because of bad marketing on behalf of the real estate agent, the property is vacant and is not selling.
Your best target should be happy receiving your mail Do not deal with unmotivated sellers Find the motivated sellers and work with them. This absentee owner can be someone who inherited a property he has never seen in his life. Because he has a good tenant he never thought of selling the property. Now the tenants have moved out and left a mess behind. He needs someone to help
Copyright (c) 2007 Jacques Coquerel
Article Source: http://www.superfeature.com
วันพฤหัสบดีที่ 7 มิถุนายน พ.ศ. 2550
When Baby Boomers Need A New Home: The Changing Scene of Real Estate By: Cellini-9350
Now that the kids are out of the home, what are the parents planning for the future? Increasingly studies are finding they want to play.
According to a recent study by the Research Institute for Housing America, baby boomers are downsizing their possessions and living quarters, and are looking for a more convenient style of living. Baby boomers have an adventurous spirit, and are looking at living life to its fullest potential. They love to travel, and are increasingly preferring homes with low maintenance levels, that can easily be locked up and left for weeks, or even months on end.
What does all this mean for the real estate industry? There will be a big boom in the coming years for high quality, low maintenance homes.
Active adults are looking to trade-down their current homes. Trade down is not synonymous with smaller, lower quality homes. Instead, they are looking for homes that have more desirable features – homes with a first floor master bedroom, one-story homes, and condominiums. They demand the highest of luxury items, and will invest in many of the extras they couldn't afford while raising children. Things like media rooms, home offices, and home gyms will now be the norm.
According to the 50+ Housing Council with the National Association of Home Builders, over 10,000 people turn 50 every single day, and 50+ consumers account for more than one quarter of all new home sales. These figures can provide a lot of insight into the future of the real estate market.
Active adult communities will continue to grow
The active adult housing market recently totaled an estimated $51 billion, and those figures are expected to grow substantially.
As baby boomers become empty nesters, their needs and desires will change as well. Instead of having a large home with plenty of bedrooms and outside play space, they will demand more efficient use of their resources.
But while their housing needs may change, one thing won't change: the desire to stay involved in the community.
Active adult communities won't resemble the traditional retirement communities of the past.
In the past, retirement homes brought to mind the notion of assisted living, or living at a slower pace. No more. The new "retirement lifestyle" provides a wide variety of characteristics, and more than ever industry experts are finding they must redefine retirement living, and allow baby boomers to create their own distinct active communities.
Active adults are discovering they can live happier and healthier lives by choosing to live on their own terms. They are opting for urban areas that give them easy access to a variety of culturally diverse activities and options.
This generation prefers to move into a home that will allow them to age in place, or to continue living in their homes independently and comfortably, regardless of age or ability.
Yet they won't sacrifice comfortable living for today. Housing should provide for a comfortable living now, and provide easy changes to make homes accessible in the future as needs change.
Active adult communities will offer a wide range of activities and amenities.
Unlike past generations, baby boomers don’t want to get away from it all. Instead, they prefer to be in the heart of the community. There are looking for appropriate housing that allow them to be near cultural and spiritual hubs that keep them connected with their community, and to stay active and involved in lifelong learning and charitable opportunities.
This generation values independence and individualism, and prefers to find housing that matches their own lifestyle. Homes that cater to a baby boomer should be rich in customization, allowing a buyer to choose the most meaningful items to put into their home, and to choose activities in the community appropriate for their routines.
Adult communities are also offering more training and technology options than ever before. As more people are running businesses and staying in touch with family and friends around the world, technology centers are becoming increasingly important. Not just for adults to stay connected, but also to enrich their experiences, learn new skills, and offer media-rich capabilities.
Health and fitness are still at the top of the list for adult communities. Buyers want the normal amenities associated with retirement communities like golf, tennis and recreation centers; but also want natural, walking areas to walk and bike.
The most important characteristic with growing retirement communities is to maintain flexibility. Realize that not everyone will fit into one community. Focus on the best amenities for your lifestyle, and find a community that offers you the most value. And enjoy.
