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Reverse Mortgage – Supercharge Your Retirement or Burn Your Assets
With a reverse mortgage the bank pays you for as long as you remain in your home. The loan never has to be paid back until the borrower moves or dies. Payback -- principal plus interest -- can never exceed the value of the home. But are Reverse Mortgages too good to be true? "For those age 62-plus, a reverse mortgage is a great way to augment retirement income. Affluent couples can use a reverse mortgage to pay for a vacation home and generate cash to accelerate gifting," says Paul J. Mauor, CLU, CHFC, founder and CEO of Legacy Financial Advisors, Inc., headquartered in Milford, MA. (PRWEB) September 25, 2006 -- Reverse Mortgages are getting a lot of attention, but are they too good to be true? For couples that want to stop making mortgage payments and get cash for retirement, a reverse mortgage can be ideal.
Credit crunch imperils lender
Angelo Mozilo, chief executive of Countrywide Financial Corp., has been fond of saying that the company became America'sNo. 1 mortgage lender by being smarter than the competition.
In a harangue to Wall Street analysts early last year, the combative Mozilo denounced upstarts for shoveling out too many loans, too easily, to too many people with bad credit, heavy debt and skimpy income.
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Saint or sinner, how does your bank rate?
You should keep a close eye on the reaction of your bank or building society to a change in the Bank of England base rate, as this can have a sizeable impact on your finances. Some banks pass on potential savings, but others use rate changes to squeeze extra profit from customers. Figures compiled for Times Money show that the two worst offenders since the base rate was cut to 5.5 per cent in December are Intelligent Finance and Manchester Building Society. Both were quick to reduce interest rates on savings accounts, but they have, so far, refused to pass on the benefits to borrowers who are on variable-rate mortgages. A further 31 banks and building societies – including NatWest, Lloyds TSB, Halifax, Abbey and Alliance & Leicester – cut savings rates more than mortgage rates.
Battery-operated buses for city’s V5 roads
The first aircraft from 44 Squadron is scheduled to leave for Dhaka from New Delhi tomorrow. Air Force sources said an IL-76 from 25 Squadron, Chandigarh, has also been tasked for undertaking humanitarian assistance. According to the tentative schedule, the aircraft, captained by Wg Cdr S. Sood, would depart on Friday. The flying time to Dhaka from Delhi is about two-and-a-half hours and the aircraft is expected to return the same day. The IAF would be airlifting about 40 tonnes of material, including tents, blankets, made ready-to-eat food packets and medicines, according to an IAF spokesperson. Bangladesh was hit by a severe cyclone on November 15, which reportedly left more than 3,000 persons dead, several thousands homeless and severely damaged the infrastructure. .
Kenya: Banks Fear Rising Bad Loan Charges From Political Unrest
Kenya's banking sector is evaluating the extent of losses incurred in recent political shocks in order to decide on suitable response measures. Pressure has been building for the financial sector to come up with a stimulus package to help cushion borrowers from adverse effects of the crisis that has left many businesses in distress. .
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