Article Source: http://www.superfeature.com
According to a recent study by the Research Institute for Housing America, baby boomers are downsizing their possessions and living quarters, and are looking for a more convenient style of living. Baby boomers have an adventurous spirit, and are looking at living life to its fullest potential. They love to travel, and are increasingly preferring homes with low maintenance levels, that can easily be locked up and left for weeks, or even months on end.
What does all this mean for the real estate industry? There will be a big boom in the coming years for high quality, low maintenance homes.
Active adults are looking to trade-down their current homes. Trade down is not synonymous with smaller, lower quality homes. Instead, they are looking for homes that have more desirable features – homes with a first floor master bedroom, one-story homes, and condominiums. They demand the highest of luxury items, and will invest in many of the extras they couldn't afford while raising children. Things like media rooms, home offices, and home gyms will now be the norm.
According to the 50+ Housing Council with the National Association of Home Builders, over 10,000 people turn 50 every single day, and 50+ consumers account for more than one quarter of all new home sales. These figures can provide a lot of insight into the future of the real estate market.
Active adult communities will continue to grow
The active adult housing market recently totaled an estimated $51 billion, and those figures are expected to grow substantially.
As baby boomers become empty nesters, their needs and desires will change as well. Instead of having a large home with plenty of bedrooms and outside play space, they will demand more efficient use of their resources.
But while their housing needs may change, one thing won't change: the desire to stay involved in the community.
Active adult communities won't resemble the traditional retirement communities of the past.
In the past, retirement homes brought to mind the notion of assisted living, or living at a slower pace. No more. The new "retirement lifestyle" provides a wide variety of characteristics, and more than ever industry experts are finding they must redefine retirement living, and allow baby boomers to create their own distinct active communities.
Active adults are discovering they can live happier and healthier lives by choosing to live on their own terms. They are opting for urban areas that give them easy access to a variety of culturally diverse activities and options.
This generation prefers to move into a home that will allow them to age in place, or to continue living in their homes independently and comfortably, regardless of age or ability.
Yet they won't sacrifice comfortable living for today. Housing should provide for a comfortable living now, and provide easy changes to make homes accessible in the future as needs change.
Active adult communities will offer a wide range of activities and amenities.
Unlike past generations, baby boomers don’t want to get away from it all. Instead, they prefer to be in the heart of the community. There are looking for appropriate housing that allow them to be near cultural and spiritual hubs that keep them connected with their community, and to stay active and involved in lifelong learning and charitable opportunities.
This generation values independence and individualism, and prefers to find housing that matches their own lifestyle. Homes that cater to a baby boomer should be rich in customization, allowing a buyer to choose the most meaningful items to put into their home, and to choose activities in the community appropriate for their routines.
Adult communities are also offering more training and technology options than ever before. As more people are running businesses and staying in touch with family and friends around the world, technology centers are becoming increasingly important. Not just for adults to stay connected, but also to enrich their experiences, learn new skills, and offer media-rich capabilities.
Health and fitness are still at the top of the list for adult communities. Buyers want the normal amenities associated with retirement communities like golf, tennis and recreation centers; but also want natural, walking areas to walk and bike.
The most important characteristic with growing retirement communities is to maintain flexibility. Realize that not everyone will fit into one community. Focus on the best amenities for your lifestyle, and find a community that offers you the most value. And enjoy.
Article Source: http://www.superfeature.com
What to think of Starting On line Businesses By: Jan Smit
There is a right formula whilst you endeavor establishing on line businesses and this commentary will examine anything you got to do to certify that establishing online businesses is a achievement for you.
The first thing that you must remember when creating on line businesses is that you must develop a formula. If you want various webpages, you will wish them to be run by means of similar manners or world wide web hosts therefore that the effort you do on 1 to improve overall performance would translate to equivalent improvements on other web pages. This will support you generate efficiencies and save time in the route. The key is to ensure that you have on line business techniques running as well as a certain habit that you go around doing topics. This can seem reserved nonetheless it comes down to two subjects: how efficient you are with your time and how a great deal of time you ought to spend on each try. Having application like Thunderbird to take care of your time will be really positive to you.
There are a lot of diverse ways to aid carry your enterprise running smoothly for in this paragraph, we will check out miscellanneous application that would support you cope with your advertising in a very arranged and persuasive manner. A excellent piece of programm that you can use is called Niche Portal Builder. This software can be used to support you develop web pages as well as newsletters and what you must do is simply present the programm your domain name, keywords you want to use, what your e-mail is, your pub adsense id, and a number of other facts. One more object of application that you can use is known as Blog Solution. This programm might aid you build blogs which is eminent if you have many assorted blogging websites that you post to daily. By doing this they may well post without human intervention to these blogs rapidly afterward without having to register to each account. You are even able to adjust the language because of their automatic language translation. These are two examples of assorted pieces of application that may facilitate you out. Numerous successful Internet programmers are able to maintain numerous web pages by by means of software to form efficiencies between their various web pages.
Optimistically this article on creating on line businesses will help you whilst turning out more than a few sites. There are innumerable different varieties of online businesses on the other hand innumerable of them come down to the same type of general types: ebay retail, retail websites, services webpages, and enterprise-to-enterprise web pages. You may work in varying types without problems nevertheless make certain to take what you realize from each diverse category and apply it in your different ventures.
Establishing on line businesses needs time and devotion from you however you must make certain that the time you are spending is well invested. Whilst you are coping with multiple businesses, you must be as efficient as doable to ensure that each business is well fostered. If you assign a lot of your time on one venture and that doesn't pay off as intended, this may possibly damage the other ventures as a result of miss out on and the lesser amount of time you are spending on them.
Article Source: http://www.superfeature.com
The first thing that you must remember when creating on line businesses is that you must develop a formula. If you want various webpages, you will wish them to be run by means of similar manners or world wide web hosts therefore that the effort you do on 1 to improve overall performance would translate to equivalent improvements on other web pages. This will support you generate efficiencies and save time in the route. The key is to ensure that you have on line business techniques running as well as a certain habit that you go around doing topics. This can seem reserved nonetheless it comes down to two subjects: how efficient you are with your time and how a great deal of time you ought to spend on each try. Having application like Thunderbird to take care of your time will be really positive to you.
There are a lot of diverse ways to aid carry your enterprise running smoothly for in this paragraph, we will check out miscellanneous application that would support you cope with your advertising in a very arranged and persuasive manner. A excellent piece of programm that you can use is called Niche Portal Builder. This software can be used to support you develop web pages as well as newsletters and what you must do is simply present the programm your domain name, keywords you want to use, what your e-mail is, your pub adsense id, and a number of other facts. One more object of application that you can use is known as Blog Solution. This programm might aid you build blogs which is eminent if you have many assorted blogging websites that you post to daily. By doing this they may well post without human intervention to these blogs rapidly afterward without having to register to each account. You are even able to adjust the language because of their automatic language translation. These are two examples of assorted pieces of application that may facilitate you out. Numerous successful Internet programmers are able to maintain numerous web pages by by means of software to form efficiencies between their various web pages.
Optimistically this article on creating on line businesses will help you whilst turning out more than a few sites. There are innumerable different varieties of online businesses on the other hand innumerable of them come down to the same type of general types: ebay retail, retail websites, services webpages, and enterprise-to-enterprise web pages. You may work in varying types without problems nevertheless make certain to take what you realize from each diverse category and apply it in your different ventures.
Establishing on line businesses needs time and devotion from you however you must make certain that the time you are spending is well invested. Whilst you are coping with multiple businesses, you must be as efficient as doable to ensure that each business is well fostered. If you assign a lot of your time on one venture and that doesn't pay off as intended, this may possibly damage the other ventures as a result of miss out on and the lesser amount of time you are spending on them.
Article Source: http://www.superfeature.com
What To Learn In A Finance Course By: Charley Huang
Thanks to the influx of technology and the Internet what once was only available to a privileged few is now available to a wide array of people from all walks of life. Thanks to online financial courses, students who once would have been unable to attend prestigious schools of finance or tertiary education colleges are now able to pursue the degrees in finance they desire.
Simply put, finance education and financial courses are available with the click of a mouse.
A finance course consists of studies relevant to global finances. Courses vary from one-time seminars, to certificate and diploma programs, to undergraduate and post-graduate degrees.
While “Finance” may seem to be a simple topic, it is actually a complex and diverse course of study. The basic area of study covers everything from finance theory to the application of statistical and mathematical principles. From the basics, students of finance would pursue specialized education in areas of banking, accounting, business management, and law.
The quantities of available finance courses are bountiful. These courses focus on areas like corporate finance, investments, banking, fixed income and financial management, financial engineering, derivatives, interest rates, risk management, personal finance, computer applications of financial management, international finances, financial institutions and banking, as well as insurance and risk management. Specialized financial courses are available to help analysts and advisors build additional skills in the areas of education finance and budgeting, health care finance, global finance and managerial finance.
College finance courses take the simple finance courses outlined above and provide more details, address more issues and give undergraduate and graduate students the advantage. These college finance courses cover aspects like in-depth corporate finance, monetary economics and its position in the global economy, business economics at microeconomic level, investment management, corporate valuation, international corporate finance, analysis and financing of real estate investment, international financial markets, international banking, urban fiscal policy, fixed income securities, behavioral finance, finance of buyouts and acquisitions, among many others.
Once an advanced degree of finance study is being pursued, a student will encounter the progressive courses of econometrics, principles of micro and macro economics, statistical practice, accounting, and international trade.
It's best to understand financial courses as much as possible so you can make an informed decision and take the best steps possible to reach your objective. Our time is our so precious and despite cell phones and other conveniences we seem to never have enough of it. See below for more information on finance course and other related information.
Article Source: http://www.superfeature.com
Simply put, finance education and financial courses are available with the click of a mouse.
A finance course consists of studies relevant to global finances. Courses vary from one-time seminars, to certificate and diploma programs, to undergraduate and post-graduate degrees.
While “Finance” may seem to be a simple topic, it is actually a complex and diverse course of study. The basic area of study covers everything from finance theory to the application of statistical and mathematical principles. From the basics, students of finance would pursue specialized education in areas of banking, accounting, business management, and law.
The quantities of available finance courses are bountiful. These courses focus on areas like corporate finance, investments, banking, fixed income and financial management, financial engineering, derivatives, interest rates, risk management, personal finance, computer applications of financial management, international finances, financial institutions and banking, as well as insurance and risk management. Specialized financial courses are available to help analysts and advisors build additional skills in the areas of education finance and budgeting, health care finance, global finance and managerial finance.
College finance courses take the simple finance courses outlined above and provide more details, address more issues and give undergraduate and graduate students the advantage. These college finance courses cover aspects like in-depth corporate finance, monetary economics and its position in the global economy, business economics at microeconomic level, investment management, corporate valuation, international corporate finance, analysis and financing of real estate investment, international financial markets, international banking, urban fiscal policy, fixed income securities, behavioral finance, finance of buyouts and acquisitions, among many others.
Once an advanced degree of finance study is being pursued, a student will encounter the progressive courses of econometrics, principles of micro and macro economics, statistical practice, accounting, and international trade.
It's best to understand financial courses as much as possible so you can make an informed decision and take the best steps possible to reach your objective. Our time is our so precious and despite cell phones and other conveniences we seem to never have enough of it. See below for more information on finance course and other related information.
Article Source: http://www.superfeature.com
What Kind Of Properties Are Real Estate Investors Looking For? By: Ralph Maupin
There are several categories of real estate available for an investor. The easiest for a beginning investor to understand and participate in is the single-family home. Why?
1. Homeownership in America is approaching 70%.
2. They are the highest demand type of property.
3. They sell quicker than other kinds of property.
4. Prospective purchasers have the widest range of financing programs available to them, making the property easier to purchase. If the property does not sell in a reasonable amount of time, it can be rented.
Ugly Properties:
Why should you buy the ugly duckling?
The best property to buy is an ugly one. Look for the property that has never been "updated" or improved or one that has been improved, in a very tacky way. Don't be deterred by the pet urine, feces, or mice droppings. Where some see damage and odor, you should see dollars and opportunity. Ugly ducklings are the properties that have the least competition, houses that can be fixed up by remodeling, not by rebuilding. Many people are scared about things like leaking roofs and broken windows. Be happy to see those things. They'll discourage most inexperienced investors from purchasing the property. In many areas, you will be competing for some deals with "do-it-yourself" homeowners.
They may outbid you simply because they figure they can buy a home for $50,000.00 that will be worth $70,000.00 when they're done fixing it up. It never occurs to them that they will spend $10,000.00 for materials and professional labor, one to two years working on it, and live in a construction zone the whole time. The oddest thing about it is that most people will sell the home when they're done, thinking they did great (although they really broke even) and start the process again.
Buy, flip and sell works best in a 90-120 day time frame, with professional contractors quickly completing decorating, repairs, and renovations.
Where do go to meet the like mind people to get trained in the investing business?
There are Real Estate Investor Association all over the US. Many of this assoications are non profit. They are usually refered to as a REIA. Investor groups are for purpose of investor education, networking, and training. They bring national and local real estate experts to their meetings. They have training on wide topics like: foreclosures, pre-foreclosures, land lording, rent to own, lease options, short sales, deed offs, credit, wholesaling, find, fix, and sell, private money, lines of credit, and accounting. These are just a few of the topics they speak on.
How do you find a Real estate investors association or groups in yourr area?
You can go on line to one one of major search engines. Type in the one of follow words with your local City name: REIA, Real Estate Investing Clubs, Real Estate Investment Association, REIAs, Real Estate Investing Classes, Real Estate Investing Groups, Landlord Club, Real Estate Mentoring Programs, Foreclosure Boot Camp, Real Estate Training Classes, Real Estate Seminars, Real Estate Schools, Real Estate Courses, Real Estate Investing Network, Real Estate Conventions, Real Estate Boot Camps, and Real Estate Forums. Using a search engine as search for topic like how to find a boot camp or class on foreclosures in the state or city you are in works great.
Copyright (c) 2007 Ralph Maupin
Article Source: http://www.superfeature.com
1. Homeownership in America is approaching 70%.
2. They are the highest demand type of property.
3. They sell quicker than other kinds of property.
4. Prospective purchasers have the widest range of financing programs available to them, making the property easier to purchase. If the property does not sell in a reasonable amount of time, it can be rented.
Ugly Properties:
Why should you buy the ugly duckling?
The best property to buy is an ugly one. Look for the property that has never been "updated" or improved or one that has been improved, in a very tacky way. Don't be deterred by the pet urine, feces, or mice droppings. Where some see damage and odor, you should see dollars and opportunity. Ugly ducklings are the properties that have the least competition, houses that can be fixed up by remodeling, not by rebuilding. Many people are scared about things like leaking roofs and broken windows. Be happy to see those things. They'll discourage most inexperienced investors from purchasing the property. In many areas, you will be competing for some deals with "do-it-yourself" homeowners.
They may outbid you simply because they figure they can buy a home for $50,000.00 that will be worth $70,000.00 when they're done fixing it up. It never occurs to them that they will spend $10,000.00 for materials and professional labor, one to two years working on it, and live in a construction zone the whole time. The oddest thing about it is that most people will sell the home when they're done, thinking they did great (although they really broke even) and start the process again.
Buy, flip and sell works best in a 90-120 day time frame, with professional contractors quickly completing decorating, repairs, and renovations.
Where do go to meet the like mind people to get trained in the investing business?
There are Real Estate Investor Association all over the US. Many of this assoications are non profit. They are usually refered to as a REIA. Investor groups are for purpose of investor education, networking, and training. They bring national and local real estate experts to their meetings. They have training on wide topics like: foreclosures, pre-foreclosures, land lording, rent to own, lease options, short sales, deed offs, credit, wholesaling, find, fix, and sell, private money, lines of credit, and accounting. These are just a few of the topics they speak on.
How do you find a Real estate investors association or groups in yourr area?
You can go on line to one one of major search engines. Type in the one of follow words with your local City name: REIA, Real Estate Investing Clubs, Real Estate Investment Association, REIAs, Real Estate Investing Classes, Real Estate Investing Groups, Landlord Club, Real Estate Mentoring Programs, Foreclosure Boot Camp, Real Estate Training Classes, Real Estate Seminars, Real Estate Schools, Real Estate Courses, Real Estate Investing Network, Real Estate Conventions, Real Estate Boot Camps, and Real Estate Forums. Using a search engine as search for topic like how to find a boot camp or class on foreclosures in the state or city you are in works great.
Copyright (c) 2007 Ralph Maupin
Article Source: http://www.superfeature.com
What is a Reverse Mortgage Loan? By: Brian Ankner
Reverse mortgages have increased in popularity in the past few years. Economist report that due to the increase in housing cost, the amount of money people are saving in their 401(k) and savings accounts have been decreasing.
Due to the recent boom in the real estate market more and more seniors are looking to cash in on their home equity. People are finding themselves equity rich and cash poor. It is not unusual to find people living in million dollar homes yet they are below or near poverty level in monthly income.
Forturnately reverse mortgages are available for this specific reason. Before you proceed with a reverse mortgage do your research and make sure it is exactly what you want to do.
The FHA and the Department of Housing and Urban Development have taken over the responsibility of administrating reverse mortgages.
One of their first changes, was to regulate and control the interest rates which lenders can charge for the reverse mortgages. All reverse mortgage lenders within the United States will have the exact same interest rates. When choosing a lender do not concern yourself with comparing interest rates.
Reverse mortgage interest rates are adjustable rates which are tied to very conservative indexes, usually the 1 year treasury bond rate or the LIBOR index. The rates very moderately and usually will not have much effect on your mortgage.
A reverse mortgage is still a home mortgage utilizing the equity in your home as collateral. It is totally different mortgage compared to the mortgage you had when you initially purchased your home. Here are a few facts about reverse mortgages.
The Bank Pays You Each Month: Yes, that's right, you will receive a monthly payment with a reverse mortgage. There are basically three options to receiving your payments. You can receive a one time lump sum, you can receive payments at amounts and times you request, and most common meathod is to receive a regular monthly payment.
You Still Live in Your Home: Most seniors do not want to change dwellings at this point in their lives, hence the main reason for a reverse mortgage. You will stay in your home while drawing monthly income against the equity. In fact it is a requirement that you retain this home as your principal residence. You can still have the lake home or the vacation home, you just need to maintain this residence as your primary home.
You Retain 100% Ownership Of Your Home: You will keep all the rights of ownership which you had prior to the reverse mortgage. This is still your home and you can do anything to it or with it that you normally would. It can be remodeled, sold, or will it to your children.
However, should you sell your home or die, you will have to pay back the bank the amount of payments you have received, plus interest, before the balance can be distributed to you or your surviving spouse or the estate.
Your Principal Amount Increases With Each Payment Received: This is still a mortgage and the amount you receive must be paid back. This is usually done when your heirs sell your home after you and your spouse no longer live there. After you pass away the monthly payments will stop, however the principal amount and the maturity date of the loan can not be determined until the actual day the loan is paid back.
You Can Never Owe More Than The Value of Your Home: If you choose a reverse mortgage backed by the Federal Programs, you can never borrow more than the value of your home. You will never be forced to liquidate other assets to repay the loan.
Summary
If you have equity in your home and you are beyond the age of 62, you can receive a reverse mortgage which will provide you the additional monthly income needed to supplement your retirement income. You will still own your home and continue to live there as you do now and your obligations to the lender will be satisfied by the equity in your home.
Copyright (c) 2007 Brian Ankner
Article Source: http://www.superfeature.com
Due to the recent boom in the real estate market more and more seniors are looking to cash in on their home equity. People are finding themselves equity rich and cash poor. It is not unusual to find people living in million dollar homes yet they are below or near poverty level in monthly income.
Forturnately reverse mortgages are available for this specific reason. Before you proceed with a reverse mortgage do your research and make sure it is exactly what you want to do.
The FHA and the Department of Housing and Urban Development have taken over the responsibility of administrating reverse mortgages.
One of their first changes, was to regulate and control the interest rates which lenders can charge for the reverse mortgages. All reverse mortgage lenders within the United States will have the exact same interest rates. When choosing a lender do not concern yourself with comparing interest rates.
Reverse mortgage interest rates are adjustable rates which are tied to very conservative indexes, usually the 1 year treasury bond rate or the LIBOR index. The rates very moderately and usually will not have much effect on your mortgage.
A reverse mortgage is still a home mortgage utilizing the equity in your home as collateral. It is totally different mortgage compared to the mortgage you had when you initially purchased your home. Here are a few facts about reverse mortgages.
The Bank Pays You Each Month: Yes, that's right, you will receive a monthly payment with a reverse mortgage. There are basically three options to receiving your payments. You can receive a one time lump sum, you can receive payments at amounts and times you request, and most common meathod is to receive a regular monthly payment.
You Still Live in Your Home: Most seniors do not want to change dwellings at this point in their lives, hence the main reason for a reverse mortgage. You will stay in your home while drawing monthly income against the equity. In fact it is a requirement that you retain this home as your principal residence. You can still have the lake home or the vacation home, you just need to maintain this residence as your primary home.
You Retain 100% Ownership Of Your Home: You will keep all the rights of ownership which you had prior to the reverse mortgage. This is still your home and you can do anything to it or with it that you normally would. It can be remodeled, sold, or will it to your children.
However, should you sell your home or die, you will have to pay back the bank the amount of payments you have received, plus interest, before the balance can be distributed to you or your surviving spouse or the estate.
Your Principal Amount Increases With Each Payment Received: This is still a mortgage and the amount you receive must be paid back. This is usually done when your heirs sell your home after you and your spouse no longer live there. After you pass away the monthly payments will stop, however the principal amount and the maturity date of the loan can not be determined until the actual day the loan is paid back.
You Can Never Owe More Than The Value of Your Home: If you choose a reverse mortgage backed by the Federal Programs, you can never borrow more than the value of your home. You will never be forced to liquidate other assets to repay the loan.
Summary
If you have equity in your home and you are beyond the age of 62, you can receive a reverse mortgage which will provide you the additional monthly income needed to supplement your retirement income. You will still own your home and continue to live there as you do now and your obligations to the lender will be satisfied by the equity in your home.
Copyright (c) 2007 Brian Ankner
Article Source: http://www.superfeature.com
Travel Reward Credit Cards: How To Travel For Free! By: Darlene Berkel
Do you have a credit card? If you do, then you know that some credit cards can be a hassle. There are great to have if you need to purchase something without carrying around loads of cash, but there is a downside: their high interest rates! This can be a "wealth robber" when you have to pay back the money you used at a sky-high interest rate.
Another propblem is that some credit cards can be hard to manage. You don't always know how much money you can spend, or more importantly, how much you owe. However, there do exist some cards that are much easier. A travel reward credit card for instance may be a good option worth considering. Travel rewards credit cards are indeed credit cards, but there is much more to it.
For one thing, you are actually going to get "rewarded" for the money that you spend using your travel reward credit card. In other words, you will be actually make the purchases that you made count for something. That sounds like a great option to me.
Easy To Use
It is quite simple. Using a travel reward credit card is a great way to make sure that you are getting rewarded for the money you spend. Here is how it works. If you have a credit card that is enrolled in a reward program each time you make a purchase with that card you are actually earning points. You can then use these points to travel. What does this mean? Simply this: that renting a car, going on a cruise, buying airline tickets, or staying in hotels is all going to earn you points on your travel reward credit card, points which you can then use for FREE travel in the future. You can rack up these points as you use your card, and then you will end up getting statement that tells you how many of the points that you have.
Once you have racked up enough points, you can start to use the points for things. Because it is a travel reward credit card you will find that most of the points can be used to earn free things like airline miles to travel more, or stays in hotels that are much cheaper or even free. if you are a student and you travel a lot, then a travel reward credit card is a great option for you. Because it acts as a regular credit card, you don't need to use it for only travel; you can use it as your credit card and pay for things whenever you need to pay for them. But, if you decide to use the card for travel, you will discover that the travel reward credit card is going to be very rewarding for you.
Getting The Card
It is always nice to get something for the money that you spend. Credit card companies make a lot of money off of people, so it is a good idea for you to pick your credit cards wisely. There are many cards that offer rewards, and even more programs similar to the travel reward credit card that are out there, so find them and make use of them. With all the options at your disposal, there just is no reason why you can't be getting rewarded for every purchase that you make. You want to be sure that you have correctly filled out the forms when you are applying for a travel reward credit card because this is a card that you don't want to be turned down for. Fill in the forms and give all of the information, and you will get the credit card like normal. The tricks is that once you have it, you can begin to use your travel reward credit card to earn points and actually can get something back for the money that you spend. This is a great way to make the money you spend count for something. You can buy the things that you want and need, and take the trips that you want to take, and you will find that you aren't wasting the money in other ways.
Article Source: http://www.superfeature.com
Another propblem is that some credit cards can be hard to manage. You don't always know how much money you can spend, or more importantly, how much you owe. However, there do exist some cards that are much easier. A travel reward credit card for instance may be a good option worth considering. Travel rewards credit cards are indeed credit cards, but there is much more to it.
For one thing, you are actually going to get "rewarded" for the money that you spend using your travel reward credit card. In other words, you will be actually make the purchases that you made count for something. That sounds like a great option to me.
Easy To Use
It is quite simple. Using a travel reward credit card is a great way to make sure that you are getting rewarded for the money you spend. Here is how it works. If you have a credit card that is enrolled in a reward program each time you make a purchase with that card you are actually earning points. You can then use these points to travel. What does this mean? Simply this: that renting a car, going on a cruise, buying airline tickets, or staying in hotels is all going to earn you points on your travel reward credit card, points which you can then use for FREE travel in the future. You can rack up these points as you use your card, and then you will end up getting statement that tells you how many of the points that you have.
Once you have racked up enough points, you can start to use the points for things. Because it is a travel reward credit card you will find that most of the points can be used to earn free things like airline miles to travel more, or stays in hotels that are much cheaper or even free. if you are a student and you travel a lot, then a travel reward credit card is a great option for you. Because it acts as a regular credit card, you don't need to use it for only travel; you can use it as your credit card and pay for things whenever you need to pay for them. But, if you decide to use the card for travel, you will discover that the travel reward credit card is going to be very rewarding for you.
Getting The Card
It is always nice to get something for the money that you spend. Credit card companies make a lot of money off of people, so it is a good idea for you to pick your credit cards wisely. There are many cards that offer rewards, and even more programs similar to the travel reward credit card that are out there, so find them and make use of them. With all the options at your disposal, there just is no reason why you can't be getting rewarded for every purchase that you make. You want to be sure that you have correctly filled out the forms when you are applying for a travel reward credit card because this is a card that you don't want to be turned down for. Fill in the forms and give all of the information, and you will get the credit card like normal. The tricks is that once you have it, you can begin to use your travel reward credit card to earn points and actually can get something back for the money that you spend. This is a great way to make the money you spend count for something. You can buy the things that you want and need, and take the trips that you want to take, and you will find that you aren't wasting the money in other ways.
Article Source: http://www.superfeature.com
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